First, let’s define what a nonqualified deferred compensation (NQDC) plan is. These plans allow you to set aside large amounts of tax-deferred compensation and then schedule distributions that align with your financial goals. Sound intriguing? Like most things in life, they also come with substantial risk. If your (or a prospective) employer offers an NQDC plan […]
Is Nonqualified Deferred Compensation for You? Read More »
The alternative minimum tax (AMT) has negatively impacted many taxpayers in the middle- to upper-income brackets for many years. The Tax Cuts and Jobs Act (TCJA) took much of the “teeth” out of the AMT by raising the inflation-adjusted exemption. Now middle-income earners have less to worry about, but those income that has increased (or
AMT Has Less Impact with TCJA Read More »
One of the lingering questions about the Paycheck Protection Program (PPP) has been what will be required during the forgiveness application process. On October 8, 2020, the SBA released the Interim Final Rule on Additional Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules (that’s a mouthful!), which answers some of these questions. The stated
New PPP Rule Changes Forgiveness Application Process Read More »
While a 529 plan is considered the ideal college savings tool, there are other vehicles can help parents save for college expenses, too, including the Roth IRA. Which one (or both) makes the most sense for you and your family depends on several factors, including how much you intend to contribute and how you’ll use
Which College Savings Avenue is Best? 529s vs. Roth IRAs Read More »
Business owners have learned a lot during this year of the COVID-19 pandemic. One unexpected lesson is how to report the impact of a disaster on your company’s financial statements. Under U.S. Generally Accepted Accounting Principles (GAAP), the impact of events such as year’s crisis are referred to as “subsequent events,” and there are two types:
How to Report the Impacts of a Disaster on Your Financial Statements Read More »
How many of you review your estate plan at the end of each year? While an annual review is recommended, very few of us actually do that. Now, with COVID-19 on our minds, and worst case scenarios that could result from the disease, it might be a good time to review your planning documents to
Is It Time to Review Your Estate Plan? Read More »
If your business received a PPP loan and is now considering a merger or acquisition, you need to check that the activity is allowed under the SBA regulatory guidelines. PPP loans, like other Section 7(a) loans, require (in most cases) that borrowers get consent from the SBA before performing certain activities, including a change of
PPP Loan Recipients May Face M&A Restrictions Read More »
This year’s stock market has been quite the roller coaster ride, and many people craving a sense of stability. If volatility makes you worry, it’s important to maintain a diversified portfolio that won’t plummet every time the Dow drops. One way many diversify their portfolios is by adding some real estate investments. Don’t go out
Adding a REIT to Your Investments Read More »
Hopefully you have worked hard to accumulate a nest egg in your traditional IRA. Understanding the distribution rules is critical, however, as some of these rules have temporarily changed under the Coronavirus Aid, Relief and Economic Security (CARES) Act. Early distributions The coronavirus pandemic has impacted many people who are taking, or considering taking, early
Traditional IRA Distributions Read More »
Whether this is actually a “final” rule will have to be seen, but here’s what you need to know from the Interim Final Rule on Treatment of Owners and Forgiveness of Certain Nonpayroll Costs. Non-payroll loan forgiveness impacted by leasing to a tenant. If you are requesting forgiveness for rent expenses, and have tenants to whom you
SBA Provides Clarification in PPP Interim Final Rule Read More »
While many businesses are tight on funds right now, those that can, and need to, might want to consider upgrading their business properties in 2020. When the Tax Cuts and Jobs Act was passed in 2017, Congress made an inadvertent drafting error making any qualified improvement property (QIP) placed in service after December 31, 2017,
You May Want to Consider Business Property Upgrades Read More »
Many people have been severely impacted by the economic downturn triggered by the COVID-19 crisis. Whether through job loss or some other factor, quite a few have found themselves in need of cash to pay unexpected medical bills, mortgage payments and other expenses. One option some are using is to borrow against the cash value
Life Insurance Loans: Risk-Benefit Analysis Read More »