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    Home > Blog > Uncategorized

    Posts

    IRS wheels out additional guidance on company cars

    The IRS has updated the inflation-adjusted “luxury automobile” limits on certain deductions taxpayers can take for passenger automobiles — including...

    Posts

    Measuring “fair value” for financial reporting purposes

    The standard for valuing certain assets and liabilities under U.S. Generally Accepted Accounting Principles (GAAP) is “fair value.” This differs...

    Posts

    Charitable lead trusts offer philanthropic and family benefits

    Affluent families who wish to give to charity while minimizing gift and estate taxes should consider a charitable lead trust...

    Posts

    Targeting and converting your company’s sales prospects

    Companies tend to spend considerable time and resources training and upskilling their sales staff on how to handle existing customers....

    Posts

    Tax-smart domestic travel: Combining business with pleasure

    Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or...

    Posts

    Leave your mark with a dynasty trust

    If a prime objective of your estate plan is to leave a lasting legacy, a dynasty trust may be the...

    Posts

    IRS updates rules for personal use of employer-provided vehicles

    The IRS recently announced the inflation-adjusted maximum value of an employer-provided vehicle under the vehicle cents-per-mile rule and the fleet-average...

    Posts

    Close-up on financial statements

    There are three types of financial statements under U.S. Generally Accepted Accounting Principles (GAAP). Each one reveals different, but equally...

    Posts

    Beware if your estate plan leaves specific assets to specific heirs

    Planning your estate around specific assets is risky and, in most cases, should be avoided. If you leave specific assets...

    Posts

    The simple truth about annual performance reviews

    There are many ways for employers to conduct annual performance reviews. So many, in fact, that owners of small to...

    Posts

    Consider a Roth 401(k) plan — and make sure employees use it

    Roth 401(k) accounts have been around for 13 years now. Studies show that more employers are offering them each year....

    Posts

    Comparing internal and external audits

    Businesses use two types of audits to gauge financial results: internal and external. Here’s a closer look at how they...

    Posts

    What type of expenses can’t be written off by your business?

    If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that...

    Posts

    Does your estate plan include a formula funding clause?

    The gift and estate tax exemption is higher than it’s ever been, thanks to the Tax Cuts and Jobs Act...

    Posts

    Should your health care plan be more future-focused?

    The pace of health care cost inflation has remained moderate over the past year or so, and employers are trying...

    Posts

    Employee vs. independent contractor: How should you handle worker classification?

    Many employers prefer to classify workers as independent contractors to lower costs, even if it means having less control over...

    Posts

    Close-up on professional standards for CPAs

    The accounting profession is largely self-regulated by the American Institute of Certified Public Accountants (AICPA). Part of its mission involves...

    Posts

    Estate planning for single parents requires special considerations

    Here’s a fast fact: The percentage of U.S. children who live with an unmarried parent has jumped from 13% in...

    Posts

    Put a QOE report to work for you

    An independent quality of earnings (QOE) report can be a valuable tool in mergers and acquisitions. It’s important for both...

    Posts

    Deducting business meal expenses under today’s tax rules

    In the course of operating your business, you probably spend time and money “wining and dining” current or potential customers,...

    Posts

    Now or later? When to report subsequent events

    Financial statements present a company’s financial position as of a specific date, typically the end of the year or quarter....

    Posts

    Add spendthrift language to a trust to safeguard assets

    Protecting assets from creditors is a critical aspect of estate planning, but you need to think about more than just...

    Posts

    Divorcing business owners need to pay attention to tax implications

    If you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues...

    Posts

    Auditing accounting estimates and the use of specialists

    The Public Company Accounting Oversight Board (PCAOB) recently voted to finalize two related standards aimed at improving audits of accounting...

    Posts

    If art donations are part of your estate plan, consider these four tips

    Charitable giving is a key part of estate planning for many people. If you have a collection of valuable art...

    Posts

    Present yet unaccounted for: The problem of presenteeism

    Absenteeism has typically been a thorn in the side of many companies. But there’s a flip side to employees failing...

    Posts

    Understanding how taxes factor into an M&A transaction

    Merger and acquisition activity has been brisk in recent years. If your business is considering merging with or acquiring another...

    Posts

    Simplifying the accounting rules for convertible debt and equity

    Distinguishing between liabilities and equity on a company’s balance sheet may seem straightforward. But difficulties arise when it comes to...

    Posts

    Be vigilant about your business credit score

    As an individual, you’ve no doubt been urged to regularly check your credit score. Most people nowadays know that, with...

    Posts

    Transparency is key with related party transactions

    In recent years, external auditors have focused more attention on related party transactions. Although related party transactions aren’t necessarily bad,...

    Posts

    Could your business benefit from the tax credit for family and medical leave?

    The Tax Cuts and Jobs Act created a new federal tax credit for employers that provide qualified paid family and...

    Posts

    ESG issues: To report or not to report?

    Securities and Exchange Commission (SEC) Chairman Jay Clayton recently said that public companies shouldn’t be required to disclose information concerning...

    Posts

    Companion piece: Create a “road map” for your estate plan

    No matter how much effort you’ve invested in designing your estate plan, your will, trusts and other official documents may...

