UPDATES&INSIGHTS:TAX is a HoganTaylor Tax practice publication designed to help you keep up with the latest tax issues impacting your organization.

In This Issue:

Risks vs. Benefits of Life Insurance Loans

Because of the economic downturn triggered by the COVID-19 crisis, many people have found themselves in need of cash to pay unexpected medical bills, mortgage payments and other expenses. One option is to borrow against the cash value of a permanent life insurance policy. This article explores the risks and benefits of such a strategy, while a sidebar looks at a myth that represents a life insurance loan as a tool that “pays for itself.” Read More

Taking Distributions From Your Traditional IRA

If you’re like many people, you’ve worked hard to accumulate a nest egg in your traditional IRA. Knowing the finer points of the distribution rules is critical — particularly as some of these rules have temporarily changed under the Coronavirus Aid, Relief and Economic Security (CARES) Act. This article covers the latest details. Read More

With Glitch Fixed, Consider Business Property Upgrades

The Coronavirus Aid, Relief and Economic Security Act fixed a legislative glitch that prevented businesses from claiming 100% bonus depreciation for qualified improvement property. This brief article describes the situation and advises business owners to keep this tax break in mind. Read More