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MerriLyn Gibbs MerriLyn Gibbs

What taxpayers need to know about business related travel deductions

Business travel can be costly. Hotel fees, plane or train tickets, cab fares, and public transportation can add up quickly. Having said that, did you know that business travelers may be able to deduct some of these expenses by claiming business travel deductions when filing their taxes?

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Kevin McKernan Kevin McKernan

HOW TO FILE A FINAL TAX RETURN FOR SOMEONE WHO HAS PASSED AWAY

When dealing with the loss of a loved one, one of the many requirements that you must be aware of is that the surviving spouse or representative must submit the deceased person's final tax return. The surviving spouse or representative will report the person's death on the final tax return. The IRS does not require any additional notification of the death.

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Kevin McKernan Kevin McKernan

NEW JERSEY CONSIDERING SWEEPING THE NON-COMPETE LEGISLATION

In early May 2022, the New Jersey Legislature introduced a comprehensive bill seeking to regulate and limit the use of non-compete agreements in a multitude of ways. Importantly, if enacted, Bill A3715 would require employers to provide 30 business days’ notice of the terms of the non-compete, either before commencement of employment or before the agreement is to become effective. They are now considering sweeping this law; see how this can affect YOU!

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Kevin McKernan Kevin McKernan

COLLEGE PREPARATION

Besides the normal preparations for your child to attend college, you should have your child execute a Power of Attorney, Health Care Proxy, and a HIPAA Release Form. When young adults go off to college and venture out into the real world for the first time on their own, they may continue to need the assistance you always provided to them growing up.

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Kevin McKernan Kevin McKernan

ESTATE PLANNING FOR DIGITAL ASSETS – INTANGIBLE, BUT IMPORTANT:

As our society becomes more reliant on digital technologies, the world of estate planning faces new challenges. Many people today, whether they realize it or not, own substantial digital assets. Names, blogs, bitcoin, and non-fungible tokens (NFTs) are examples of digital assets that must be considered when creating an estate plan. If the proper authorizations are not in place, passwords, data encryption, criminal laws on "exceeding authorized access," and data privacy laws may prevent a decedent's family members from accessing their loved one's digital assets. It is more important than ever to have an up-to-date estate plan that complies with the law, expresses your intentions regarding all of your property, digital or not, and reduces emotional and financial burdens on loved ones after death. Digital property should not be overlooked.

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Kevin McKernan Kevin McKernan

10 TIPS TO DEVELOP CYBERSECURITY KNOWLEDGE WITHIN ORGANIZATIONS:

Cyber security is not a "one-and-done" task. The landscape is changing so quickly that keeping up requires almost constant attention. With the implementation of new laws, organizations must collaborate closely with employees to ensure adequate knowledge and transparency in the event of monitoring.

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