AHP Articles

Created: Tuesday, March 26, 2024

Update on retirement account required minimum distributions

If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax required minimum distribution (RMD) rules after reaching a certain age. If you inherit a tax-favored retirement account, including a traditional or Roth IRA, you’ll also have to deal with these rules.
Created: Wednesday, March 20, 2024

Should your business change its health care plan for next year?

Open enrollment for most health care plans is many months away. That makes now a good time for businesses to consider changing their employer-sponsored coverage for next year, or perhaps to think about launching a plan for the very first time.
Created: Tuesday, March 19, 2024

Bartering is a taxable transaction even if no cash is exchanged

If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and services. Bartering isn’t new — it’s the oldest form of trade — but the internet has made it easier to engage in with other businesses.
Created: Wednesday, March 13, 2024

B2B businesses: Assess customer credit carefully

Does your company operate in the business-to-business (B2B) marketplace? If so, you’re no doubt aware of the double-edged sword that is customer credit.
Created: Tuesday, March 12, 2024

Beware of a stealth tax on Social Security benefits

Some people mistakenly believe that Social Security benefits are always free from federal income tax. Unfortunately, that’s often not the case. In fact, depending on how much overall income you have, up to 85% of your benefits could be hit with federal income tax.
Created: Wednesday, March 6, 2024

Empower your sellers with sales enablement

The driving revenue force of just about every kind of business is sales. But all too often, once a sales team is up and running, it’s left to its own devices to maintain its strengths, develop new skills and upgrade its technology. This can produce mixed results — some sales departments are remarkably self-sufficient while others could really use more organizational support.
Created: Tuesday, March 5, 2024

A job loss is bad but the tax implications could make it worse

Unemployment has been holding steady recently at 3.7%. But there are still some people losing their jobs — particularly in certain industries including technology and media. If you’re laid off or terminated from employment, taxes are likely the last thing on your mind. However, there are tax implications due to your altered employment circumstances.
Created: Wednesday, February 28, 2024

2024 Spring Community Banking Advisor Newsletter

Be sure to check out the Spring 2024 edition of Community Banking Advisor. The newsletter is a wealth of information, articles include: • Federal court: financial institution liable for AHC fraud losses • FAQs about selling mortgages on the secondary market, know your risks • Staying atop the new-and-improved CRA rules • Bank wire
Created: Tuesday, February 27, 2024

New option for unused funds in a 529 college savings plan

With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans aren’t tax deductible, but they grow tax deferred. Earnings used to pay qualified education expenses can be withdrawn tax-free. However, earnings used for other purposes may be subject to income tax plus a 10% penalty.
Created: Wednesday, February 21, 2024

Small businesses can help employees save for retirement, too

Many small business owners run their companies as leanly as possible. This often means not offering what are considered standard fringe benefits for midsize or larger companies, such as a retirement plan.