Does Your Business Need an Accountable Expense Plan?

Almost all businesses have employees who incur expenses while on the job—everything from office supplies, to travel and business dinners. But not all business owners are sure how to best handle the reimbursement of these expenses. We frequently get questions from our clients on this subject—should reimbursements be included in the employee's income? Are they tax deductible?

In order for an expense to be tax deductible to the business, and received tax-free by the employee, it must be reimbursed under an "accountable plan".

Is a Donor-Advised Fund the Right Option for Your Concentrated Stock?

If you have worked at the same company for a long time, or received a large inheritance, it's likely that a significant portion of your wealth is tied up in a concentrated stock position. While this can certainly have monetary benefits when the company stock is rising, it also comes with a certain level of risk. A concentrated position  means that you are reliant on the success of a single company—while the market as a whole might bounce back from a decline, an individual stock might not. Additionally, selling the entire stock position may result in a large capital gains tax bill.

There are several options for mitigating this risk. If you are charitably inclined, a donor-advised fund may be an attractive solution, because of its ease, convenience, and overall benefits.

Two Tax Credits Every Business Owner Should Know About

Is your business taking advantage of all of the tax credits available to you? There are tax credits available at both the federal and state level that are designed to reward employers who hire certain types of employees—for example, workers who, for reasons that are unrelated to their skill set or qualifications, have a hard time gaining employment. By hiring these workers, you are supporting the economy, and you can be rewarded for it!

Should You Consolidate Your Retirement Accounts?

If you're like most people, you've saved for retirement in multiple ways, including employer plans and individual retirement accounts (IRAs). As you approach retirement, it may make sense to consolidate all of your savings into one account to achieve a coordinated investment plan.

Massachusetts Establishes Paid Family and Medical Leave

On June 28, 2018, Governor Charlie Baker signed a landmark bill requiring all employers in the state of Massachusetts to provide workers with paid family and medical leave—giving Massachusetts one of the most generous paid family and medical leave programs in the country. The bill will also raise the minimum wage, phase out time-and-a-half pay, and institute an annual sales tax holiday for the state.

South Dakota vs. Wayfair: The Internet Sales Tax Case That Is Changing the Landscape of State Taxation

2018 has certainly been a year of change in the tax world. The most recent change, the U.S. Supreme Court’s ruling in the case of South Dakota vs. Wayfair Inc., has overturned decades of precedent when it comes to the taxation of goods sold by out-of-state sellers.  

Wondering what this means for online retailers and other remote sellers? You’re not alone—the Wayfair case is complex, and many are waiting to see how individual states will choose to respond.

How Will Tax Reform Impact M+A Activity in the US?

The recently passed Tax Cuts + Jobs Act (TCJA) includes changes that impact almost all aspects of the current tax system. Some of these changes will also directly impact the volume of mergers and acquisitions (M+A) we see happening across the country in the near term, as well as the way deals are modeled and negotiated.

What exactly is a financial plan?

As a Wealth Management Consultant, I'm often asked two questions "What is a financial plan?" and "Is a financial plan different from investment management?" In short, yes—financial planning and investment management are two distinct wealth management tools that work together to help you achieve your short- and long-term financial goals.

How to choose a business entity for your law practice

So you've decided to start your own law practice - congratulations! Wondering where to start? The entity selection process is one of the first steps in the formation of any new business, and law firms have several entities to choose from. There are legal, tax, and general business implications of each type of entity that must be carefully evaluated.

Retirement Income Planning: The Total Return Approach Vs. The Bucket Approach

Most working Americans have only one source of steady income before they retire: their jobs. When you retire, however, your income will likely come from a number of sources, such as retirement accounts, social security benefits, pensions, and part-time work.

When deciding how to manage your various assets to ensure a steady retirement income stream, there are two main strategies to consider: the total return approach, or the investment pool—or bucket—approach.