L&H Insights

Think Twice Before Naming a Minor as Beneficiary

Posted by L&H CPAs on Jun 18, 2018 6:57:40 PM

A common estate planning mistake is to designate a minor as beneficiary — or contingent beneficiary — of a life insurance policy or retirement plan. While making your young child the beneficiary of such assets may seem like an excellent way to provide for him or her in the case of your untimely death, doing so can have significant undesirable consequences. 

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Tags: Estate Planning

Saving Tax on Restricted Stock Awards

Posted by L&H CPAs on Jun 18, 2018 6:37:12 PM

Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax consequences of such compensation can be complex — subject to ordinary-income, capital gains, employment and other taxes. But if you receive restricted stock awards, you might have a tax-saving opportunity in the form of the Section 83(b) election.

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Tags: Executives

Q3 tax calendar: Key Deadlines for Businesses & Other Employers

Posted by L&H CPAs on Jun 18, 2018 6:16:41 PM

Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.

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Tags: Business Owners & Entrepreneurs

TCJA Tax Consequences When Selling Your Home

Posted by L&H CPAs on Jun 15, 2018 10:01:09 AM

In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things like how quickly it will sell and how much you’ll get for it. But don’t neglect to consider the tax consequences. 

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Your Original Will: Does Your Family Know Where to Locate It?

Posted by L&H CPAs on Jun 12, 2018 11:34:29 AM

In a world that’s increasingly paperless, you’re likely becoming accustomed to conducting a variety of transactions digitally. But when it comes to your last will and testament, only an original, signed document will do.

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Tags: Estate Planning

Do You Need to Adjust Your Withholding?

Posted by L&H CPAs on Jun 11, 2018 9:11:23 PM

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan. 

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Tags: Taxes

Provide for Your Spouse, Then Your Kids, with a QTIP Trust

Posted by L&H CPAs on Jun 6, 2018 11:32:00 AM

If you want to preserve as much wealth as possible for your children, but you leave property to your spouse outright, there’s no guarantee your objective will be met. This may be a concern if your spouse has poor money management skills or if you two don’t see eye to eye on how assets should be distributed to your children. In both of these situations, a properly designed qualified terminable interest property (QTIP) trust may be the answer. 

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Tags: Estate Planning

IRS Audit Techniques Guides Provide Clues to What May Come up If Your Business Is Audited

Posted by L&H CPAs on Jun 5, 2018 11:44:00 AM

IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners. Many ATGs target specific industries, such as construction. Others address issues that frequently arise in audits, such as executive compensation and fringe benefits. These publications can provide valuable insights into issues that might surface if your business is audited. 

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Beware IRD If You’ve Received an Inheritance

Posted by L&H CPAs on Jun 4, 2018 8:05:55 PM

Most people are genuinely appreciative of inheritances. But sometimes it may be too good to be true. While inherited property is typically tax-free to the recipient, this isn’t the case with an asset that’s considered income in respect of a decedent (IRD).

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Tags: Estate Planning

Tax Record Retention Guidelines for Individuals

Posted by L&H CPAs on May 31, 2018 8:05:34 PM

What 2017 tax records can you toss once you’ve filed your 2017 return? The answer is simple: none. You need to hold on to all of your 2017 tax records for now. But it’s the perfect time to go through old tax records and see what you can discard.

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Tags: Taxes

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