12.21.20

What Was Old Is New Again With the “Kiddie Tax”

The changes made by the 2017 tax law – referred to as the Tax Cuts and Jobs Act (TCJA) – subjected a child’s unearned income to the estate and gift tax rates. Previously, the “kiddie tax” applied the parents’ marginal tax rate to a child’s unearned income in excess of a certain threshold ($2,200 in […]

12.14.20

Remote Work May Be Here to Stay — Are You Ready?
Harry Fox

The COVID-19 pandemic has forced many companies to shift gears and focus on ways to conduct business remotely. Many experts believe that the trend toward remote work will continue even after the pandemic is over. Unlike other businesses, manufacturers must continue to rely on workers on the shop floor, such as machinists, assemblers and repair […]

12.09.20

How Can You Avoid “Paralysis” When Making Key Decisions?

How many times have you wanted to improve some aspect of your medical practice but found yourself unable to take the necessary steps? How many times has a staffer come to you with an idea and been told, “Okay, let me think about that.” But, rather than decide, the hectic nature of running a busy […]

12.07.20

The Extended COVID-19 Qualified Opportunity Zone Relief Deadlines are Coming Due

The COVID-19 pandemic led the IRS to loosen a range of tax laws and regulations, including many deadlines. In June, the IRS issued guidance that provided relief from some qualified opportunity zone (QOZ) requirements — good news for investors with capital gains. With the end of the year approaching, many of those extended deadlines are […]

12.01.20

Final Meal and Entertainment Regulations — A Much-Needed Win for the Restaurant Industry
Thomas Pierce

As the restaurant industry continues to struggle amid the COVID-19 pandemic, any relief that can help restaurants boost their cash flow is welcome. Recently, the IRS issued final regulations regarding limits on the deductibility of meal and entertainment expenses. The regulations confirm that most entertainment expenses are nondeductible, but they clarify that some meal expenses […]

11.30.20

Keep it Simple! “Small” Manufacturers May Opt to Use Simplified Reporting Methods

The Tax Cuts and Jobs Act (TCJA) expanded the tax code’s definition of “small business” to include those with average annual gross receipts of $25 million or less (adjusted for inflation) for the three preceding tax years. Both the 2020 and 2021 inflation-adjusted threshold is $26 million. Manufacturers that qualify as small businesses may be […]

11.25.20

AI: From Hollywood Science Fiction to the Legal World
Joshua Goldschmidt

Artificial intelligence (AI) — the use of computers to perform tasks that typically require human intelligence — is no longer just the plot of Hollywood’s next dystopian movie. AI is already integrated in many aspects of our daily life including Netflix, Amazon and Spotify recommendations, phone-face recognition technology and what we see on social media. […]

11.24.20

Year-End Tax Planning for Challenging Times
Justin L. Sylvan

The public health, social, political and financial upheaval of 2020 has given taxpayers plenty of reasons to focus on things outside of their taxes. Our “new normal” has given many taxpayers reasons to worry about their futures, not only regarding health and employment but also retirement savings and future tax rates. However, it is important […]

11.23.20

Donor-Advised Funds: How They Work and How to Land Them 
Caitlin G. Gibbs

National Philanthropic Trust (NPT) data from nearly 1,000 charities shows that donor-advised funds (DAFs) grew in all key areas, including the number of individual funds and total grant dollars awarded to charitable organizations, according to a 2019 report. Although they are popular, DAFs are not without critics. Some do not like the fact that many […]

11.16.20

Prevention is the Best Medicine: How to Reduce Your Risk of a Malpractice Lawsuit

We live in a litigious age — approximately 15% of all personal injury and wrongful death lawsuits filed throughout the nation result from medical malpractice. This translates into roughly 20,000 medical malpractice claims filed each year, despite estimates that up to 120,000 annual cases of medical negligence occur. It is likely that 1 in 14 […]