As we all know, tax law is often convoluted. To illustrate the complexity, the U.S. Tax Court recently ruled against what is clearly stated in an IRS publication designed to explain the law to citizens. In the new case, the Court stated that the one-rollover-a-year rule applies to all of an individual's IRAs rather than on an account-by-account basis. Here is an explanation of the controversial decision and the rules involved in transferring money from one IRA to another.
News & Articles
Who is listed as the beneficiary (or beneficiaries) on your insurance policies, retirement plans, and asset accounts? Divorce, remarriage, and other major life events might require you to change beneficiaries. Or you might have accidentally forgotten to designate all your beneficiaries from the get-go. Take time to review beneficiaries today. As three real-life "horror stories" demonstrate, mistakes and omissions can be disastrous.
In yet another alteration to the Affordable Care Act, certain mid-size companies now have an additional year before the "play or pay" employer mandate kicks in. This surprising news became known when final regulations were issued by the U.S. Treasury Department on February 10. These regulations include important information for larger businesses as well. Find out if your company is affected and what your responsibilities are in relation to the changes.
President Obama recently signed the Agricultural Act of 2014, a sweeping law that provides benefits to some businesses and individuals and takes them away from others. This article contains a brief rundown of some provisions in the new law, including the elimination of direct payments to farmers, cuts and reforms to the food stamp program and a requirement to put country-of-origin labels on meat and seafood.
For many individuals and businesses, ringing in the New Year has been bittersweet. That's because some of their favorite federal income tax breaks expired on December 31, 2013. Continue reading to see which deductions and credits are gone, unless Congress votes to retroactively extend them for 2014.
Can you, without the benefit of clairvoyance, avoid choosing the wrong job candidate? In most cases, yes. But first you need to take a fresh and, if possible, objective look at your current approach, and identify ways to improve it. It's likely that most every employer has regretted a hiring decision at least once, even if there was no fiasco involved.
When was the last time you evaluated your financial position and spending habits? It's easy to allow finances to become bloated and flabby, especially during the holidays. As you ring in the New Year, take time to review your personal and small business budgets for opportunities to operate more lean and fit in 2014 and beyond.
Higher client expectations and economic demands are causing organizations of all sizes to re-evaluate how technology can help them strengthen client relationships and grow their company. As businesses focus on improving efficiency and increasing productivity, they need to also ensure that their Business Development efforts are as effective as possible. A well-integrated CRM system supplements practice management initiatives and pays significant dividends with improved client retention, direct referrals, and new customer acquisition.
We've all heard the quote: "In this world, nothing is certain except death and taxes." Paying taxes is a necessary evil, made worse if you are paying too much. Experience indicates about half of all businesses overpay their real estate taxes. But how do you know if you're one of those? And if you are, what recourse do you have? The situation is not as bleak as it may initially appear.
If you have an ERISA plan, it generally means your company is shielded from lawsuits that originate in state courts. This is usually good for employers, because it's harder for employees (current or former) to "make a federal case out of it" than it is for them to prevail at the state level. Having an ERISA plan also makes it less likely a state legislature could micromanage how you run a benefit plan. However, don't simply assume your plan is an ERISA plan or you could wind up in hot water.