So, you’ve done all the right things to prepare for retirement and now it’s time to ensure that the right tax strategies are in place to protect those assets you’ve worked so hard for. While payouts from some retirement accounts, such as traditional IRAs, are taxable, you might be able to avoid that situation if[…]
The idea of becoming a franchise owner can be quite enticing, especially in these challenging and uncertain economic times. Franchises can be a path to becoming a business owner without many of the complications associated with building your own company. When you go into the franchise world, you have a ready-made brand and all its[…]
The young have always taught their older counterparts, and it’s no different in the business world, where start-ups have much to offer more senior companies. Today’s most successful companies are growing nearly three times faster than in the past. In order to succeed at this rate, both employees and business leaders have to be adaptable[…]
Retirement planning may be a little different for the self-employed, but it’s just as important, if not more so. 60% of working Americans have access to a 401k plan through their employer. But if you are among the nearly 10 million self-employed, you are entirely responsible for your retirement plan. There are other types of[…]
Unemployment compensation fraud has become quite widespread in Pennsylvania and we would like to provide some information to help you protect your identity. 1. Warning signs that your identity has been used to file false claim(s): You received some type of correspondence that you filed an unemployment claim when you did not file a claim[…]
There’s a lesser known and often under-utilized part of the Internal Revenue Code, Section 1202, that can offer a significant tax break for non-corporate taxpayers. Known as the Small Business Stock Gain Exclusion, Section 1202 allows an exemption from federal tax for capital gains from certain small business stocks. It is important to note that[…]
If it’s time for you to retire or you’ve begun considering that life change, it’s very important that you develop a strategy that will meet your estate planning goals and outline how your legacy assets will be managed for your heirs. For financial planning purposes, your estate assets may need a very specialized structure. To[…]
Like other types of trusts, a Special Needs Trust (SNT) is a legal arrangement between a person or financial institution, known as the trustee, that manages or holds the assets of another – the beneficiary. A Special Needs Trust is unique in that it retains the beneficiary’s eligibility for government-based benefits, such as Medicaid and[…]
FMLA Update – IRS announces expansion and extension of family/sick leave credits
By diamondcpas Personal Taxes Jun 23, 2021
Rather than create a new mandate for paid sick and family leave, the American Rescue Plan Act of 2021 expanded the availability of payroll tax credits for covered employers who voluntarily choose to continue offering the Families First Coronavirus Response Act (FFCRA) – style paid sick and paid family leave. Paid family and sick leave[…]
Estate Planning Primer Part 2: The steps to successful estate planning
By diamondcpas Estate Planning Jun 10, 2021
As you consider developing an estate plan, whether your goal is to provide for your family, protect assets, prepare for end-of-life decisions or, perhaps, some combination of all these, there are a number of steps to consider. Of course, it is always advisable to consult with legal and tax specialists to help guide you through[…]