18 Feb 2020
Three generations of women; mother, daughter, & granddaughter

For 2020, the lifetime gift and estate tax exemption has reached a whopping $11.58 million ($23.16 million for married couples). As a result, few people will be subject to federal gift taxes. If your wealth is well within the exemption amount, does that mean there’s no need to file gift tax returns? Not necessarily. There […]

12 Feb 2020
Three employees having a meeting

Whether an employee has alleged harassment or reported a coworker for fraud, your company needs to handle misconduct complaints seriously. Several best practices can help you get to the bottom of an allegation quickly and avoid legal complications. For example, take every precaution to maintain confidentiality, both for the accuser and accused. Also maintain detailed […]

11 Feb 2020
Timeline with a pushpin at 2020

An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2020 at $137,700 (up from $132,900 […]

06 Feb 2020
A women sorting clothes to be donated

The deductibility of most charitable gifts hasn’t changed since passage of the Tax Cuts and Jobs Act, but some recordkeeping requirements have. Helping your donors who itemize deductions understand the rules and benefits of their gifts can strengthen your not-for-profit’s ties with them — and may help increase contributions. Allowable deductions Generally, donors can deduct […]

23 Jan 2020
Puzzle pieces on a table and the last piece doesn’t fit

Not-for-profit board directors, trustees and key employees must not have a direct or indirect financial interest in a transaction or arrangement that might benefit them personally. This is why nonprofits are required to have a written conflict-of-interest policy. To stress the importance of this requirement, the IRS asks you to acknowledge the existence of a […]

22 Jan 2020
Two people running on a trail

Virtually everyone needs an estate plan, but it isn’t a one-size-fits-all proposition. Even though each person’s situation is unique, general guidelines can be drawn depending on your current stage of life. If you’ve gotten married, for example, now is the time to build the foundation for your estate plan. And, if you’ve recently started a […]

16 Jan 2020
Letter tiles spelling early and bird

The IRS is opening the 2019 individual income tax return filing season on Jan. 27. Even if you usually don’t file until closer to the April 15 deadline (or you file an extension), consider being an early-bird filer this year. It can potentially protect you from tax identity theft. In these scams, a thief uses […]

15 Jan 2020
Hands reaching for money on hooks

A Small Business Administration (SBA) loan can make big things happen for your company. But the agency’s loan program is sometimes abused by con artists. Be wary of businesses that charge upfront fees to help you apply for an SBA loan, even if they’re couched as “processing” or “credit check” fees. High-pressure tactics, such as […]