    Posts

    There’s still time for small business owners to set up a SEP retirement plan for last year

    If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and...

    Posts

    Automating your accounting department

    Many businesses have adopted robotic process automation (RPA), or plan to do so in the future. While most RPA initiatives...

    Posts

    Will leasing equipment or buying it be more tax efficient for your business?

    Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or...

    Posts

    Audits home in on cybersecurity

    In 2018, U.S. organizations that suffered a data breach lost an average of $7.91 million as a result. That’s the...

    Posts

    No, it’s not unusual to include your pet in your estate plan

    An unexpected outcome of the recent death of designer Karl Lagerfeld is that the topic of estate planning for pets...

    Posts

    Are your employees ignoring their 401(k)s?

    For many businesses, offering employees a 401(k) plan is no longer an option — it’s a competitive necessity. But employees...

    Posts

    Beware the Ides of March — if you own a pass-through entity

    Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies...

    Posts

    How to report stock compensation paid to nonemployees

    The accounting rules for reporting stock compensation have been expanded. They now include share-based payments to nonemployees for providing goods...

    Posts

    Don’t let scope creep ruin your next IT project

    Today’s business technology is both powerful and restive. No matter how “feature rich” a software solution or hardware asset may...

    Posts

    The home office deduction: Actual expenses vs. the simplified method

    If you run your business from your home or perform certain functions at home that are related to your business,...

    Posts

    What you need to know about filing gift and estate tax returns

    Have you made substantial gifts of wealth to family members? Or are you the executor of the estate of a...

    Posts

    Best practices when filing a business interruption claim

    Many companies, especially those that operate in areas prone to natural disasters, should consider business interruption insurance. Unlike a commercial...

    Posts

    When are LLC members subject to self-employment tax?

    Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services...

    Posts

    Financial statements tell your business’s story, inside and out

    Ask many entrepreneurs and small business owners to show you their financial statements and they’ll likely open a laptop and...

    Posts

    Fundamental tax truths for C corporations

    The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been...

    Posts

    Private companies: Have you implemented the new revenue recognition standard?

    Private companies that follow U.S. Generally Accepted Accounting Principles (GAAP) must comply with the landmark new revenue recognition standard in...

    Posts

    An ESOP can benefit a business owner’s retirement and estate plans

    Employee stock ownership plans (ESOPs) offer closely held business owners an exit strategy and a tax-efficient technique for sharing equity...

    Posts

    Refine your strategic plan with SWOT

    With the year underway, your business probably has a strategic plan in place for the months ahead. Or maybe you’ve...

    Posts

    Depreciation-related breaks on business real estate:

    Depreciation-related breaks on business real estate: What you need to know when you file your 2018 return Commercial buildings and...

    Posts

    Evaluating your audit committee

    Under the Sarbanes-Oxley Act, the audit committee — not management or the full board of directors — is directly responsible...

    Posts

    IRS provides QBI deduction guidance in the nick of time

    When President Trump signed into law the Tax Cuts and Jobs Act (TCJA) in December 2017, much was made of...

    Posts

    IRS waives 2018 underpayment tax penalties for many taxpayers

    The IRS has some good news for certain taxpayers — it’s waiving underpayment penalties for those whose 2018 federal income...

    Posts

    Higher mileage rate may mean larger tax deductions for business miles in 2019

    This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased...

    Posts

    Economic damages: Recovering what was lost

    A business can suffer economic damages arising from a variety of illegal conduct. Common examples include breach of contract, patent...

    Posts

    Can a PTO contribution arrangement help your employees and your business?

    As the year winds to a close, most businesses see employees taking a lot of vacation time. After all, it’s...

    Posts

    IRS issues proposed regs on business interest expense deductions

    In April 2018, the IRS released temporary guidance on the amended limit on deductions for business interest expense for tax...

    Posts

    Cybersecurity matters

    Investors, lenders and other stakeholders have been vocal in recent years about pushing companies to provide more information in their...

    Posts

    Consider an intrafamily loan to cover estate taxes

    Sometimes estates that are large enough for estate taxes to be a concern are asset rich but cash poor, without...

    Posts

    Why revenue matters in an audit

    For many companies, revenue is one of the largest financial statement accounts. It’s also highly susceptible to financial misstatement. When...

    Posts

    Limitation on the Deduction of Business Interest

    The Tax Cuts & Jobs Act (TCJA) contains a limitation on the deduction of business interest. The Internal Revenue Code...

    Posts

    Buy business assets before year end to reduce your 2018 tax liability

    The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for...

    Posts

    Research credit available to some businesses for the first time

    The Tax Cuts and Jobs Act (TCJA) didn’t change the federal tax credit for “increasing research activities,” but several TCJA...

    Posts

    How auditors assess risk when preparing financial statements

    Every year, your audit firm will conduct a fresh risk assessment before the start of fieldwork. Why? Because your auditor...

    Posts

    Reduce insurance costs by encouraging employee wellness

    Protecting your company through the purchase of various forms of insurance is a risk-management necessity. But just because you must...

    Posts

    Following the ABCs of customer assessment

    When a business is launched, its owners typically welcome every customer through the door with a sigh of relief. But...

