Due to technical Problems, the Blog/ Podcast had to be skipped this week.
Section 1031 of the Internal Revenue Code allows the deferral of gain on the sale and subsequent purchase of real property used for business use or investment. An exchange is much like a typical sale followed by an acquisition within 180 days but with a few rules attached.
BENEFITS OF AN EXCHANGE
This often overlooked tax strategy can help you accomplish many short and long-term real estate objectives:
Connie Custer, Business Development
100 Springhouse Drive, Suite 203
Collegeville, PA 19426
Office: 610.792.4880 ext. 230
Download the "1031 Exchanges Made Easy" File
Taken from the Daily Herald on September 25th 2021. By KELSEY SHEEHY of NerdWallet
The pandemic isn't crushing the entrepreneurial spirit. It's fueling it.
People normally tied to a desk or working double shifts used lockdown to launch side hustles, often out of necessity. And some have turned those side gigs into full-fledged businesses.
These basic but essential steps can help you take things to the next level and give your new venture a shot at staying power.
Read the Whole Article here:
Employers in Illinois with at least 5 employees must soon comply with the Illinois Secure Choice Savings Program Act (Secure Choice) or offer employees an employer-sponsored retirement plan.
Secure Choice requires employers to automatically withhold five percent of an employee’s compensation (up to the annual maximum allowed for IRA contributions each year as provided by the IRS), unless the employee elects a different amount or opts out of the program, and to remit those contributions to the Secure Choice program.
Under the original program, employers that satisfy these criteria are subject to the Secure Choice program:
The newly enacted law makes several notable changes to Secure Choice, including:
The program will notify employers before their scheduled start time to allow them time to register. The schedule is:
Wave 1: The enrollment deadline for employers with fewer than 25 employees and more than 15 employees will be no sooner than September 1, 2022
Wave 2: The enrollment deadline for employers with at least 5 employees but not more than 15 employees will be no sooner than September 1, 2023.
The Illinois Secure Choice website provides additional information, including FAQs.
In true blog fashion, the last parts are at the top of the page. Scroll all the way down and work your way back up to read them in order.
Tom is the Business Development Manager for GLM. If you are interested in learning more about GLM's services, contact him: