A retirement plan is partially terminated when a company’s workforce is downsized by a certain percentage due to decisions made by the company’s management. This could carry significant economic impacts.
It may barely be fall, but the holidays are just around the corner and many people may be thinking about giving gifts of cash or stock to their loved ones this year. If you expect to give cash gifts, be aware that by using the annual federal gift tax exclusion you can reduce the size of your taxable estate. The exclusion amount for 2021 is $15,000.
Your not-for-profit may prefer to avoid unrelated business income tax (UBIT). When it comes to sponsorships and advertising it’s important to understand what is and what isn’t taxable.