You’ve likely spent a lot of time working with your advisor to plan your estate. While documents such as your will, various trusts and a power of attorney are essential, consider adding a “road map” to your plan.
The “sandwich generation” is a large segment of the population. These are people who find themselves caring for both their children and their parents at the same time. As a result, estate planning — which traditionally focuses on providing for one’s children — has expanded in many cases to include one’s aging parents as well.
Sam North to Become New Managing Shareholder
(Kirkland, WA) Sweeney Conrad, PS, an award-winning Eastside accounting firm, has announced that they will begin a transition in leadership on November 1, 2021, after the close of their current fiscal year. Sam North, CPA will succeed John Forrest, CPA, who has acted as President and Managing Shareholder at Sweeney Conrad since October 1, 2014.
There are many costs associated with starting and running a business, and determining whether those costs should be capitalized or expensed can provide challenges. Below is a summary of U.S. generally accepted accounting principles related to capitalization of start-up costs and website development costs.
Topics: Audit & Assurance
When a company is involved in litigation—as either a plaintiff or a defendant—it is essential that the management team and legal counsel consider the potential tax implications of the action as early as possible. Advance planning and consultation can have a major impact on both the tax treatment of any proceeds and the deductibility of attorneys’ fees and other expenses.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act that was signed into law in late 2019 included a number of provisions designed to expand retirement plan coverage to more employees. One of these provisions requires employers to let certain part-time employees participate in the company’s 401(k) plan starting in 2024.
President Biden released his Fiscal Year 2022 budget last week. The plan outlines $6 trillion in federal spending, $4.1 trillion in revenue, and clarifies how changes to the tax code will fund these policy priorities.
In addition to causing untold health and economic damages, the COVID-19 pandemic has had a profound—and possibly permanent—impact on many longstanding workplace practices. For example, although working from home began as a temporary emergency response, a number of high-profile companies now say they plan to continue the practice in their post-pandemic operations.
If you have minor children, choosing a guardian to care for them should you die unexpectedly is one of the most important estate planning decisions you must make. It’s also one of the most difficult. So difficult, in fact, that avoiding it is one of the most common reasons people put off drafting an estate plan.
Although much of estate planning deals with what happens after you die, it’s equally important to have a plan for making critical financial or medical decisions if you’re unable to make them for yourself.