Thanks in no small part to COVID-19, many private enterprises and family-owned businesses have been forced to dramatically rethink their points of view on these strategies and other important wealth transition and succession planning topics. As a result, below are some things to take into consideration.
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Do You Know the Gain on Home Sale Rules?
The rules surrounding the sale of one’s principal residence have changed over the years. It used to be that you could simply rollover your gain on a tax-free basis as long as you reinvested the proceeds into a new principal residence. However, those gain on home sale rules have since been eliminated and replaced with a principal residence exclusion.
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Does Your Business Qualify for the Research Tax Credit?
When businesses hear about the research tax credit, they typically imagine that it’s for scientists in white lab coats. But that is not the case! The credit is actually much broader and more valuable than you might think.
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Why You Should Update Your Will or Trust in 2020
When was the last time you or your attorney reviewed or updated your will or trust? If it was before the passage of the 2017 Tax Cuts and Jobs Act (TCJA), your documents may be out of date.
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Is Cofounder Conflict Threatening Your Business?
If you asked entrepreneurs to make a list of everything they think might one day pose a threat to their company, you’d probably hear a variety of answers. Some might be (rightfully) worried about ultimately developing a product in search of a marketplace. Others may be worried about how they’re going to overcome cash flow issues. And some may still be worried about getting “taken for a ride” by the venture capital people they’re putting so much of their faith in. While all of these are understandable concerns, there’s one that’s often missing from the list: cofounders.
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How To Conceptualize Financial Results as a Small Business Owner
Successful entrepreneurs need drive, passion, the will to follow things through, and the hustler’s spirit that enables you to constantly try that new thing or relentlessly chase that next big opportunity. Not all entrepreneurs are numbers people, and that’s okay, because there are plenty of numbers people out there willing to offer support.
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Understanding Your Annual Social Security Letter
If you are receiving Social Security, then you have just recently received your annual letter from the Social Security Administration letting you know that your Social Security benefits for 2020 have increased by 1.6% as a result of a rise in the cost of living. The letter also lets you know how much will be withheld from your monthly retirement benefit for Medicare Parts B (medical insurance) and D (Prescription Drug Plan).
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Do You Know the Tax Advantages of Employer-Offered Benefits?
Which benefits offered by your employer are you taking advantage of? Do you know all of the benefits available to you? Not only do many employer-offered benefits provide impactful resources to you and your family, but some save you significant money and taxes. Below is a list of benefits that your employer may offer and the tax benefits of each. If you’re unsure of what is available to you, we recommend asking your employer for more information.
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5 Ways to Organize Your Accounting Operations in 2020
Although the December activity of “making a list and checking it twice” is over, checklists are always a good idea to help you get organized. If one of your New Year’s resolutions is to get your business finances more organized, we recommend using this checklist to help you get started.
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A Digital World, A Digital Firm: Three Characteristics of a Forward-Thinking Accounting Firm
The digital world is not only here, but it’s continuing to evolve and impact all aspects of our lives – accounting included. Last month the CK team took a trip to Silicon Valley for the QuickBooks Connect conference and we were reminded just how much technology has impacted the way in which we serve our clients. Technology has changed the way accounting departments are structured, how they communicate and the actual production of financial reporting.
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