Nonqualified deferred compensation (NQDC) plans pay executives at some time in the future for services to be currently performed. If you participate in such a plan, or your business offers one as an employee benefit, it’s critical for everyone involved to abide by the applicable tax rules. Of course, in the hectic course of the […]
If you’re currently taking care of your children and elderly parents, count yourself among those in the “Sandwich Generation.” Although it may be personally gratifying to help your parents, it can be a financial burden and affect your own estate plan. Here are some critical steps to take to better manage the situation. Identify Key […]
The notion of bartering may conjure an image of a crowded, bustling medieval bazaar. Dusty travelers, farmers perchance, haggle with merchants over textiles or metal tools. Live chickens are exchanged for handspun cloth and, eventually, everyone goes home happy. Although usually less dusty, these types of transactions continue to occur in today’s high-tech modern world. […]
If you own a profitable, unincorporated business with your spouse, you probably find the high self-employment (SE) tax bills burdensome. An unincorporated business in which both spouses are active is typically treated by the IRS as a partnership owned 50/50 by the spouses. (For simplicity, when we refer to “partnerships,” we’ll include in our definition […]
With kids back in school, it’s a good time for parents (and grandparents) to think about college funding. One option, which can be especially beneficial if the children in question still have many years until heading off to college, is a Section 529 plan. Tax-Deferred Compounding 529 plans are generally state-sponsored, and the savings-plan option […]
The Tax Cuts and Jobs Act (TCJA) didn’t eliminate the individual alternative minimum tax (AMT). But the law did draw a silver lining around it. Revised rules now lessen the likelihood that many taxpayers will owe substantial taxes under the AMT for 2018 through 2025. Parallel Universe Think of the AMT as a parallel universe […]
We are excited to announce our promotions for 2018. We look forward to what the future holds for you all. Thank you for all you do for our clients and our firm! Semi-Senior Accountant Nick Hoff, Alton Emily Keeven, Highland Kayla Ervin, Edwardsville Katelin Feldmann, Alton Michael Kanallakan, Jerseyville Maggie Stock, Belleville Travis Wellen, Belleville […]
It’s a safe bet that state tax authorities will let you know if your business hasn’t paid enough sales and use taxes. But the lines of communication may not be so open if you’re overpaying. For this reason, many businesses use reverse audits to find overpayments so they can seek reimbursements. In most states, businesses […]
The limited liability company (LLC) and limited liability partnership (LLP) business structures have their advantages. But, in years past, the IRS treated LLC and LLP owners as limited partners for purposes of the passive activity loss (PAL) rules. This could be a tax negative. Fortunately, LLC and LLP owners can now be treated as general […]
We are very excited to officially announce the two newest members of our Principal group, Danny Phipps, CPA and Cory Gallivan, CPA. Danny has been working in our Carrollton and Jerseyville offices since 1994, and Cory has been with our Alton office since 2000. They are both dynamic, passionate leaders in our firm and we […]
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