Starting on Jan. 1, 2024, some companies will have to report certain information about their ownership. Which companies and which information? That’s where it can get confusing. You have to delve into the Corporate Transparency Act. According to the government’s Financial Crimes Enforcement Network site, CTA “establishes uniform beneficial ownership information reporting requirements for certain […]
You may be aware of widely circulated promotions — ads on radio and the internet — touting refunds involving Employee Retention Credits. The IRS says these are a blatant attempt to con ineligible people to claim the ERC credit. The problem is widespread enough to make the IRS’s annual “Dirty Dozen” list. The promotions are […]
A trust allows you to be specific about how, when and to whom your assets are distributed. Trusts can be arranged for a variety of different goals: to reduce estate taxes, to transfer property and to preserve assets for minors or a charity. Trusts offer more flexibility than a will to control your assets. You […]
The Americans with Disabilities Act is a federal civil rights law that applies to people with disabilities, and it protects them from discrimination. The Equal Employment Opportunity Commission, a federal government agency, enforces the sections of the ADA that prohibit employment discrimination. The employment provisions of the ADA apply to businesses that have 15 or […]
Have you witnessed your mom, dad or grandparents having trouble managing money on a day-to-day basis? Are you worried that they may become vulnerable to scams or identity theft? What would happen if you had to suddenly take over management of your parent’s finances—paying bills and managing their money? There’s not only the day-to-day management […]
A deferred annuity is a contract between you and a life insurance company. Funds are exchanged for a promise to provide a competitive rate of interest with a minimum interest rate guarantee while guaranteeing the principal investment as well. The benefit payments don’t start until perhaps 10 or 20 years down the road. The longer […]
Tax withholding is a seemingly inevitable part of working, but there are exceptions, as shown by the following information about employees exempt from withholding. Student employees Generally, individuals employed by a school, college or university where they are also pursuing a course of study do not have to pay Social Security and Medicare taxes on […]
We all understand that when we borrow money, we’re legally obligated to repay it. What happens when you’re forgiven in part and don’t have to pay back the full amount? After many huzzahs, you discover that it’s not entirely forgiven. The amount of the canceled debt is taxable, and you must report it on your […]
You may have a good reason to change your payday, but before you make your move, be sure to take into account various rules and implications. 1. Fair Labor Standards Act The FLSA requires prompt payment of wages but does not specifically address pay frequency or payday changes. However, a 2nd U.S. Circuit Court of […]
Ever wonder how a financial planner is different from a stockbroker? Stockbrokers are also seen as market mavens who trade stocks. Planners aren’t accountants, either (although some accountants do work as financial planners) — they aren’t called upon just to lower your tax bill and they aren’t insurance agents who try to sell you complicated […]