H&B, Author at Hutchinson and Bloodgood LLP

Cybersecurity

Businesses: Know who your privileged users are … and aren’t

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November 3, 2023

Given the pervasiveness of technology in the business world today, most companies are sitting on treasure troves of sensitive data that could be abducted, exploited, corrupted or destroyed. Of course, there’s the clear and present danger of external parties hacking into your network to do it harm. But there are also internal risks — namely, […]

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401(k) Plans

Contributing to your employer’s 401(k) plan: How it works

Bird nest with a gold egg in it and the words (k) plan to the left of it

October 31, 2023

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If you’re fortunate to have an employer that offers a 401(k) plan, and you don’t contribute to it, you may wonder if you should participate. In general, it’s a great tax and retirement saving deal! These plans help an employee accumulate a retirement nest egg on a tax-advantaged basis. If you’re thinking about contributing to […]

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Business Planning & Consulting

What businesses can expect from a DOL benefits plan audit

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October 25, 2023

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All but the smallest businesses today are generally expected to offer employees “big picture” benefits such as health insurance and a retirement plan. Among the risks of doing so is that many popular plan types must comply with the Employee Retirement Income Security Act (ERISA). That means lots of rules and much documentation. No matter […]

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General

Facing a future emergency? Two new tax provisions may soon provide relief

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October 24, 2023

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Perhaps you’ve been in this situation before: You have a financial emergency and need to get your hands on some cash. You consider taking money out of a traditional IRA or 401(k) account but if you’re under age 59½, such distributions are not only taxable but also are generally subject to a 10% penalty tax. […]

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Business Valuation

Valuations can help business owners plan for the future

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October 18, 2023

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If someone was to suggest that you should have your business appraised, you might wonder whether the person was subtly suggesting that you retire and sell the company. Seriously though, a valuation can serve many purposes other than preparing your business for sale so you can head to the beach. Think of it as a checkup […]

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Tax Planning

Business automobiles: How the tax depreciation rules work

October 17, 2023

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Do you use an automobile in your trade or business? If so, you may question 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) can result in it taking longer than expected to fully depreciate a vehicle. […]

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Payroll

A refresher on the trust fund recovery penalty for business owners and executives

October 11, 2023

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One might assume the term “trust fund recovery penalty” has something to do with estate planning. It’s important for business owners and executives to know better. In point of fact, the trust fund recovery penalty relates to payroll taxes. The IRS uses it to hold accountable “responsible persons” who willfully withhold income and payroll taxes from […]

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Real Estate & Construction

The tax implications of renting out a vacation home

Photograph of a water canal with boats in the water and palm trees on the surrounding land

October 10, 2023

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Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains or in a resort area, you may want to rent it out for part of the year. The tax implications of these transactions can be complicated. It depends on how many […]

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Business Planning & Consulting

Could value-based sales boost your company’s bottom line?

Magnifying glass against a cloudy sky background with the words Value-Based Sales

October 4, 2023

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If your company sells products or services to other businesses, you’re probably familiar with the challenge of growing your sales numbers. At times, you might even struggle to maintain them. One way to put yourself in a better position to succeed is to diversify your approaches, so you’re not limited to a single method by which […]

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Estate Planning

Two Tools Can Make Your Estate Plan More Effective

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October 3, 2023

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Everyone needs an estate plan, regardless of age, assets or family situation. At a minimum, you should create a legally valid will that dictates the disposition of your assets after death. However, many people should take estate planning to the next level and at least consider establishing a living — also known as a revocable — […]

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Author: H&B

Businesses: Know who your privileged users are … and aren’t

Contributing to your employer’s 401(k) plan: How it works

What businesses can expect from a DOL benefits plan audit

Facing a future emergency? Two new tax provisions may soon provide relief

Valuations can help business owners plan for the future

Business automobiles: How the tax depreciation rules work

A refresher on the trust fund recovery penalty for business owners and executives

The tax implications of renting out a vacation home

Could value-based sales boost your company’s bottom line?

Two Tools Can Make Your Estate Plan More Effective

A Comprehensive Approach to Goal-Based Financial Planning