Business succession and estate planning: It can be complicated

Transferring a family business to the next generation requires a delicate balancing act. Estate and succession planning strategies aren’t always compatible, and family members often have conflicting interests. By starting early and planning carefully, however, it’s possible to resolve these conflicts and transfer the business in a tax-efficient manner. Ownership vs. management succession One reason… Read more »

Estate planning when time is short

The novel coronavirus (COVID-19) pandemic has caused some people to contemplate their own mortality or that of a family member. For those whose life expectancies are short — because of COVID-19 or for other reasons — estate planning can be difficult. But while money matters may be the last thing you want to think about… Read more »

Review your estate plan in the midst of a major life shock

Generally, it’s recommended that you review your estate plan at year’s end. It’s a good time to check whether any life events have taken place in the past 12 months or so that affect your plan. However, with a life shock as monumental as the coronavirus (COVID-19) pandemic, now is a good time to review… Read more »

Does someone who has died qualify for the Economic Impact Payment?

The bottom line: No. A Payment made to someone who died before receipt of the Payment should be returned to the IRS. The IRS is requiring anyone who received a payment for a deceased person to return the entire Payment. Unless the Payment was made to joint filers and one spouse had not died before… Read more »

Your legacy: Charitable giving is vital during the COVID-19 crisis

The novel coronavirus (COVID-19) pandemic and the resulting economic fallout is dealing a crushing blow to charitable organizations. Indeed, during a time when food banks, disaster relief and other nonprofit services are needed most by the public, their funding is suffering due to cancelled fundraising events and other factors. If philanthropy is an important part… Read more »

5 ways to protect remote workers — and your business — from cyberattacks

Many businesses were unprepared when the novel coronavirus (COVID-19) pandemic required them to close their physical offices and shift to remote operations. Your company, for example, may have had to scramble to set up a virtual private network (VPN) or move files to the cloud. And while adapting to working from home, employees may have… Read more »

Questions to ask when making COVID-19 risk disclosures

Efforts to contain the spread of the novel coronavirus (COVID-19) have led to suspension of many economic activities, putting unprecedented strain on businesses. The Securities and Exchange Commission (SEC) recently issued guidance to help public companies provide investors and other stakeholders with useful, accurate financial statement disclosures in today’s uncertain marketplace. New disclosure guidance On… Read more »

Congress passes Interim Stimulus Plan

Congress and the Trump administration have struck a deal on another piece of legislation, the latest in a series of federal measures intended to provide relief in response to the novel coronavirus (COVID-19) pandemic. The $484 billion legislation, which is being referred to as the Interim Stimulus Plan, amends the Coronavirus Aid, Relief and Economic… Read more »

PPP – What we know about loan forgiveness (and what we don’t)

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) allocated $349 billion to the Paycheck Protection Program (PPP) to be administered through the Small Business Administration (SBA). In just 12 days of the program being open all of the funds were distributed. While many applicants are still wondering if they made the cut to… Read more »