Leave-Sharing: Support for Employees in Crisis Time
IRS Ruling Creates Potential Win-Win for Employees Many companies have established leave-sharing plans, which allow employees to donate accrued leave time for use by others in the company. In general, the employee who donates the time will report that paid time off (PTO) as taxable compensation on their W-2. However,
Endow Kentucky Program Offers New Tax Credit
Applications Open July 1 A $1 million program in Kentucky provides a unique opportunity for a state tax credit: The Endow Kentucky Tax Credit Program offers a credit toward Kentucky income tax following a contribution to permanent endowment funds at Horizon Community Funds. The program, which is available for
SECURE Act Makes Improvements to Nation’s Retirement Policy
Final legislation enacted December 20, 2019 included the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which consists the most updates to retirement legislation in over a decade. Many of the provisions aim to encourage more Americans to improve their retirement savings. And while many of the changes offer
What is a Personal Financial Specialist?
And what are the benefits of meeting with a Personal Financial Specialist? To continue to be recognized as a contributor to the financial planning sector, the American Institute of Certified Public Accountants (AICPA) has developed its own credential including membership resources. Titled the Personal Financial Specialist (PFS), candidates must first
How to Reap the Hidden Value of HSA Accounts
November is the time of year when many companies begin their open enrollment period for health and other employee benefits. It is an important time to re-evaluate elections and make any updates to your election offerings, due to changes in status or maximizing the value of the benefits received. Health
New Fraudulent Scheme is Tricking Taxpayers
Although the IRS has been long aware of fraudsters using email and social media to seek out personal information, the IRS has received reports of a new successful scheme against taxpayers. In order to combat against scams and fraudulent notices, the most predominate way the IRS communicates with taxpayers is