In an era of uncertainty, you can count on one thing: Time marches on. While you can't beat Father Time, you can prepare for these age-related tax and financial planning milestones as you and your loved ones grow older. Don't Overlook Estate Planning Regardless of age, almost all adults should do at least some estate planning — though few people are currently exposed to the federal estate … [Read more...]
Is Your Family Medical Leave Policy Up-to-Date?
The Administrator of the Department of Labor's Wage and Hour Division (WHD) periodically responds to new Family Medical leave Act (FMLA) compliance questions from employers and employees. Notable ones are posted for the benefit of people facing similar situations. Here's a sampling. A recent case deals with whether an employee's time away from work to attend regular meetings at her … [Read more...]
Decanting May Allow Trustees to Fix a Damaged Trust
When a trust is irrevocable, you might think it can't be changed — even if it contains drafting errors or becomes ineffective or obsolete due to changing tax laws or family circumstances. Or can it? Actually, through a process known as decanting, many irrevocable trusts may be "fixed," when trustees deem it necessary. Power to Pour In common parlance, decanting is pouring wine … [Read more...]
The Secure Act – 2020 New Law Affecting Qualified Plans Payable to a Trust.
By: Greg Reese, President & CEO, AmeriEstate Legal Plan, Inc. The Setting Every Community Up for Retirement Enhancement Act, better known as the SECURE Act, was signed into law on Friday, December 20, 2019 and became effective as of January 1, 2020. For purposes of this article, traditional IRAs and employer tax deferred accounts such as 401(k)s, 403(b)s, and 457s will all be referred … [Read more...]
10 Tax Elections to Save Money on Your 2019 Return
2020 is a presidential election year. You'll have an opportunity to cast a vote for your favored presidential candidate in November, but you can make several other key "elections" this year when filing your 2019 tax return. These elections may be influenced by the Tax Cuts and Jobs Act (TCJA), as well as the year-end spending package that was signed late last year. Here are ten … [Read more...]
Getting Married Again? Revisit Your Estate Plan
You can expect your life to change in significant ways when you marry for a second (or subsequent) time. As with all major life events, marriage calls for an estate plan review. Even if you removed your former spouse's name from estate documents when you were first divorced or widowed, you'll want to review your will, trusts, health care directives, powers of attorney and other estate … [Read more...]
Five Payroll Tax Developments for 2020
Along with a new year comes new payroll rules. Here are five highlights: 1. Significant revisions have been made to Form W-4.The IRS redesigned Form W-4, beginning with the 2020 tax year. The form was revised to take into account changes from the Tax Cuts and Jobs Act. That law suspended personal exemptions and substantially increased the standard deduction. The mismatch between the old … [Read more...]
Low Tax Rates Provide Opportunity to “Cash Out” with Dividends
Under current tax law, the federal income tax rate for C corporations is a flat 21%. Under prior law, C corporations faced a graduated federal income tax-rate schedule with a maximum effective rate of 35%. The flat 21% corporate tax rate is permanent, unless Congress passes legislation to repeal or modify it. In contrast, the reduced rates for individual taxpayers under the Tax Cuts and … [Read more...]
Federal Investigators Find Labor Law Violations in Several Cases
The U.S. Department of Labor's Wage and Hour Division (WHD) recently finished several investigations aimed at employers. The agency announced that seven different employers had violated federal laws involving minimum wages, overtime calculations, family and medical leave, the tip credit and work visas. Here are brief descriptions of the cases. 1. Minimum wage violations. A … [Read more...]
Estate Planning Isn’t Just for the Rich and Famous
Nearly everyone should consider updating his or her estate plan. This is smart advice even if you're not currently exposed to the federal estate tax. Year end can be a convenient time to reflect on major life changes and plan for the future, including devising strategies to minimize taxes. Reasons to Review Your Plans For 2019, the unified federal estate and gift tax exemption is $11.4 … [Read more...]
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