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    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...

    Posts

    Business deductions for meal, vehicle and travel expenses: Document, document, document

    Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could...

    Posts

    Transitioning to remote audits

    Are you comfortable communicating electronically with your auditors? If so, a logical next step might be to transition from on-site...

    Posts

    Close-up on the new QBI deduction’s wage limit

    The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a...

    Posts

    Consider these financial reporting issues before going private

    Issuing stock on the public markets isn’t right for every business. Some public companies decide to delist — or “go...

    Posts

    3 keys to a successful accounting system upgrade

    Technology is tricky. Much of today’s software is engineered so well that it will perform adequately for years. But new...

    Posts

    How to avoid getting hit with payroll tax penalties

    For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year...

    Posts

    Does your business have to begin collecting sales tax on all out-of-state online sales?

    You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose sales taxes on...

    Posts

    Using analytical procedures in an audit provides many benefits

    Analytical procedures can make audits more efficient and effective. First, they can help during the planning and review stages of...

    Posts

    The BDIT: A trust with a twist

    The beneficiary defective inheritor’s trust (BDIT) allows you to enjoy the benefits of a traditional trust without giving up control...

    Posts

    Finding a 401(k) that’s right for your business

    By and large, today’s employees expect employers to offer a tax-advantaged retirement plan. A 401(k) is an obvious choice to...

    Posts

    Supreme Court opens door to taxation of online sales

    In a much-anticipated ruling that confounded the expectations of many court watchers, the U.S. Supreme Court has given state and...

    Posts

    Choosing the best business entity structure post-TCJA

    For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal...

    Posts

    Spotlight on auditor independence and hosting arrangements

    With Independence Day coming up, it’s a good time to check up on auditor independence issues. This is especially important...

    Posts

    A SLAT offers estate planning benefits and acts as a financial backup plan

    The most effective estate planning strategies often involve the use of irrevocable trusts. But what if you’re uncomfortable placing your...

    Posts

    Run the numbers before you extend customer credit

    Funny thing about customers: They can keep you in business — but they can also put you out of it....

    Posts

    Which intangibles should private firms report following a merger?

    2018 is expected to be a hot year for mergers and acquisitions. But accounting for these transactions under U.S. Generally...

    Posts

    Fortify your estate plan against undue influence claims

    Of course, you expect the declarations in your will to be carried out, as required by law. Usually, that’s exactly...

    Posts

    2 tax law changes that may affect your business’s 401(k) plan

    When you think about recent tax law changes and your business, you’re probably thinking about the new 20% pass-through deduction...

    Posts

    Auditing related-party transactions

    Business owners generally prefer to work with entities they know and trust. But related-party transactions can provide opportunities for individuals...

    Posts

    The pros and cons of a SCIN

    Many estate planning techniques are intended to minimize or even eliminate gift and estate taxes when transferring assets to family...

    Posts

    Could a long-term deal ease your succession planning woes?

    Some business owners — particularly those who founded their companies — may find it hard to give up control to...

    Posts

    What businesses need to know about the tax treatment of bitcoin and other virtual currencies

    Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual...

    Posts

    Don’t let collaborative arrangements cause financial reporting headaches

    Businesses often enter into so-called “collaborative arrangements” when they partner with another entity on a major project. Unfortunately, the current...

    Posts

    Naming a minor as beneficiary of a life insurance policy or retirement plan can lead to unintended outcomes

    A common estate planning mistake is to designate a minor as beneficiary — or contingent beneficiary — of a life...

    Posts

    It’s time for a midyear checkup!

    Time flies when you’re busy running a business. But it’s important to occasionally pause and assess interim performance — otherwise...

    Posts

    Putting your child on your business’s payroll for the summer may make more tax sense than ever

    If you own a business and have a child in high school or college, hiring him or her for the...

    Posts

    The TCJA changes some rules for deducting pass-through business losses

    It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by...

    Posts

    What’s all the buzz about XBRL?

    The Securities and Exchange Commission (SEC) requires public companies to provide their financial statements in the eXtensible Business Reporting Language...

    Posts

    IRS Audit Techniques Guides provide clues to what may come up if your business is audited

    IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners. Many ATGs...

    Posts

    Profits: How low can you go?

    If your profits are falling compared to revenue and assets, your financial statements may provide insight into what’s happening and...

    Posts

    Provide for your spouse, then your kids, with a QTIP trust

    If you want to preserve as much wealth as possible for your children, but you leave property to your spouse...

    Posts

    Say, just how competitive is your business anyway?

    Every business owner launches his or her company wanting to be successful. But once you get out there, it usually...

    Posts

    A review of significant TCJA provisions affecting small businesses

    Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s...

    Posts

    Effectively communicating with the audit committee

    CFOs and other executives occasionally present information about the company’s operations, strategies and risks to the audit committee. Your presentation...

    Posts

    Beware IRD if you’ve received an inheritance

    Most people are genuinely appreciative of inheritances. But sometimes it may be too good to be true. While inherited property...

    Posts

    Tax document retention guidelines for small businesses

    You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But...

    Posts

    NY state fired the first shot at combatting the new federal tax law changes

    On March 30th, Governor Cuomo announced that New York lawmakers passed the $168.3 billion FY 2019 Budget (the “Final Bill”)....

    Posts

    IRS sheds light on new limit on business interest expense deductions

    The Tax Cuts and Jobs Act (TCJA) imposes a limit on deductions for business interest for taxable years beginning in...

    Posts

    TCJA changes to employee benefits tax breaks: 4 negatives and a positive

    The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes...

    Posts

    What estate planning strategies are available for non-U.S. citizens?

    Non-U.S. citizens in the United States face some estate planning challenges when it comes to taxes. If you’re a U.S....

    Posts

    Blockchain may soon drive business worldwide

    Blockchain” may sound like something that goes on a vehicle’s tires in icy weather or that perhaps is part of...

    Posts

    A net operating loss on your 2017 tax return isn’t all bad news

    When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. If when filing your 2017...

    Posts

    3 ways to supercharge your supervisors

    The attitudes and behaviors of your people managers play a critical role in your company’s success. When your managers are...

    Posts

    Should you file Form SS-8 to ask the IRS to determine a worker’s status?

    Classifying workers as independent contractors — rather than employees — can save businesses money and provide other benefits. But the...

    Posts

    Apply for a waiver if you’ve missed the 60-day IRA rollover deadline

    IRAs and employer-sponsored plans such as 401(k)s are powerful retirement savings tools, but they also provide valuable estate planning benefits....

    Posts

    Corporate culture: Rotten apples could spoil your financials

    Auditors often say that the tone at the top of an organization trickles down to every level of the business....

    Posts

    Don’t overlook securities laws when planning your estate

    For a variety of estate planning and asset management purposes, many affluent families hold their assets in trusts, family investment...

    Posts

    Defer tax with a Section 1031 exchange, but new limits apply this year

    Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a...

    Posts

    The pass-through provisions of the TCJA: The devil is in the details

    The Tax Cuts and Jobs Act (TCJA) has been touted for cutting the corporate tax rate, but the law also...

    Posts

    How materiality is established in an audit or a review

    When accountants conduct an audit or review, they can’t test every transaction. Instead, they set a “materiality” threshold. This benchmark...

    Posts

    Power of attorney abuse: What you can do about it

    A financial power of attorney — sometimes called a “power of attorney for property” or a “general power of attorney”...

    Posts

    7 ways to prepare your business for sale

    For some business owners, succession planning is a complex and delicate matter involving family members and a long, gradual transition...

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