E-ssentials Bulletin

General Business, Management & HR Issues

Service leaders focus on employee loyalty
Servant leaders are not motivated by wielding power over people. Rather, they are concerned with the needs of their employees and are dedicated to solving employees’ problems, removing work-related obstacles, and building loyalty to the company.

Oops, need to change your income tax return?
Do you need to correct your income or add deductions or credits to your recently filed income tax form? If so, you can file again using an amended tax return. Here are eight points the IRS wants you to know about amending your federal income tax return.

The high price of sleep-deprived employees
A recent study found that 50 million to 70 million Americans suffer from chronic sleep disorders that adversely affect their daily functioning and health. Employers bear much of the burden of sleep deprivation in the form of lower productivity and higher healthcare costs.

Wealth Advice, Retirement & Estate Planning

One in four pessimistic about retirement
The percentage of workers who are "not at all confident" that they will have a comfortable retirement rose to 27 percent in an annual retirement confidence survey. Workers are now more pessimistic about their retirement situation than they have been in the past 20 years.

Five airline headaches to avoid
Airline disasters have ruined vacations and business trips for many travelers. While you can't avoid every airline nightmare, you can take steps to minimize the chance of one happening on your vacation.

Student loans mean adult responsibilities
The number of college graduates who owe large sums of money for their college loans has been a hot topic lately. Some borrowers seem shocked when they start receiving the bills after graduation. Before your child takes out a loan, some money management education might be in order.

Washington Tax Update

Job hunting? Don't overlook tax deductions

With some parts of the economy starting to pick up, more people are in the market for a new job. Here are eight tax tips about the costs you might incur while job hunting - and the ins and outs of related tax deductions.

Health savings account limits released for 2013

The IRS has provided the annual inflation-adjusted contribution, deductible and out-of-pocket expense limits that will apply to health savings accounts for 2013. Subject to statutory limits, eligible individuals may make tax-deductible contributions to health savings accounts. In general, an "eligible individual" is a person covered under a high-deductible health plan.

Like-kind exchange questioned by Tax Court

An investor's intent may not always be obvious, but recently a couple's activities helped clarify their decisions for the Tax Court. The IRS questioned the validity of a like-kind exchange made by Patrick and Jill Reesink of San Francisco. And the case ended up in Tax Court.

When is a partnership not a partnership?

Here is yet another case that emphasizes the importance of being careful when using a family limited partnership as an estate planning tool. Lois Lockett's husband predeceased her, and his will established a trust for her benefit. As part of her estate planning, Lockett created Mariposa Monarch, LLP (MM), an Arizona limited liability partnership. The partnership agreement named Lockett's sons, Joseph and Robert, as general partners and Lockett, Joseph, Robert and the trust as limited partners. So, was this a partnership?

It's enough to scream about

An 1895 version of the painting "The Scream" by Edvard Munch recently sold for a record-shattering $120 million at a Sotheby's auction in New York. The seller of the piece, a Norwegian businessman, will undoubtedly be paying a hefty tax on the sale. But the artist himself apparently tangled with the tax authorities.

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