Should your business address retirement plan leakage?
Under just about any circumstances, the word “leakage” has negative connotations. In a retirement planning context, leakage refers to pre-retirement withdrawals from an account. Why should business owners who sponsor a qualified plan care? Leakage can lead to higher plan expenses. It may also indicate that employees are facing unusual financial challenges, which tend to negatively affect morale, productivity and quality of work. Perhaps the most important thing you can do to limit leakage is educate and remind employees about how pre-retirement withdrawals can diminish their accounts and delay their anticipated retirement dates. Contact us with questions or for more information.
Are you ready for the 2021 gift tax return deadline?
If you made large gifts to your children, grandchildren or others in 2021, it’s important to determine whether you’re required to file a gift tax return by April 18 (Oct. 17 if you file for an extension). The annual gift tax exclusion has increased in 2022 to $16,000 but was $15,000 for 2021. Generally, you’ll need to file a return if you made 2021 gifts that exceeded the $15,000-per-recipient gift tax annual exclusion (unless to your U.S. noncitizen spouse) and in certain other situations. But sometimes it’s desirable to file a gift tax return even if you aren’t required to. If you’re not sure whether you must (or should) file a 2021 gift tax return, contact us.
Can you deduct the costs of a spouse on a business trip?
If you own your own company, you may wonder if you can deduct the costs of having your spouse accompany you on business trips. To qualify, your spouse must be your employee. This means you can’t deduct the airfare or meals of a spouse, even if his or her presence has a bona fide business purpose, unless the spouse is an actual employee of your business. If your spouse isn’t an employee, you can still deduct the costs of driving your own car or renting one to reach your destination. And you can write off the hotel costs of what you would have paid traveling alone. In other words, the single room rate rather than the double. Contact us if you have questions about this or other tax topics.
COVID-19 pushes the trend toward office-based labs
COVID-19 has spurred innovation and growth, including the trend toward outpatient care at office-based labs. As a result of increased calls to keep patients out of the hospital and safe from infection during the pandemic, the Centers for Medicare and Medicaid Services has encouraged procedures in the outpatient setting, according to Lindsay Pack, Office-Based Labs […]
Confronting the Great Resignation: How technology can help retain and attract practice staff
As businesses continue adapting to the COVID-19 pandemic, many professionals have been questioning their career choices and priorities. This movement, known as the Great Resignation, shows no signs of slowing down. The Bureau of Labor Statistics reported that 4.5 million Americans quit their jobs in November 2021, surpassing the previous record of 4.3 million departures, which […]
Uncovering the secrets to success in physician private practice
Kathleen Blake, MD, MPH, a senior adviser to the AMA on practice sustainability, discussed the results of an AMA-sponsored study that probes the ups and downs among high-performing, physician-owned private practices during an episode of “AMA Moving Medicine.” Although there are fewer physician private practices around now than a decade ago, 49.1% of doctors either own or are […]
5 Technology Investments Commercial Real Estate Owners Should Make
The Covid-19 pandemic has changed the way commercial real estate owners and operators do business. Tenants demand the same level of amenities as before but with maximum lease flexibility executed through contactless remote technology. Gone are the days of physical space showings, paper checks and handshakes. Today’s commercial landscape is filled with smart technology, paperless […]
Why Large Pension Funds Are Investing In Private Real Estate
Real estate agents and investors across the country, from California to Florida, have noticed an uptick in offers submitted by institutional investors (paywall). Large pension funds are competing with investors and homeowners to buy everything: single-family homes, multifamily, commercial spaces — few asset classes are exempt. These deep pockets cannot resist the action, and for good reason. […]
Deciding Between a Multifamily or Single-Family Investment? There’s an Unlikely Winner.
When starting their real-estate investing career, most investors initially think about buying a single-family property (whether that’s one home or condo) and renting it out. Most people gravitate towards that because it is conceptually more straightforward. After all, people usually have some level of experience buying and selling property (or, at least, they know someone […]
Leaving a Legacy: why everyone needs an estate plan
Everence financial planner Jamie Detweiler recalls his first kitchen table conversation with a couple who wanted to plan for the inevitable. The husband asked for help reviewing and organizing financial documents and ensuring his wife would have a comfortable income when he was gone. A trust and estate specialist, Detweiler spent the next five years […]
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