Are COVID-19 testing and vaccination programs subject to ERISA?
March 18, 2022 COVID-19
Are COVID-19 testing and vaccination programs subject to ERISA?

As of this writing, many public health experts are cautiously optimistic that cases, hospitalizations and deaths related to COVID-19 will continue to trend downward or at least remain at manageable levels in most areas. The United States might finally be moving from pandemic to endemic. This means that many employers can, at long last, greenlight […]

A beneficiary designation or joint title can override your will
March 17, 2022 Knowledge Center
A beneficiary designation or joint title can override your will

Inattention to beneficiary designations and jointly titled assets can quickly unravel your estate plan. Suppose, for example, that your will provides for all of your property to be divided equally among your three children. But what if your IRA, which names the oldest child as beneficiary, accounts for half of the estate? In that case, […]

When inheriting money, be aware of “income in respect of a decedent” issues
March 15, 2022 Knowledge Center
When inheriting money, be aware of “income in respect of a decedent” issues

Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain types of property, such as IRAs or other retirement plans. Fortunately, there may be ways to minimize or even eliminate the IRD tax bite. Basic rules For the most part, property you […]

Defined-value gifts: Plan carefully to avoid unpleasant tax surprises
March 14, 2022 Knowledge Center
Defined-value gifts: Plan carefully to avoid unpleasant tax surprises

For 2022, the federal gift and estate tax exemption has reached its highest level ever. In fact, you can transfer up to $12.06 million by gift or bequest without triggering federal transfer taxes. This is a limited time offer, however, as the exemption amount is scheduled to drop to $5 million (adjusted for inflation) in […]

SEP-IRAs: A retirement plan option for small employers
March 9, 2022 Knowledge Center
SEP-IRAs: A retirement plan option for small employers

In a historically tenuous time to retain employees, small employers are particularly at risk. Whereas a large employer might be able to shift duties or promote from within to cover the departure of one or more staff members, small employers are often left high and dry with no one to cover certain shifts or tasks. One […]

New audit committee survey reveals trends on risks, ESG reporting and more
March 5, 2022 Knowledge Center
New audit committee survey reveals trends on risks, ESG reporting and more

In late January, a survey entitled “Audit Committee Practices Report: Common Threads Across Audit Committees” was published by Deloitte and the Center for Audit Quality, an affiliate of the American Institute of Certified Public Accountants. The survey analyzed 246 responses, including 86% of respondents who served on audit committees of public companies. Here are some […]

Clarity counts when it comes to estate planning documents
March 3, 2022 Knowledge Center
Clarity counts when it comes to estate planning documents

Precise language is critical in wills, trusts and other estate planning documents. A lack of clarity may be an invitation to litigation. An example of this is the dispute that arose after Tom Petty’s death, between his widow and his two daughters from a previous marriage. (The two parties have since resolved their differences and […]

Don’t lose your business’s IT assets
March 3, 2022 Knowledge Center
Don’t lose your business’s IT assets

Keeping track of every IT asset — particularly as remote work has become common — is essential if your company wants to limit financial losses and fraud risk. According to some estimates, most remote employees use at least two employer-assigned devices, and a smaller percentage use three or more. In general, the more devices in […]

The IRS again eases Schedules K-2 and K-3 filing requirements for 2021
March 1, 2022 Knowledge Center
The IRS again eases Schedules K-2 and K-3 filing requirements for 2021

The IRS has announced additional relief for pass-through entities required to file two new tax forms — Schedules K-2 and K-3 — for the 2021 tax year. Certain domestic partnerships and S corporations won’t be required to file the schedules, which are intended to make it easier for partners and shareholders to find information related to “items […]

Are you ready for the new disclosure requirements for government assistance?
February 25, 2022 COVID-19
Are you ready for the new disclosure requirements for government assistance?

Starting in fiscal year 2022, all entities — except nonprofit organizations in the scope of Topic 958, Not-for-Profit Entities, and employee benefit plans — must provide detailed disclosures about government assistance. Here are the details of the new rules. Defining government assistance The term “government assistance” may refer to perks and other incentives policymakers provide to lure […]

Use the net gift technique to reduce your gift tax rate
February 22, 2022 Knowledge Center
Use the net gift technique to reduce your gift tax rate

If you’re concerned about the impact of transfer taxes on your gifts, consider making “net gifts” to your loved ones. A net gift is simply a gift for which the recipient agrees to pay the gift tax, thereby reducing the value of the gift for tax purposes. It may also be possible to reduce its […]

Prudent technology upgrades call for some soul searching
February 21, 2022 Knowledge Center
Prudent technology upgrades call for some soul searching

By now, most business owners view technology upgrades as inevitable. Whether hardware or software, the tech your company relies on to operate will need to change slightly or even drastically for you to stay competitive. Strange as it may sound, technology upgrades demand a bit of soul searching. That is, before spending the money, you […]