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    Home > Blog > Uncategorized

    Posts

    Strong internal controls help reduce restatements

    A recent study has found that fewer public companies are reissuing financial statements due to errors or omissions, in large...

    Posts

    Critical connection: How costs impact pricing

    As we head toward year end, your company may be reviewing its business strategy for 2017 or devising plans for...

    Posts

    Timing strategies could become more powerful in 2017, depending on what happens with tax reform

    Projecting your business income and expenses for this year and next can allow you to time when you recognize income...

    Posts

    Bridging the divide with a mezzanine loan

    In their efforts to grow and succeed, many companies eventually reach the edge of a precipice. Across the divide lies...

    Posts

    2 ways spouse-owned businesses can reduce their self-employment tax bill

    If you own a profitable, unincorporated business with your spouse, you probably find the high self-employment (SE) tax bills burdensome....

    Posts

    How effectively do you manage risk?

    Businesses can’t eliminate risk, but they can manage it to maximize the entity’s economic return. A new framework aims to...

    Posts

    ABCs of HSAs: How an HSA can benefit your estate plan

    One health care arrangement that has been soaring in popularity in recent years has been the pairing of a high-deductible...

    Posts

    Should your business use per diem rates for travel reimbursement?

    Updated travel per diem rates go into effect October 1. To simplify recordkeeping, they can be used for reimbursement of...

    Posts

    Putting hedging strategies to work for your business

    The Financial Accounting Standards Board (FASB) recently issued some targeted improvements to its guidance that could encourage more companies to...

    Posts

    Charitable giving pièce de résistance: Artwork donations

    Charitable giving is a key part of estate planning for many people. If you’re among them and own valuable works...

    Posts

    How profitable are your customers?

    “We love our customers!” Every business owner says it. But all customers aren’t created equal, and it’s in your strategic...

    Posts

    Tax basis planning worth a look if estate taxes aren’t a threat

    For many people today, income tax planning offers far greater tax-saving opportunities than gift and estate tax planning. A record-high...

    Posts

    Tax planning critical when buying a business

    If you acquire a company, your to-do list will be long, which means you can’t devote all of your time...

    Posts

    Larger deduction might be available to businesses providing meals to their employees

    When businesses provide meals to their employees, generally their deduction is limited to 50%. But there are exceptions. One is...

    Posts

    Supplement your financial statements with timely flash reports

    Most companies prepare financial statements on a monthly or quarterly basis. Unfortunately, it usually takes between two and six weeks...

    Posts

    Ensuring a peaceful succession with a buy-sell agreement

    A buy-sell agreement is a critical component of succession planning for many businesses. It sets the terms and conditions under...

    Posts

    Could captive insurance reduce health care costs and save your business taxes?

    If your business offers health insurance benefits to employees, there’s a good chance you’ve seen a climb in premium costs...

    Posts

    Credit loss standard: The new CECL model

    A new accounting standard on credit losses goes into effect in 2020 for public companies and 2021 for private ones....

    Posts

    Powers of attorney: Springing vs. nonspringing

    Estate planning typically focuses on what happens to your assets when you die. But it’s equally important (some might say...

    Posts

    Put your audit in reverse to save sales and use tax

    It’s a safe bet that state tax authorities will let you know if you haven’t paid enough sales and use...

    Posts

    Close-up on cutoffs for reporting revenues and expenses

    Under U.S. Generally Accepted Accounting Principles (GAAP), there are strict rules on when to recognize revenues and expenses. Here’s important...

    Posts

    Rev up retirement offerings with an NQDC plan

    Many business owners and executives would like to save more money for retirement than they’re allowed to sock away in...

    Posts

    Material participation key to deducting LLC and LLP losses

    If your business is a limited liability company (LLC) or a limited liability partnership (LLP), you know that these structures...

    Posts

    How external auditors can leverage your internal audit work

    Does your company have an internal audit function? If so, you may be able to use your internal audit team...

    Posts

    Use a noncharitable purpose trust to achieve a variety of goals

    Generally, trusts must have one or more human beneficiaries, but there’s an exception for certain “purpose” trusts. One type of...

    Posts

    4 tough questions to ask before expanding to a new location

    Is business going so well that you’re thinking about adding another location? If this is the case, congratulations! But before...

    Posts

    6 ways to control your unemployment tax costs

    Unemployment tax rates for employers vary from state to state. Your unemployment tax bill may be influenced by the number...

    Posts

    Private companies: Consider these financial reporting shortcuts

    For years, private companies and their stakeholders have complained that the Financial Accounting Standards Board (FASB) catered too much to...

    Posts

    Don’t overlook tax apportionment when planning your estate

    If you expect your estate to have a significant estate tax liability at your death, be sure to include a...

