Recent Developments

20 FAQs About Required minimum distributions (RMDs)

Required minimum distributions (RMDs) from qualified retirement plans and IRAs were suspended for the 2020 tax year under the CARES Act. But the reprieve was only temporary. So, people who previously took RMDs must resume distributions in 2021, while anyone who turned 72 last year or will turn 72 this year must start taking RMDs. Here are answers to common questions about the RMD rules.

Old Habits May Be Costing You Dearly

Don’t rock the boat! This rather trite saying has been in use for generations, and many family business owners take it to heart. But maintaining outdated practices or continuing to employ under-performing family members are generally detrimental to the bottom line. This article urges family business owners to take an objective look at their operations and make adjustments accordingly.

What Can a Targeted Marketing Campaign Do?

Water and air might be the only specific “products” that everybody wants. Unless you’re selling those, and don’t have an unlimited marketing budget, targeted marketing is the way to go. But are you pursuing that strategy effectively? It might be a good idea to review your marketing practices.

Avoiding the 10% Penalty On Early IRA Withdrawals

Do you have a traditional IRA? You may have wondered whether you should take money out of it when financial needs come up. If you are under age 59 1/2, there’s generally a 10% penalty for early withdrawals — in addition to any regular income tax on the amount. However, there are exceptions to the penalty, as explained in this article, plus a note about retirement plan loans related to COVID-19.

A New Chapter on College Financial Aid

If you have a child in college, it’s generally a good idea to complete the Free Application for Federal Student Aid (FAFSA) each year, even if you don’t expect to receive any need-based assistance. This form is used to qualify for federal direct loans and state financial aid programs. Plus, many universities rely on information provided on the FAFSA when offering financial aid to students. Here’s an overview of how this form is changing with the times.

Disability Insurance and the Buy-Sell Agreement

Accidents can happen. It’s not fun to think about, but an unexpected incapacitation such an accident or an illness can happen to anyone. Family business owners must be prepared. One step toward doing so is creating a buy-sell agreement. A second, and often overlooked step, is adding a disability insurance component to the agreement. This article addresses both concepts.

Outsourcing: Eight Steps to Help Mitigate Risks

Outsourcing: Eight Steps to Help Mitigate Risks
In today’s business world, many companies outsource some tasks, often sending the jobs abroad. Outsourcing can save money, and in some cases even save some companies from going out of business. But whether you outsource outside the country or up the street, there can be risks. This article looks at some of the potential problems and offers eight ways to help mitigate the risks.

Refresher on the Home-Sale Gain Exclusion Tax Break

Before you sell your home or a vacation home, it’s important to review the basics of the federal income tax home-sale gain exclusion. If you qualify, the gain exclusion is one of the most valuable tax breaks on the books. Here’s an overview of how this break works.

Save Taxes While Controlling Employee Health Costs

Many employers have responded by rethinking the benefits they offer. There are ways to provide tax-advantaged health care programs to your employees, and at the same time, cut your overall costs

Remote Control: Preventing Employee Security Breaches

Remote work was required by many workplaces during the COVID-19 pandemic and may be with us for the foreseeable future. So, it’s important for your company to ensure that its connections to employees working from home remain as secure as possible. A multilayered defense is likely to prevent security breaches. Here are some security measures your business can take.