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This article discusses how the coronavirus pandemic forced many employees to look towards their 401(k) plan in order to borrow cash for personal financial burdens. However. “About 47% of employees who took a retirement loan say they ended up taking more than they needed,” according to research from Voya Financial. Through the years, more and…

This article explains why family businesses continue to generate 70-90% of global GDP annually. Ernst and Young reported that “the largest 500 family businesses constitute the third-largest economic contribution in the world by revenue and employ 24.1 million people worldwide.” Family businesses will thrive if they continue to follow four categories: the nature of change,…

This article explains the new inflation adjustments that are being made by the IRS issued through Rev. Proc. 2021-45. The IRS also cautioned that “with legislation pending in Congress that might affect 2022 tax returns, taxpayers should consult future IRS guidance to determine if the adjusted amounts in Rev. Proc. 2021-45 remain applicable in 2022.”…

Valeria Alterman and Ariane Froidevaux delve into research on various retirement options for small business owners. They look into their custom model of retirement decision options for small business owners to separate from their business, all based on “the ‘proximity’ of the business to the individual once the decision has been made.” The four options…

How long they have been in business There are plenty of entrepreneurs who proudly refer to themselves as startups simply based on the fact that their businesses are new and have only been operating for a couple of years. Though this belies the notion that a startup is a disruptor that is doing something new…

Your telehealth tax questions, answered. Healthcare practices implementing telehealth often focus their efforts on the marketing, technology, security and logistics of providing healthcare services to their patients and occasionally overlook tax and state regulatory considerations. The very nature of telehealth, which allows for patient care delivery across state lines, requires a careful analysis of Federal…

Many employers are giving employees greater flexibility to work alternative schedules, including hybrid arrangements (i.e., some in-person and some remote work) or continuing to work entirely remotely. To meet the moment and help with retention and recruiting, employers are reexamining their employee benefits, focusing on employees’ immediate needs other than cash compensation.Based on inquiries from…

The prevalence of cryptocurrency—or what the Internal Revenue Service (IRS) refers to as “virtual currency”— in investing and financial transactions has increased significantly in recent years. While the IRS and other government agencies have been clear about their focus on the future oversight of these transactions, taxpayers continue to lack clear guidance in evolving areas of the…

Rising costs for colleges and universities How public-private partnerships can help Innovative project delivery, including public-private partnerships (“P3s”), have the potential to provide institutions with more options when facing changing financial needs, especially related to physical infrastructure. These partnership options can range from changing lightbulbs to relocation of campuses. Energy savings performance contracts (ESPCs), such…