    Posts

    Listening to your customers by tracking lost sales

    “Sorry, we don’t carry that item.” Or perhaps, “No, that’s not part of our service package.” How many times a...

    Posts

    ESOPs offer businesses tax and other benefits

    With an employee stock ownership plan (ESOP), employee participants take part ownership of the business through a retirement savings arrangement....

    Posts

    We’ve got the lowdown on updated cash flow reporting guidance

    Cash flow statement reporting is a leading cause of company financial restatements. Do you know how to categorize items on...

    Posts

    The stretch IRA: A simple yet powerful estate planning tool

    The IRA’s value as a retirement planning tool is well known: IRA assets compound on a tax-deferred (or, in the...

    Posts

    Does your business have too much cash?

    From the time a business opens its doors, the owner is told “cash is king.” It may seem to follow...

    Posts

    3 midyear tax planning strategies for business

    Tax reform has been a major topic of discussion in Washington, but it’s still unclear exactly what such legislation will...

    Posts

    Look beyond EBITDA

    Earnings before interest, taxes, depreciation and amortization (EBITDA) is commonly used to assess financial health and evaluate investment decisions. But...

    Posts

    ABLE accounts can benefit loved ones with special needs

    For families with disabled loved ones who are potentially eligible for means-tested government benefits such as Medicaid or Supplemental Security...

    Posts

    Make sure your company is prepared for any disaster

    What could stop your company from operating for a day, a month or a year? A flood or fire? Perhaps...

    Posts

    All fringe benefits aren’t created equal for tax purposes

    According to IRS Publication 5137, Fringe Benefit Guide, a fringe benefit is “a form of pay (including property, services, cash...

    Posts

    Less than 6 months until the new contract revenue guidance goes live!

    The sweeping new revenue recognition standard goes into effect soon. But many companies are behind on implementing it. Whether your...

    Posts

    Are you familiar with fraudulent transfer laws?

    A primary goal of your estate plan is to transfer wealth to your family according to your wishes and at...

    Posts

    Why business owners should regularly upgrade their accounting software

    Many business owners buy accounting software and, even if the installation goes well, eventually grow frustrated when they don’t get...

    Posts

    3 breaks for business charitable donations you may not know about

    Donating to charity is more than good business citizenship; it can also save tax. Here are three lesser-known federal income...

    Posts

    Close-up on restricted cash

    The Financial Accounting Standards Board (FASB) has amended U.S. Generally Accepted Accounting Principles (GAAP) to clarify the guidance on reporting...

    Posts

    Seasonal business? Optimize your operating cycle

    Every business has some degree of ups and downs during the year. But cash flow fluctuations are much more intense...

    Posts

    Pro forma compilations look at how an alternative course of action would have affected financials

    The American Institute of Certified Public Accountants (AICPA) has clarified its guidance on pro forma compilations. Here’s an explanation of...

    Posts

    Is now the time for a charitable lead trust?

    Families who wish to give to charity while minimizing gift and estate taxes should consider a charitable lead trust (CLT)....

    Posts

    You don’t have to take business insurance costs sitting down

    Adequate insurance coverage is, in many cases, a legal requirement for a business. Even if it’s not for your company,...

    Posts

    Dot the “i’s” and cross the “t’s” on loans between your business and its owners

    It’s common for closely held businesses to transfer money into and out of the company, often in the form of...

    Posts

    Timeliness counts in financial reporting

    Do you procrastinate when it comes to closing your books and delivering year-end financial statements? Lenders and investors may think...

    Posts

    Business owners: Put your successor in a position to succeed

    When it comes time to transition your role as business owner to someone else, you’ll face many changes. One of...

    Posts

    Choosing the best way to reimburse employee travel expenses

    If your employees incur work-related travel expenses, you can better attract and retain the best talent by reimbursing these expenses....

    Posts

    Put your income statement to good use

    By midyear, most businesses that follow U.S. Generally Accepted Accounting Principles (GAAP) have issued their year-end financial statements. But how...

    Posts

    Are your retirement savings secure from creditors?

    A primary goal of estate planning is asset protection. After all, no matter how well your estate plan is designed,...

    Posts

    Consider the tax consequences before making an employee a partner

    In today’s competitive environment, offering employees an equity interest in your business can be a powerful tool for attracting, retaining...

    Posts

    Business owners: When it comes to IRS audits, be prepared

    If you recently filed your 2016 income tax return (rather than filing for an extension) you may now be wondering...

    Posts

    It’s a matter of principle — and trust — when using a principle trust

    For many, an important estate planning goal is to encourage their children or other heirs to lead responsible, productive lives....

    Posts

    How to shape up your working capital

    Working capital — current assets minus current liabilities — is a common measure of liquidity. High liquidity generally equates with...

    Posts

    Risks in Your Supply Chain

    Looking for concentration risks in your supply chain Concentration risks are a threat to your supply chain. These occur when...

