Individual | Business Management Company

IRS additional guidance addresses COBRA assistance under ARPA

August 24, 2021 / by Brett Hess / Deadlines, Small Business, Tax

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 […]

There’s currently a “stepped-up basis” if you inherit property — but will it last?

July 20, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, […]

Don’t assume your profitable company has strong cash flow

June 16, 2021 / by Brett Hess / Uncategorized

Most of us are taught from a young age never to assume anything. Why? Well, because when you assume, you make an … you probably know how the rest of the expression goes. A dangerous assumption that many business owners make is that, if their companies are profitable, their cash flow must also be strong. […]

Retiring soon? 4 tax issues you may face

June 14, 2021 / by Brett Hess / Newsletter, Small Business

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you retire: Taking required minimum distributions. This is the minimum amount you must withdraw from your retirement accounts. You […]

Still have questions after you file your tax return?

May 20, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax

Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. Are you wondering when you will receive your refund? The IRS has an online tool that can […]

Providing education assistance to employees? Follow these rules

May 4, 2021 / by Brett Hess / Newsletter, Small Business

Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for educational assistance under a “qualified educational assistance program.” For this purpose, “education” means any form of instruction or training […]

Retiring soon? Recent law changes may have an impact on your retirement savings

April 8, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized

Retiring soon? Recent law changes may have an impact on your retirement savings If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, which […]

Need a new business vehicle? Consider a heavy SUV

April 7, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized

Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those vehicles. Bonus depreciation Under current law, 100% first-year bonus depreciation is available for qualified new and used property that’s acquired […]

One reason to file your 2020 tax return early

January 20, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized

The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that was enacted late in December.) Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), […]

Educate yourself about the revised tax benefits for higher education

January 12, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized

Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help foot the bill. The Consolidated Appropriations Act, which was enacted recently, made some changes to […]

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