Author Archives: Cordasco
Does your employer provide life insurance? Here are the tax consequences
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 receive … Continue reading
ABLE accounts may help disabled or blind family members
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 Better … Continue reading
Opening a new location calls for careful planning
The U.S. economy has been nothing short of a roller-coaster ride for the past year and a half. Some industries have had to overcome seemingly insurmountable challenges, while others have seen remarkable growth opportunities arise. If your business is doing … Continue reading
The Tax Legislation Waiting Game
There is a lot at stake as the Democrats maneuver to pass tax and spending legislation to advance the Biden agenda. We are in a period of “once in a lifetime” politics with the convergence of budget reconciliation, debt ceiling … Continue reading
Cordasco Weighs in on CBS News
Check out the CBS News Retirement Plan proposals under the current version of the social spending initiative. https://cbsn.ws/3A5cn32
M&A transactions: Be careful when reporting to the IRS
Low interest rates and other factors have caused global merger and acquisition (M&A) activity to reach new highs in 2021, according to Refinitiv, a provider of financial data. It reports that 2021 is set to be the biggest in M&A … Continue reading
Tax depreciation rules for business automobiles
If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) … Continue reading
Planning for year-end gifts with the gift tax annual exclusion
As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can … Continue reading
Claiming a theft loss deduction if your business is the victim of embezzlement
A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but you’ll have to substantiate the loss. A recent U.S. Tax Court decision … Continue reading
Democrats’ tax plan kills backdoor Roths, sharply curbs founder stock loophole
Cordasco weighs in on the current “great tax debate” through Accounting Today article. Follow Cordasco’s view and opinion as current tax law makes it way through Congress. https://bit.ly/3EBKXVU