Industry News Archive

Transfer Business Ownership or Remain Boss?

For family business owners, estate planning can be a challenge. Often, most if not all of their wealth is tied up in their companies, which creates a conflict between the desire to transfer ownership to the next generation and the desire to stay in control. One potential solution is to recapitalize the business into voting and nonvoting shares. It allows you to separate ownership succession from management succession.

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EEOC Penalties Rise Effective July 2016

When it comes to violations of the labor law posting requirements, it’s not that these mandatory notices aren’t displayed prominently. It’s that they are not displayed at all, says the Equal Employment Opportunity Commission (EEOC). And that’s a problem. Typically the EEOC is alerted to the issue by employees who are aware of the requirements and contact the authorities. That could lead to an inspection, and an inspection may result in penalties.

The announcement from the EEOC in June explained that they are raising the penalties, “to maintain the remedial impact of civil monetary penalties and promote compliance with the law.” The last time the maximum penalty was raised in 2014, it nearly doubled from $110 to $210. This time, they’ve more than doubled to $525.

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A Gift from Uncle Sam: Congress Passes the Extenders Package

This holiday season, taxpayers are receiving a “gift” from Washington, D.C. It’s the Protecting Americans from Tax Hikes Act of 2015 or, simply, the PATH Act. It does more than just extend expired tax provisions for another year. The bipartisan deal makes about one-third of these tax provisions permanent. Many others have been extended for periods ranging from two to five years.

Several of these provisions can produce significant savings for taxpayers on their 2015 income tax returns, but quick action (before January 1, 2016) may be needed to take advantage of some of them. Here are some details on this tax savings package.

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Good News in the New Year: IRS Extends ACA Filing Deadlines

Employers and other organizations got some good news from the IRS for the start of the new year. The tax agency announced that it’s extending the due dates for filing 2015 Affordable Care Act (ACA) information returns. This gives employers extra time to complete two tasks:

  • Provide the forms to the recipients and
  • File the forms with the IRS.

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Using ABLE Accounts for Individuals With Disabilities

President Barack Obama signed the Achieving a Better Life Experience Act of 2014 (ABLE Act) on Dec. 19, 2014. The ABLE Act established a way for individuals with disabilities to save money without the risk of losing their government benefits. This new legislation creates a new form of tax-free savings similar to college savings accounts. The purpose of the legislation is to ease financial strains faced by individuals with disabilities by providing tax-advantaged savings accounts to cover qualified expenses such as education, housing and transportation. Income earned by the accounts will not be taxed and contributions made to an account may be made by any person, such as the account beneficiary, family and friends.

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Insurance for the Affluent

What is Private Placement Life Insurance?

Private placement life insurance is a type of variable life insurance that is available to accredited investors. It is a tailored financial structure that combines investment flexibility with the security and tax benefits exclusive to life insurance. You may wonder why the use of life insurance in estate planning is so beneficial. The answer is that the U.S. Internal Revenue Code provides special tax treatment for life insurance.

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