Paying Domestic Help Free Of Taxes Just Got Trickier
New IRS rules mean high-net-worth clients may not be properly accounting for Social Security or workers comp when paying their domestic help—especially if they use certain payment methods.
Tax Changes Could Spell Trouble For Clients Who Pay Domestic Staff
New IRS rules require reporting income for some transactions of just $600 or more, down from a much higher previous threshold. Wealthy clients who routinely pay domestic help and other workers could get tripped up in tax reporting.
What the wealthy can fear from a new IRS rule on $600 payments
A new law that requires cash apps and online marketplaces including Venmo and eBay to send tax documents to millions of Americans is ensnaring a surprising demographic: the wealthy.
Some Clients Want Help With Bill-Paying. Advisors May Want to Say ‘No.’
If you offer bill-pay services to clients, or are thinking about it as a value-add, read on.
5 Tips for Successfully Passing Down Wealth
Growing wealth is one thing. Preserving and passing it down to the next generation while confidently knowing it will be maintained is something else entirely.
The Hidden Dangers of Autopay, for Advisors and Their Clients
Financial advisors often encourage clients to put their bills, including rent, mortgage, and utilities, on autopay. Some advisors even set up auto-payments on clients’ behalf. But despite some of the benefits auto-payments offer, it can also lead to problems, especially for people who take a hands-off approach to their finances.
3 ways parents can make their kids smarter with money, according to a CPA
Parents shouldn’t wait until their kids are old enough to have an allowance before teaching them about money.
Beyond Wealth Transition: Role Transition
In our experience working with wealthy families, it is not uncommon to find a situation in which there is division of labor between spouses, each taking on decision-making roles in different aspects of the couple’s life.
The future of money | Neha Narula
What happens when the way we buy, sell and pay for things changes, perhaps even removing the need for banks or currency exchange bureaus? That’s the radical promise of a world powered by cryptocurrencies like Bitcoin and Ethereum.