12.02.22

Avoid Employee Deferral Limit Excesses
James Pellino

The Internal Revenue Service (IRS) determines how much 401(k) plan participants can defer into their plan accounts, but many plan participants sometimes fail to fully understand or keep these deferral limits top of mind. Participants exceed 401(k) deferral limits for a variety of reasons. While the filing deadline for on-time tax filers has passed for […]

12.01.22

Deferring a Tax Hit With a Section 1031 Exchange
Adam M. Levine

Do you own commercial or investment real estate that has substantially increased in value? If you sell the property, you may be hit with a huge capital gain tax liability. A possible solution: Consider a Section 1031 exchange (also known as a like-kind exchange) in which you swap qualifying properties while paying zero or little […]

11.28.22

Monitor Your Organization’s Vital Signs with KPIs and Financial Metrics
Segdrick P. Byrd

Whenever you go to a doctor’s office or hospital, one of the first things they do is check your vital signs (i.e., pulse, temperature and blood pressure). Numbers that are unusually high or low, or change over time, may indicate an underlying problem that needs to be addressed. For not-for-profit organizations, key performance indicators (KPIs) […]

11.23.22

Is Your Business Getting the Credits It Deserves?
Seamus M. Donoghue

It is a challenging time to grow a business. So, any help you can get in the form of tax credits, tax exemptions, grants, low-cost financing and other incentives can make a big difference. Unfortunately, these incentives often go unclaimed. Why? In most cases, businesses have to ask for them — either by claiming benefits […]

11.22.22

Four Year-End Tax Tips for Law Firms

The end of the tax year for calendar-year law firms is just around the corner. Now is the time to take those last-minute steps that can reap significant tax savings on your 2022 return. Here is some tax-cutting advice to consider. Time Income and Expenses Wisely Deferring revenue into the next tax year and accelerating […]

11.21.22

Approaching 65? Get Up to Speed on Medicare
Peggy Vyborny

Managing health insurance costs is a key component of retirement planning. Medicare eligibility generally starts at age 65. But, given the number of decisions that you will need to make about the timing and scope of coverage, it is a good idea to start preparing well in advance. Medicare is complex and navigating the many […]

11.17.22

The Great Regret Urges Plan Sponsors To Review Their Benefits Lineup
James Quaid

We have all heard of the “Great Resignation,” a term coined to describe the millions of employees that left their jobs since the onset of the COVID-19 pandemic in 2020. Many employees who moved on to another job are having second thoughts about their decision — a new phenomenon that is being referred to as […]

11.03.22

Navigating an Understaffed Workforce
Kevin Omahen

Much like everything else, there is no certainty as to how long the labor shortage will continue. That said, there are a few strategies to address this issue: Cross-Train. There are plenty of responsibilities that can be delegated to other staff. Ask your team what responsibilities they may have that they could teach someone else […]

10.28.22

First-Year Bonus Depreciation and Section 179 Expensing: Watch Out for the Downsides
Kathy Z. Jeziorski

Many companies are eligible for tax write-offs for certain equipment purchases and building improvements. These write-offs can do wonders for a business’s cash flow, but whether to claim them is not always an easy decision. In some cases, there are advantages to following the regular depreciation rules. So it is critical to look at the […]

10.18.22

Working Remotely? Watch Out for Double Taxation
Colin O’Neill

More people are working remotely these days and that trend seems unlikely to change even after the pandemic is over. Remote work can be convenient. However, it raises the risk of double taxation if employees work in different states from their employers. Here is what you need to know — and what you can do […]