Among the biggest long-term concerns of many business owners is succession planning — how to smoothly and safely transfer ownership and control of the company to the next generation. From a tax perspective, the optimal time to start this process is long before the owner is ready to give up control. A family limited partnership […]
Awards and settlements are routinely provided for a variety of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. Some of this money is taxed by the federal government, and perhaps state governments. Hopefully, you’ll never need to know how payments for personal injuries are taxed. […]
Forecasting how your company is likely to perform over the next year can be challenging, especially when it’s unclear where the markets are heading. But accurate forecasts are critical when managing a business. For example, they may be used to order inventory, hire additional workers, apply for loans and credit lines, and evaluate investment alternatives. […]
The IRS recently announced that the amount individuals can contribute to their 401(k) plans will increase in 2022. The tax agency has also announced other cost‑of‑living adjustments affecting dollar limitations for pension plans and retirement-related items for tax year 2022. Let’s look at some highlights. Rising limit First and foremost, the contribution limit for employees […]
by David Lam | This article originally appeared in The Los Angeles Business Journal. Pioneers of the information security field have known for decades how important it is—and forever will be—to protect one’s data. When my business partners started our practice in 2001, large companies were already well aware of this fact, so our […]
Forbes and market research firm, Statista, surveyed tax and accounting professionals for who they would recommend if their company could not take on a client – and Miller Kaplan ranked as one the top-recommended firms for tax and accounting!
Hopefully, you already have a sound estate plan in place to protect the interests of your heirs and minimize potential estate tax liability. But that doesn’t mean you’re completely in the clear. You can’t just fill out the paperwork, lock up the documents in a file cabinet or store them electronically, and forget about it. […]
by Michael Kaplan | The Great Resignation has leadership teams everywhere asking critical questions such as: How much longer will the increased resignations continue? How do we hold on to our best employees? How do we recruit more top talent?
Reporting deadlines for tax year 2021 information returns filed in 2022
If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-end. 1. Accelerate deductions/defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage interest […]
A transparency provision included in the Consolidated Appropriations Act (CAA) requires group health plans to annually submit health care and drug cost reports to the U.S. Department of Labor, Department of Health and Human Services, and the IRS. Recently, these agencies issued interim final regulations implementing the CAA requirement that group health plans and insurers […]