Did you know that, once you turn age 70½, you must start taking mandatory annual withdrawals from your traditional IRAs, including any simplified employee pension (SEP) accounts and SIMPLE IRAs that you set up as a small business owner? Beyond Your IRAs Different rules and conditions may apply to RMDs from inherited accounts and your… Continue reading

There are instances when you can write off interest on personal loans used for business purposes, such as injecting capital into an S corporation, multi-member LLC, partnership or C corporation. But keep in mind that interest expenses must be classified into one of four categories (see box at the bottom of this article for details). Different… Continue reading

The Trump Administration and the Republican majority in Congress plan to repeal and replace the Affordable Care Act (ACA) in the coming months. In the meantime, however, employers must continue to comply with the existing rules for 2016, including the information reporting requirements and shared responsibility provisions. The IRS previously issued three sets of FAQs… Continue reading

  You look forward to the day when you can hand over the reins of the family business to the next generation and enjoy retirement. Or do you? Sometimes, family businesses have two or more children in line to take charge and sibling rivalry erupts. Too often the matter is not discussed because it seems… Continue reading

The following table provides some important federal tax information for 2017, as compared with 2016. Many of the dollar amounts are unchanged or have changed only slightly due to low inflation. Other amounts are changing due to legislation. Social Security/ Medicare 2017 2016 Social Security Tax Wage Base $127,200 $118,500 Medicare Tax Wage Base No… Continue reading

On December 13, 2016, President Obama signed into law the 21st Century Cures Act. In addition to funding medical research, accelerating cutting-edge treatments for rare diseases and adding significant reforms to the mental health system, the new legislation allows small employers to provide standalone Health Reimbursement Arrangements (HRAs) to employees without paying penalties imposed by… Continue reading

Do you dread getting phone calls from unfamiliar sources? It seems that callers are more likely to be aggressive solicitors, pushy telemarketers or even devious con artists than legitimate business people. Criminals typically target the elderly, disabled people or immigrants, threatening them with fines, penalties or deportation if they don’t make payments to the callers.… Continue reading