Funding Your Buy-Sell With Life Insurance

Among the trigger events of a small company buy-sell agreement, death of a co-owner typically is included. Example 1: Wendy Young and Victor Thomas both own 50% of YT Corp. They have a buy-sell, which calls for Wendy to buy Victor’s interest in YT if he dies. Similarly, Victor will […]


Tax Calendar: September and October 2018

SEPTEMBER 2018   September 17 Individuals. If you are not paying your 2018 income tax through withholding (or will not pay in enough tax during the year that way), pay the third installment of your 2018 estimated tax. Use Form 1040-ES. Employers. For Social Security, Medicare, withheld income tax, and […]


Promissory Notes and Medicaid

A promissory note is normally given in return for a loan and it is simply a promise to repay the amount. Classifying asset transfers as loans rather than gifts can be useful because it sometimes allows parents to “lend” assets to their children and still maintain Medicaid eligibility. Before Congress […]


Where’s My New Medicare Card? How to Find Out the Status

The federal government has begun mailing new Medicare cards to 59 million Americans. You should keep track of when your new card will arrive and contact Medicare if you don’t receive it. To prevent fraud and fight identity theft, the federal government is issuing new cards to all Medicare beneficiaries […]


Proposed New Medicare Payment System May Affect Beneficiaries

Medicare is proposing a new flat rate reimbursement system for doctors who treat Medicare patients. Some worry that the plan may reduce payments to specialists and cause fewer doctors to accept Medicare patients. The Centers for Medicare and Medicaid Services (CMS) says the proposed changes are designed to reduce paperwork […]


Lawsuit Alleges Assisted Living Facilities Discriminate Against Wheelchair Users

A lawsuit in New York state highlights an issue with some assisted living facilities: No wheelchairs allowed. The lawsuit claims that state regulations and facility policies discriminate against residents and potential residents who use wheelchairs. Filed on behalf of the Fair Housing Justice Center and an anonymous assisted living resident, […]


How the New Tax Law Affects 529 Plans

For many years, 529 college savings plans have offered a tax-favored way to save for higher education. These plans, officially qualified tuition programs, are named for the IRC section that provides their advantages. In brief, 529 plans are funded with after-tax dollars. In college savings plans, account owners choose from […]


Now the G.I. Bill is Forever

When you think of the G.I. Bill, you probably recall reading about a program designed to help military veterans receive college educations after they left the armed forces following World War II. Somewhat less known is that the G.I. Bill has endured, in various forms, until present times. Last year, […]


Education as a Small-Business Fringe Benefit

As reported in previous issues of the Tax Bulletin this year, the Tax Cuts and Jobs Act of 2017 dramatically reduced taxpayers’ ability to itemize deductions. Among the tax deduction opportunities that have vanished, from 2018–2025, are miscellaneous itemized deductions that exceed 2% of the taxpayer’s gross income. Such deductions […]


Tax Calendar: August and September 2018

AUGUST 2018 August 10 Employers. For Social Security, Medicare, and withheld income tax, file Form 941 for the second quarter of 2018. This due date applies only if you deposited the tax for the quarter in full and on time.   August 15 Employers. For Social Security, Medicare, withheld income […]