401(k) Plan Contributions: Keep Calm but Know Your Options
Global markets have fallen dramatically in the wake of the coronavirus (COVID-19) pandemic. Some analysts are predicting a recession. And many business owners are looking for ways to lower costs in the face of decreasing revenue. Can you eliminate or scale back on 401(k) plan contributions during these turbulent and unprecedented conditions? Here's what employers should know.
COVID-19 Relief: Overview of the New CARES Act
President Trump has signed legislation to infuse the U.S. economy with roughly $2 trillion in financial relief during the coronavirus (COVID-19) pandemic. This is welcome news for people and businesses that have suffered losses in recent weeks. Here are highlights of financial relief provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Federal Tax Relief to Alleviate COVID-19 Hardships
Federal relief has been announced to ease the adverse financial effects of the coronavirus (COVID-19) pandemic. Over the last week, two major relief measures with tax implications were finalized: 1) guidance to extend the April 15 federal income tax deadlines, and 2) a new law that mandates paid leave benefits for small business employees affected by the outbreak and creates related tax credits as well as FICA tax relief for their employers. Here are the details.
How to Manage COVID-19-Related Business Risks
The coronavirus (COVID-19) outbreak has had a crippling effect on the global economy. Unfortunately, many small businesses didn't have adequate contingency planning in place or sufficient internal resources to weather this unprecedented storm. For many businesses, cash is tight, demand is faltering, employees are anxious and safety risks abound. Here are eight proactive steps to consider to help your business stay afloat.
COVID-19 Pandemic Poses Complex HR Policy Questions
Questions from employers and employees about coronavirus (COVID-19) pandemic are multiplying almost as fast as the virus itself. Employers need to rely on a combination of authoritative legal and medical advice, and their own common sense, to keep employees safe. This article explains some of the issues that employers are facing as the COVID-19 affects their workplaces.
Can Telemedicine Help Tame Health Benefit Cost Inflation?
If your company is like most, you've been battling rapidly growing health benefit plan costs for decades. Telemedicine is showing promise as a weapon in that struggle, but it's not foolproof. Read on to learn what's new in "virtual care," including how get the most from it and how the recent coronavirus (COVID-19) outbreak is helping to bring telemedicine into the mainstream.
Explore Estate Planning Alternatives to Stretch IRAs
Recent changes to the tax law have diminished the tax-saving potency of stretch-IRAs. But there are still other tax-smart ways to transfer wealth to your loved ones. This article highlights six wealth-transfer tools for you to consider. It also explains why it may be prudent to make estate-planning moves today before the current taxpayer-friendly rules expire or are retroactively altered.
IRS Issues New Regs on Deducting Meal and Entertainment Expenses
From golf outings and spa trips to baseball games and box seats at the opera, business-related entertainment expenses paid or incurred after 2017 generally aren't deductible under current law. But certain exceptions may apply. In February, the IRS published proposed regulations that clarify when business meals and entertainment expenses can and can't be deducted, including many helpful examples.
Gig workers, know your tax responsibilities
Gig workers represent a growing segment of the economy. And no matter what the job or app, they all have one thing in common: taxes. This article explores the distinctive aspects of this type of self-employment. A sidebar points out that gig workers may qualify for certain business expense deductions.
7 Valuable Tax Credits for Small Businesses
Unlike tax deductions, tax credits reduce your tax bill, dollar for dollar. But some taxpayers who file their own returns risk overlooking these lucrative tax-saving opportunities. Here's an overview of seven popular credits for small business owners to consider on their 2019 tax returns and beyond. Several of these breaks have been recently increased or extended by Congress.
Consider Taxes When Dividing Up Retirement Accounts in Divorce
Getting divorced? You might want to divide your marital assets quickly and cut financial ties with your ex as soon as possible. But, when it comes to splitting up IRAs, 401(k) plan funds and other tax-favored retirement accounts, it's important to set up your divorce papers properly and follow the formalities of the settlement agreement to avoid potential tax-related pitfalls.
Should You Extend Your 2019 Tax Return?
A record number of taxpayers filed for an automatic six-month extension last year as they worked with their tax professional to understand the changes under the Tax Cuts and Jobs Act. Though fewer taxpayers are expected to extend their returns this year, there are still valid reasons to do so for 2019. Here's some important information to consider when filing an extension.
Ideas to Lower Your Taxes for 2019
If you haven't filed your individual federal income tax return yet, there still may be opportunities to lower your tax bill for the 2019 tax year. Though most tax-planning moves must be completed by the end of the tax year, a few options remain available. Here are some options to consider before the April 15 filing deadline, along with a refresher on the current alternative minimum tax (AMT) rules for individuals.