Author Archives: Cordasco
When inheriting money, be aware of “income in respect of a decedent” issues
Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain types of property, such as IRAs or other retirement plans. Fortunately, there may be ways to minimize … Continue reading
Missed the Tax Filing Deadline?
Rob Cordasco gives advise in his latest interview on what to do if you missed the tax filing deadline. Cordasco is an industry thought leader in tax and accounting trends and strategies.
Thinking about converting your home into a rental property?
In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the financial risks and rewards. However, you also should know that … Continue reading
Offering summer job opportunities? Double-check child labor laws
Spring has sprung — and summer isn’t far off. If your business typically hires minors for summer jobs, now’s a good time to brush up on child labor laws. In News Release No. 22-546-DEN, the U.S. Department of Labor’s Wage … Continue reading
Fully deduct business meals this year
The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals is doubled to … Continue reading
Cordasco Weighs in on How the Wealthy Use Private Placement Annuities
Check out Rob Cordasco’s latest interview with Financial Advisor Magazine on “How the Wealthy Use Private Annuities to Defer Investment Taxes”. Cordasco has helped many clients develop strategies involving Private Placement Variable Annuities (PPVA) and Private Placement Life Insurance (PPLI) … Continue reading
Preparations vs. compilations
Your business needs financial statements so management can monitor performance, attract investment capital and borrow money from a bank or other lender. But not all financial statements are created equal. Audited statements are considered the “gold standard” in financial reporting. … Continue reading
How to forecast smarter
Forecasting key business metrics — such as sales demand, receivables, payables and working capital — can help you reduce excess inventory and other overhead, offer competitive prices, and keep your business on solid financial footing. Although historical financial statements are … Continue reading
Establish a tax-favored retirement plan
If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, if you’re self-employed and set up a SEP-IRA, you can … Continue reading
KPIs: What are they, and which ones count?
Management needs timely, accurate feedback to guide operating decisions, anticipate problems and take advantage of emerging opportunities. Unfortunately, comprehensive financial statements take a long time to generate. Reporting key performance indicators (KPIs) on a monthly or weekly basis is a … Continue reading