    Posts

    Operating across state lines presents tax risks — or possibly rewards

    It’s a smaller business world after all. With the ease and popularity of e-commerce, as well as the incredible efficiency...

    Posts

    Bonus Depreciation Yields Big Savings For Business Owners

    Bonus Depreciation Takes The Edge Off Mid-Quarter Convention Concerns Since introduced as part of the Job Creation and Worker Assistance...

    Posts

    Year-end Tax Planning Letter

    Dear Client: As the end of the year approaches, it is a good time to think of planning moves that...

    Posts

    Late Rollovers (past 60 days) May Benefit From New IRS Guidance

    September 28th, 2016 Did you miss the deadline to rollover your retirement plan or traditional IRA funds due to circumstances...

    Posts

    Family Limited Partnership Discounted Gifting May Soon Be Coming to an End

    August 25, 2016 Leonard M. Friedman, CPA/ABV, CBA Family Limited Partnerships (FLP’s) can be useful family wealth management tools for...

    Posts

    Venture Capital, the 7 Secrets Your Big CPA Firm Won’t Tell You

    Brian Zucker, CPA August 9, 2016 7 Secrets Your Big CPA Firm Won’t Tell You About Investing in or Starting...

    Posts

    Starting a Business? Find a Trusted Advisor Today

    Brian Zucker, CPA August 1, 2016 Starting a Business? Find a Trusted Advisor Today One of the great things about...

    Posts

    The New and Improved Research and Development Credit

    Leonard M. Friedman, CPA/ABV, CBA July 27, 2016 The New and Improved Research and Development Credit In December 2015, the...

    Posts

    Calling it Quits: How Dentists Can Maximize Their Exit Strategies

    Gary A. Sherman, CPA July 15, 2016 If you’ve been thinking about selling your dental practice, you’re not alone. According...

    Posts

    Stress-Free Ways to Grow Your Dental Practice

    Gary A. Sherman, CPA July 12, 2016 I recently visited the Rutgers School of Dentistry website. I was impressed by...

    Posts

    The Right Way to Value Your Dental Practice

    Gary A. Sherman, CPA July 6, 2016 Ah, summer. It’s that magical time when many dentists dream about spending more...

    Posts

    R&D Tax Credit – In 2016 Qualifying Start Up Businesses can elect as credit from Payroll Taxes.

    Here's some important tax news for our clients with small new businesses. Starting with tax years beginning in calendar year...

    Posts

    Research Credit can to some extent offset payroll taxes!

    New law. The Act retroactively and permanently extends the research credit. (Code Sec. 41(h), as amended by Act Sec. 121(a)(1))...

    Posts

    New Tax Deal- Some Tax Extenders made permanent

    Congress and the President finally agreed and signed into law a new tax deal on all the pending “extenders” we’ve...

    Posts

    Health Care Law: Tax Considerations for Employers with Fewer than 50 Employees

    IRS Tax Tips December 1, 2015 Useful Links: IRS.gov Help For Hurricane Victims News Essentials What's Hot News Releases IRS...

    Posts

    5 Internal Control Tips That Can Save Your Business From Fraud

    Where There’s Smoke, There’s Fire: 5 Internal Control Tips That Can Save Your Business From Fraud Will the lack of...

    Posts

    10 Ways To Implement Internal Controls With Limited Resources

    You’ve probably heard about how critical it is to establish internal controls throughout your business. But if you happen to...

    Posts

    Making the best tax use of a Vacation home with today’s rules

    Making the best tax use of a vacation home under today's rules—Part I An improved economy, a strengthened real estate...

    Posts

    Tax Deadline for 2016 for most filers will be Monday April 18th

    Monday, April 18 will be 2016 tax deadline for most individual taxpayers Rev Rul 2015-13, 2015-22 IRB In a Revenue...

    Posts

    Seven Tips to Help You Determine if Your Gift is Taxable

    IRS Tax Tip 2015-51, April 1, 2015 If you gave money or property to someone as a gift, you may...

    Posts

    Stay Vigilant Against Bogus IRS Phone Calls and Emails

    Tax scams take many different forms. Recently, the most common scams are phone calls and emails from thieves who pretend...

    Posts

    Cyber Crimes, Identity theft and Your Tax return

    Last week health insurance giant Anthem Inc. said hackers had breached its computer system and that the personal information of...

    Posts

    IRS SETS OUT RULES FOR REPORTING SICK PAY PAID BY THIRD PARTIES

    IRS SETS OUT RULES FOR REPORTING SICK PAY PAID BY THIRD PARTIES Notice 2015-6, 2015-05 IRB In a Notice, IRS...

    Posts

    What Key Estate Planning Tools Should I Know About?

    By taking steps in advance, you have a greater say in how these questions are answered. And isn’t that how...

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