Overcoming 401(k) Plan Nondiscrimination Rules
Question: My company sponsors a 401(k) plan to which many of our highly paid employees are unable to contribute as much as they would like. What alternatives are available to avoid or minimize this problem?
Spousal Rollovers of Retirement Assets Upon Death
Question: My husband died leaving me as the sole beneficiary of his individual retirement account. Should I roll over these funds to my own IRA to defer income taxes?
Purchasing Life Insurance Through Premium Financing
Question: I want to purchase life insurance but do not want to liquidate my personal portfolio of securities to pay the premiums. Any suggestions for how I can accomplish this?
Defined Benefit Plans For Directors and Self-Employed Individuals
Question: I am a retired executive of a public company and received significant fees during 2020 from serving as a member of the board of directors of other companies. Is it too late to establish a qualified retirement plan to offset my income and, if so, what type of plan should I establish?
Should You Make an S Election For Your Limited Liability Company?
A limited liability company (“LLC”) may elect to be taxed as a partnership, a C Corporation, an S Corporation, or as a disregarded entity. Many LLCs elect to be treated as “S Corporations” for federal income tax purposes in order to minimize employment taxes.
Toss or Keep? Taming the Paper Pile
The past year has provided us much to reflect upon, including our dependence upon our files and records. Whether telecommuting or working with a reduced staff in the office, it may be time to declutter the office or clean out the file room.
Ill. Case Sheds Light On Cross-State Anti-SLAPP Conflicts
Most states have enacted anti-SLAPP statutes, to protect speech rights and provide an expedited process for the dismissal of SLAPPs with awards of attorney fees and costs to prevailing movants. Some states have broad anti-SLAPP statutes, whereas many are more restricted in scope.
Tax and Other Considerations for Home Loans to Children
Question: My spouse and I recently loaned our daughter and her husband the full amount needed to purchase a home. None of this was documented. Is there anything we should be doing?
Year-End Planning with Tax Law Changes on Horizon
Question: With the 2020 calendar year coming to a close, can you provide some suggestions for tax planning moves to make before year-end?
Home Office Deductions During Covid
Question: I have been working from home since the onset of Covid in March of 2020. Am I entitled to an income tax deduction for the business use of my home office?