Telecommuting Helps Many Businesses During the initial pandemic lockdowns of 2020, many people learned what it was like to work from home. Not everyone loved it, but some employers and employees found telecommuting to be so mutually beneficial that they’re still doing...
Delve Deeper Into Forecasting For a company to be truly successful, its ownership needs to attempt the impossible: see into the future. Forecasting key metrics — such as sales demand, receivables, payables and working capital — can help you manage overhead, offer...
Two Extra Taxes May Apply To High Income Earners High-income taxpayers face two special extra taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Here’s an overview of the taxes and what they may mean...
IRS Won’t Address Some Spinoff/Terminations Involving Pension Plan Assets Generally, when a qualified retirement plan terminates with surplus funds, Internal Revenue Code Section 4980 imposes an excise tax on any plan funds and property that revert to the employer...
What is an ESOP? If you’ve been in business for a while, you’ve probably considered many different employee benefits. One option that might have crossed your desk is an Employee Stock Ownership Plan (ESOP). Strictly defined, an ESOP is considered a retirement plan for...
Is Your Estate Plan Up To Date? As a result of the current estate tax exemption amount ($12.06 million in 2022), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it....
What is a DOL Audit? Many popular retirement and health care plans must comply with the Employee Retirement Income Security Act (ERISA). Employers that sponsor one could one day receive a request from the U.S. Department of Labor (DOL) for plan-related documents. Such...
How to Handle Evidence in a Fraud Investigation at Your Business Every business owner should establish strong policies, procedures and internal controls to prevent fraud. But don’t stop there. Also be prepared to act if indications arise that, despite your best...
When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a penalty tax on early withdrawals depending on how old you are when you take them and what you do with the money. Important: Once you reach a certain age,...
