Articles

Tax Implications When Lenders Cancel Debts in the COVID-19 Era

In the COVID-19-ravaged economy, debts can pile up beyond a borrower’s ability to repay. Lenders sometimes may be willing to forgive (or cancel) debts that are owed by certain borrowers. While debt forgiveness can help struggling borrowers survive financially, it can sometimes trigger negative tax consequences. Here’s what borrowers need to know about the tax implications…

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Monitor Overtime Pay for Your Remote Workers: DOL Guidance

Paying your employees for hours that you know they’ve worked is straightforward enough. But what if they’re doing more work than you think they are — or more than you’ve asked them to do? As federal regulations state, “Work not requested but suffered or permitted is work time” and, thus, must be compensated. As explained in…

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How Tax Reform Affects Divorce Settlements for Small Business Owners

How does the Tax Cuts and Jobs Act (TCJA) affect divorce settlements? Changes in the new law may require divorcing individuals — especially those who own businesses and other investments — to take a different approach to splitting assets and setting maintenance payments than under prior law. To illustrate, consider Pat and Chris, a hypothetical married…

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Spotlight on Individual Tax Matters in the 2020 Election

Election season 2020 is in full swing. Over the next few weeks, both parties will be hard at work, trying to win your vote for their presidential candidate. As you watch social media ads and listen to interviews and debates, pay close attention to the candidates’ federal tax plans. Their stances could have a major impact…

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Elements of Successful Cybersecurity

By Darren Hulem, IT & Risk Analyst Government Contractors are more reliant on technology than ever before to deliver on their obligations. The integration of digital technology into all aspects of the organization, or digital transformation, provides a number of new opportunities, but it also provides the possibility for additional security issues. Not only are…

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IT Security is More Critical than Ever for Government Contractors

By Melissa Musser, CPA, CITP, CISA, Principal With employees working from home, many government contractors (particularly smaller organizations) are more concerned than ever about information technology (IT) security. The issue is of even greater concern to organizations whose employees use their personal laptops and other electronic equipment to do their job remotely. With this in…

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Election 2020: Where do the candidates Stand on Business Tax issues?

With both major political party conventions behind us, it’s time to focus on the upcoming national election. Among their many differences, the Republicans and Democrats have widely divergent tax platforms. Do you know where the candidates stand on major business tax issues? In some cases, the candidates’ plans contrast with their parties’ platforms, so it’s important…

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Taxes on Roth IRA Withdrawals Today

If you’re experiencing financial distress during the COVID-19 crisis, you might be thinking about tapping into your Roth IRA to improve your cash situation. But before withdrawing money from a Roth account, it’s important to understand the federal income tax consequences, especially if you’re under 59½. Common Misconception You may think that all withdrawals from…

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Tax Considerations for Principal Residence Foreclosures Today

Despite the COVID-19 crisis, residential real estate prices generally remain stable or are even rising in many areas. Even so, pandemic-related financial stress may cause some homeowners to be unable to make their mortgage payments. Here are the range of federal income tax consequences that might happen if a lender eventually forecloses on a principal…

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Managing Risk for Remote Workforces in a Post-COVID-19 World

Pundits are predicting that even after the COVID-19 pandemic is ultimately brought under control — which might not occur for many more months — work-at-home arrangements will be more common than before the pandemic. “While the experience of working at home during the crisis may not have been ideal as whole families sheltered in place, it…

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