Employer-provided life insurance is a coveted fringe benefit. However, if group term life insurance is part of your benefit package, and the coverage is higher than $50,000, there may be undesirable income tax implications. Tax on Income You Don’t
According to the Indiana Department of Revenue, some 2020 IT-40 Income Tax notices were recently sent in error. They incorrectly calculated late penalties on the Q1 & Q2 2020 estimates, since paid July 15, 2021. Their system is supposed
As a follow up to last week’s proposed infrastructure bill, below are some of the items that have been discussed this week by the House Ways and Means Committee during their markup hearings. Increasing the highest individual tax rate
Potential for the estate exemption to go down to $5M indexed for inflation on January 1, 2022. Date of Enactment Changes Changes to grantor trust rules – inclusion of grantor trusts in the estate for post enactment transfers. If
Indianapolis was named in the Top 17 out of 182 reviewed Accountants in Indianapolis for 2021 by Expertise.com! Learn more about this honor here.
The Provider Relief Fund Reporting Portal is now open until September 30, 2021. Register, complete and submit your report now, or continue reading for instructions on how to use the portal. Having trouble? The portal is only compatible with the most current
Updated accounting rules for long-term leases took effect in 2019 for public companies. Now, after several deferrals by the Financial Accounting Standards Board (FASB), private companies and private not-for-profit entities must follow suit, starting in fiscal year 2022. The
The House Ways and Means Committee is expected to consider legislation Labor Day week that would change the income tax rate on capital gains as part of the pending infrastructure bill. While the language of this bill is not
There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done though an Achieving a
Auditors of public companies started reporting critical audit matters (CAMs) in their audit opinions in 2019. This represents a major change to the pass-fail auditors’ reports that had been in place for decades. Now, accounting rule makers are assessing
If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary, middle and high schools, as well as those attending
The first half of 2021 is behind us. As life emerges from the pandemic to a “new normal,” a mid-year financial checkup may be more important than ever this year. Here are some ways to make sure that your
