by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
An estate becomes a separate taxable entity at the moment of death. A personal representative manages the estate, handles tax filings, and ensures proper distribution of assets. Estate income tax applies to income generated by estate assets during administration....
by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
A final income tax return must be filed for a decedent if they met the filing requirements at the time of death. If death occurs during filing season and the prior‑year return has not yet been filed, the normal filing deadline still applies. The person responsible for...
by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
A Simplified Employee Pension (SEP) allows employers to contribute to retirement accounts for themselves and their employees. Contributions are made to individual SEP‑IRAs, which employees own and control. A SEP‑IRA may also be structured as a Roth SEP‑IRA....
by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
A SIMPLE plan allows small employers with 100 or fewer employees to offer retirement savings through salary reduction contributions and required employer contributions. Employers cannot maintain another retirement plan at the same time unless it covers union...
by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
A qualified retirement plan is an employer‑sponsored plan that provides tax‑favored retirement savings. These plans follow specific rules for contributions, participation, and benefits. Employers may deduct contributions made to the plan, and employees may receive...
