Name: Cathy Troyer, CPA
Web Site: http://www.reacpa.com/cathy-troyer
Posts by Cathy Troyer, CPA:
- Your personal values – the importance of honesty, integrity and personal responsibility.
- Your views on work ethic, dedication to one’s chosen profession and work-life balance.
- Your views on charitable giving and community responsibility.
- How to develop and cultivate personal and business relationships.
- Your hopes and dreams for your spouse, children and other family members.
- Anything that you have learned in life and would like to pass on to others.
- Birth of a child
- Children leaving for college
- When drafting a succession plan for your business
- End of life
- Or anytime
While the reasons for drafting an ethical will may seem more personal than business-related, an ethical will can be an effective way for business owners to pass along their vision for the future of their company after they are gone.
A properly drafted last will and testament is critical to ensure your estate’s financial well-being. Perhaps equally important is your responsibility to manage your intellectual assets, including knowledge and ethical values. An ethical will, also known as a legacy letter, is a way for you to pass along information to family, friends, colleagues and even communities.
Ethical wills have been around for many centuries. They were very prevalent in Medieval Times, but lost much of their popularity in modern times. Over the past couple of decades, they have regained their popularity.
While a last will and testament details how a person’s possessions will be distributed after death, an ethical will is a way to pass on a person’s values, hopes, dreams and life lessons – among other viewpoints. Though an ethical will is not a legal document, Business Week has described it as an aid to estate planning.
What should I include in my ethical will?
When should I draft my ethical will?
An ethical will can be an integral part of your overall estate plan, so consider putting one together today!
By Cathy Troyer, CPA (New Philadelphia office)
Do you find yourself checking your mailbox every day? Or maybe you’re watching your bank account to see if your account balance went up? It’s the time of year that many Americans are waiting with bated breath for their coveted tax refund. If you haven’t already, you’re probably getting ready to file your tax returns in the next few weeks, and you may be wondering when you can expect to receive your refund or if there’s anything you can do to speed it up. Well, wonder no more and read on!
Speeding Up Your 2013 Tax Refund
The best way to receive your tax refund sooner than later is to file your tax return electronically and to select “direct deposit” as the delivery method for your refund. Electronic filing is faster, more accurate, and more secure than paper-filing your return. Likewise, direct deposit is faster and more secure than receiving a paper check refund. There’s no chance of your refund check being lost or stolen if it’s electronically deposited directly into your bank account. Please note that calling the IRS will not speed up your refund.
When Will You Receive Your Federal Tax Refund?
If you’ve already submitted your 2013 tax return and are curious where your refund is at, you can check the status of your federal tax refund using the IRS program, “Where’s My Refund?” This is available at http://www.irs.gov/Refunds, or you can use the mobile app, IRS2GO. If you file your return electronically, you can check the status 24 hours after your return was electronically submitted. If you file a paper return, you can check the status four weeks after your return is mailed.
In order to use “Where’s My Refund?”, you’ll need the primary taxpayer’s social security number, the filing status, and the exact amount of the refund. Your return will be in one of three stages: Return Received, Refund Approved, or Refund Sent. While using “Where’s My Refund?” will not speed up the waiting time, it’s a convenient way to check the status of your refund.
Got Tax Questions?
Author: Cathy Troyer, CPA (New Philadelphia office)
Looking for other tax-related articles? Check these out:
My co-worker, Maribeth Wright, recently wrote a blog post titled, “Are You Properly Classifying Your Workers?”. The post explained how to determine whether a worker is an employee or an independent contractor. The article mentioned that this is a hot button issue with the IRS, as well as other government agencies. In fact, according to The Kiplinger Tax Letter, the IRS is currently in the process of conducting 6,000 random audits, which are focusing on several payroll and fringe benefit issues – one of which is worker misclassification. Read the rest of this entry “