Estates now have an additional three years to file for a portability election
Portability allows a surviving spouse to apply a deceased spouse’s unused federal gift and estate tax exemption amount toward his or her own transfers during life or at death.
Virginia taypayers: New electronic payment requirement for some individuals
A recent legislative change requires Virginia taxpayers to submit all of their income tax payments electronically if:
Weathering the storm of rising inflation
Like a slowly gathering storm, inflation has gone from dark clouds on the horizon to a noticeable downpour on both the U.S. and global economies. Is it time for business owners to panic?
For Maryland businesses, Personal Property Exemption raised from $2,500 TO $20,000
A new law has raised the exemption for personal property assessment for all Maryland businesses from $2,500 to $20,000. HB268 will save
Last call for lease accounting
The updated lease accounting standard is currently in effect for private companies. After several postponements during the pandemic, the Financial Accounting Standards Board (FASB) voted unanimously to move forward with the changes.
IRS extends relief for physical presence signature requirement
Under IRS regulations regarding electronic consents and elections, if a signature must be witnessed by a retirement plan representative or notary public, it must be witnessed “in the physical presence” of the representative or notary — unless guidance has provided an alternative procedure.
Reviewing — and possibly revising — your nonprofit’s spending policy
A spending policy is the formula used to determine how much of the value of investments a nonprofit organization will tap each year for such expenses as operating costs and capital projects.
SEK Announces Mid-Year Promotions
FOR IMMEDIATE RELEASEJune 30, 2022 SEK Announces Mid-Year Promotions
Keeping up with receivables: Know who owes you
QuickBooks Online provides numerous ways for you to know which customers owe you money – and who is late.
When should you turn down an inheritance?
“Thanks, but no thanks.” If you expect to receive an inheritance from a family member, you might want to use a qualified disclaimer to refuse the bequest. As a result, the assets will bypass your estate and go directly to the next beneficiary in line.