In Notice 2021-42, the IRS recently extended earlier guidance on employer leave-sharing programs that aid those most adversely affected by the COVID-19 pandemic. If your organization is currently administering such a program, or might want to consider doing so, here’s a brief review of the concept and rules. Under a leave-sharing program, employees can elect to […]
If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary, middle and high schools, as well as those attending college, graduate school or accredited vocational schools. It doesn’t matter if the scholarship makes a direct […]
“Vishing” may sound familiar, but unless you’re a fraud investigator, you probably haven’t encountered it. Unfortunately, that could change … soon. To foil a scam that increasingly takes advantage of remote workers, learn what vishing is and how your business can prevent it from infiltrating your network. Clarifying terms Vishing isn’t the same as “phishing.” […]
Updated accounting rules for long-term leases took effect in 2019 for public companies. Now, after several deferrals by the Financial Accounting Standards Board (FASB), private companies and private not-for-profit entities must follow suit, starting in fiscal year 2022. The updated guidance requires these organizations to report — for the first time — the full magnitude […]
There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for disability-related […]
In News Release 2021-160, the IRS recently made an important announcement related to COVID-19 vaccinations. That is, wages paid for leave taken to accompany someone who’s getting vaccinated, or to care for someone recovering from a vaccination, may be considered: Qualified family leave wages for purposes of the qualified family leave wages tax credit, and Qualified […]
Your employees shouldn’t accept any gift offered with the intent to improperly influence business decisions — or even one that merely appears to compromise their ability to act in your company’s best interests. Unfortunately, kickbacks are often disguised as gifts or travel, so they can be hard to identify. Here’s how to maintain your business’s […]
An irrevocable trust has long been a key component of many estate plans. But what if it no longer serves your purposes? Is it too late to change it? Depending on applicable state law, you may have several options for fixing a “broken” trust. How trusts break There are several reasons a trust can break, […]
In Notice 2021-46, the IRS recently issued additional guidance on the COBRA premium assistance provisions of the American Rescue Plan Act (ARPA). Under the ARPA, a 100% COBRA premium subsidy and additional COBRA enrollment rights are available to certain assistance eligible individuals (AEIs) during the period beginning on April 1, 2021, and ending on September […]
Because of the COVID-19 pandemic and the resulting economic turndown in some areas, you may have family members in need of financial support. If you’re interested in lending money to loved ones in need, consider establishing a “family bank.” These entities enhance the benefits of intrafamily loans, while minimizing unintended consequences. Intrafamily loans Lending can […]
Many of the relief measures passed by the federal government during the opening chapters of the COVID-19 pandemic are still relevant to employers. For example, under the CARES Act, you could defer payment of your share of Social Security taxes from March 27, 2020, through December 31, 2020. If you opted for this relief, you must pay […]
If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five. 1. Long-term medical care The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they, along with other medical […]