    Posts

    Selling your business? Defer — and possibly reduce — tax with an installment sale

    You’ve spent years building your company and now are ready to move on to something else, whether launching a new...

    Posts

    Assessing the effectiveness of internal controls

    Strong internal controls can help prevent and detect fraud. That’s why Section 404(a) of the Sarbanes-Oxley Act (SOX) requires a...

    Posts

    Turn down an inheritance using a qualified disclaimer

    If you are about to receive an inheritance from a family member, you can use a qualified disclaimer to refuse...

    Posts

    Audit opinions: How your financial statements measure up

    Audit opinions differ depending on the information available, financial viability, errors discovered during audit procedures and other limiting factors. The...

    Posts

    RRBB and NIBA announce Brian Zucker, CPA elected to NIBA Board

    Somerset, NJ October 8, 2018/PRNewswire/- RRBB Accountants & Advisors and the National Investment Bankers Association (NIBA) are pleased to announce...

    Posts

    Tax-free fringe benefits help small businesses and their employees

    In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive...

    Posts

    Educate your children on wealth management

    If you’ve worked a lifetime to build a large estate, you undoubtedly would like to leave a lasting legacy to...

    Posts

    Could a cost segregation study help you accelerate depreciation deductions?

    Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a...

    Posts

    Retiring abroad? Review your estate plan before making the move

    If you dream of spending your golden years in a tropical paradise, a culture-rich European city or another foreign locale,...

    Posts

    Dig out your business plan to prepare for the year ahead

    Like many business owners, you probably created a business plan when you launched your company. But, as is also often...

    Posts

    Businesses aren’t immune to tax identity theft

    Tax identity theft may seem like a problem only for individual taxpayers. But, according to the IRS, increasingly businesses are...

    Posts

    Keeping a king in the castle with a well-maintained cash reserve

    You’ve no doubt heard the old business cliché “cash is king.” And it’s true: A company in a strong cash...

    Posts

    Be sure your employee travel expense reimbursements will pass muster with the IRS

    Does your business reimburse employees’ work-related travel expenses? If you do, you know that it can help you attract and...

    Posts

    Is a significant portion of your wealth concentrated in a single stock?

    Estate planning and investment risk management go hand in hand. After all, an estate plan is effective only if you...

    Posts

    How to reduce the tax risk of using independent contractors

    Classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing...

    Posts

    Beware of unexpected tax liabilities under new accounting and tax rules!

    The Tax Cuts and Jobs Act (TCJA) contains a provision that ties revenue recognition for book purposes to income reporting...

    Posts

    3 reasons you should continue making lifetime gifts

    Now that the gift and estate tax exemption has reached a record high of $11.18 million (for 2018), it may...

    Posts

    HSA + HDHP can be a winning health benefits formula

    If you’ve done any research into employee benefits for your business recently, you may have come across a bit of...

    Posts

    Keep it SIMPLE: A tax-advantaged retirement plan solution for small businesses

    If your small business doesn’t offer its employees a retirement plan, you may want to consider a SIMPLE IRA. Offering...

    Posts

    At your own risk: The pitfalls of DIY estate planning

    There’s no law that says you can’t prepare your own estate plan. And with an abundance of online services that...

    Posts

    IRS issues proposed regulations on the pass-through business income deduction

    The IRS recently released highly anticipated regulations addressing the deduction for up to 20% of qualified business income (QBI) from...

    Posts

    Assessing the S corp

    The S corporation business structure offers many advantages, including limited liability for owners and no double taxation (at least at...

    Posts

    Use pay-ratio disclosures with caution

    Starting in 2018, certain public companies must disclose the ratio of their CEO’s annual compensation to that of its “median...

    Posts

    IRS issues guidance on new bonus depreciation rules

    The Tax Cuts and Jobs Act (TCJA) significantly expands bonus depreciation under Section 168(k) of the Internal Revenue Code for...

    Posts

    It’s important to monitor your SEC filing status

    As public companies grow, they may move from one filing status or issuer category to another. Recent and proposed changes...

    Posts

    Protect your peace of mind with a trust protector

    Irrevocable trusts can allow for the smooth, tax-advantaged transfer of wealth to family members. But there’s a drawback: When you...

    Posts

    Contemplating compensation increases and pay for performance

    As a business grows, one of many challenges it faces is identifying a competitive yet manageable compensation structure. After all,...

    Posts

    An FLP can save tax in a family business succession

    One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company...

    Posts

    Auditing the use of estimates and specialists

    Complex accounting estimates — such as allowances for doubtful accounts, impairments of long-lived assets, and valuations of financial and nonfinancial...

    Posts

    Provide for family members with special needs using an SNT

    If you have a child or other family member with a disabling condition that requires long-term care or prevents (or...

    Posts

    Hidden liabilities: What’s excluded from the balance sheet?

    Financial statements help investors and lenders monitor a company’s performance. However, financial statements may not provide a full picture of...

    Posts

    Is more tax reform on the horizon?

    President Trump and Republican lawmakers currently are considering a second round of tax reform legislation as a follow-up to last...

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