Author Archive | Sonya Foster

parachutes of money falling from the sky

What qualifies as a “coronavirus-related distribution” from a retirement plan?

The Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify for a coronavirus-related distribution? The Early Distribution Basics In general, if you withdraw money from an IRA or eligible retirement plan before you reach age 59½, […]

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man looking out the window

Estate Planning When Time is Short

Most of us go through life thinking we have time to plan for things that will happen in our later years. Unfortunately, we and those we love may receive unexpected news of a terminal illness and a shortened life expectancy. For those whose life expectancies are short, estate planning can be difficult. But while money […]

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business man stopping succession of falling dominos

Do you have an emergency succession plan?

For business owners, succession planning is ideally a long-term project. You want to begin laying out a smooth ownership transition, and perhaps grooming a successor, years in advance. And you shouldn’t officially hand over the reins until many minute details have been checked and rechecked. Unfortunately, things don’t always work out this way. As the […]

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June 2020 Calendar

Streamline Your Month-End Close

Many companies struggle to close the books at the end of the month. It requires accounting personnel to round up data from across the organization. Under normal conditions, this process can strain internal resources. However, in recent years the accounting and tax rules have undergone major changes — many of which your personnel and software […]

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Coronavirus Outbreak Sign

New OSHA Guidance on Tracking COVID-19 at Work

Until recently, employers in only a handful of industries had to provide significant reporting on COVID-19 transmission in the workplace. But as of May 26, new Occupational Safety and Health Administration guidelines require a much wider range of employers to determine whether employees caught the coronavirus at work or while performing work-related activities. If so, […]

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business meal write offs

Business Meal and Entertainment Deductions

Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help them is an increase in the amount that can be deducted for business meals and entertainment. It’s unclear whether Congress would go along with enhanced business meal and entertainment […]

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