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    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...

    Posts

    How to classify shareholder advances

    Owners of closely held businesses sometimes need to advance their companies money to bridge a temporary downturn or provide extra...

    Posts

    5 estate planning tips for the sandwich generation

    The “sandwich generation” accounts for a large segment of the population. These are people who find themselves caring for both...

    Posts

    Home equity borrowers get good news from the IRS

    Passage of the Tax Cuts and Jobs Act (TCJA) in December 2017 has led to confusion over some of the...

    Posts

    Sec. 179 expensing provides small businesses tax savings on 2017 returns — and more savings in the future

    If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing...

    Posts

    What is job cost reporting?

    Custom jobs require ongoing supervision to achieve the best financial results. Whether you’re a general contractor constructing a strip mall,...

    Posts

    Tax credit for hiring from certain “target groups” can provide substantial tax savings

    Many businesses hired in 2017, and more are planning to hire in 2018. If you’re among them and your hires...

    Posts

    For-profit vs. not-for-profit: Compare and contrast financial reporting goals

    As the term suggests, for-profit companies are driven primarily by one goal — to maximize profits for their owners. Nonprofits,...

    Posts

    Use benchmarking to swim with the big fish

    You may keep a wary eye on your competitors, but sometimes it helps to look just a little bit deeper....

    Posts

    Small business owners: A SEP may give you one last 2017 tax and retirement saving opportunity

    Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified...

    Posts

    Only certain trusts can own S corporation stock

    S corporations must comply with several strict requirements or risk losing their tax-advantaged status. Among other things, they can have...

    Posts

    Turning employee ideas into profitable results

    Many businesses train employees how to do their jobs and only their jobs. But amazing things can happen when you...

    Posts

    Claiming bonus depreciation on your 2017 tax return may be particularly beneficial

    With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for...

    Posts

    Auditing work in progress

    Financial statement auditors spend a lot of time evaluating how their clients report work in progress (WIP) inventory. Here’s why...

    Posts

    If you made gifts last year, you may (or may not) need to file a gift tax return

    Gifting assets to loved ones is one of the simplest ways of reducing your taxable estate. However, what may not...

    Posts

    2 tax credits just for small businesses may reduce your 2017 and 2018 tax bills

    Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income...

    Posts

    Unlock hidden cash from your balance sheet

    Need cash in a hurry? Here’s how business owners can look to their financial statements to improve cash flow. Receivables...

    Posts

    New tax law gives pass-through businesses a valuable deduction

    Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21%...

    Posts

    Income statement items warrant your auditor’s attention

    Today’s auditors spend significant time determining whether amounts claimed on the income statement capture the company’s financial performance during the...

    Posts

    Preserve wealth for yourself and your heirs using asset protection strategies

    There are many techniques you can use to protect your assets, from giving them to loved ones to placing them...

    Posts

    Making the right choice about your office space

    For many companies, there comes a time when owners must decide whether to renew a lease, move on to a...

    Posts

    The TCJA temporarily expands bonus depreciation

    The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break...

    Posts

    Tax Cuts and Jobs Act: Key provisions affecting estate planning

    The Tax Cuts and Jobs Act of 2017 (TCJA) is a sweeping revision of the tax code that alters federal...

    Posts

    New tax law provides more generous depreciation-related tax breaks

    If your business is buying new assets in 2018, you’ll be able to benefit in several ways under the new...

    Posts

    Find time for strategic planning

    As a business owner, you know that it’s easy to spend nearly every working hour on the multitude of day-to-day...

    Posts

    7 steps to choosing a successor for your family business

    There’s an old saying regarding family-owned businesses: “Shirtsleeves to shirtsleeves in three generations.” It means the first-generation owner started in...

    Posts

    Congress passes biggest tax bill since 1986

    On December 20, the House passed the reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act of...

    Posts

    House and Senate tax bills head to reconciliation

    Early in the morning on December 2, the U.S. Senate passed its version of the Tax Cuts and Jobs Act...

    Posts

    Make New Year’s resolutions to improve profitability

    Many people scoff at New Year’s resolutions. It’s no mystery why — these self-directed promises to visit the gym regularly...

    Posts

    Should you buy a business vehicle before year end?

    One way to reduce your 2017 tax bill is to buy a business vehicle before year end. But don’t make...

    Posts

    Consider how tax reform would affect your financial statements

    Tax reform legislation might be enacted before year end. If it is, companies following U.S. Generally Accepted Accounting Principles (GAAP)...

    Posts

    Accrual-basis taxpayers: These year-end tips could save you tax

    With the possibility that tax law changes could go into effect next year that would significantly reduce income tax rates...

    Posts

    Getting around the $25 deduction limit for business gifts

    At this time of year, it’s common for businesses to make thank-you gifts to customers, clients, employees and other business...

    Posts

    Demystifying the audit process

    Independent auditors provide many benefits to business owners and management: They can help uncover errors in your financials, identify material...

    Posts

    Could an FSA offer the benefits flexibility you need?

    Business owners have to make tough choices when it comes to providing benefits to their employees. Many companies, especially newer...

    Posts

    Tax Reform – The Senate’s version

    The Senate’s version of a Tax Reform Bill has a similar frame, but some specific differences. As far as we...

    Posts

    Update your estate plan to reflect your second marriage

    If you’re in a second marriage or planning another trip down the aisle, it’s vital to review and revise (if...

    Posts

    2017 might be your last chance to hire veterans and claim a tax credit

    With Veterans Day on November 11, it’s an especially good time to think about the sacrifices veterans have made for...

    Posts

    House Tax Reform Bill- The beginning but maybe not the end

    Last week the House released their 429 page tax reform bill. The process to actual tax reform is long and...

    Posts

    The write stuff: A letter of instructions

    When you draft an estate plan, the centerpiece is your will or living trust. Such a document determines who gets...

    Posts

    Fortifying your business with enterprise risk management

    Hundreds of years ago, prosperous towns managed the various risks of foreign invaders, thieves and wild animals by fortifying their...

    Posts

    Research credit can offset a small business’s payroll taxes

    Does your small business engage in qualified research activities? If so, you may be eligible for a research tax credit...

    Posts

    Minimize inventory, services to make your financials shine

    Your business financials — where they stand currently and where they might be going next year — are incredibly important....

    Posts

    Weigh your options for cashing in on outstanding invoices

    How long will you take to collect the outstanding receivables that are reported on your balance sheet? Many companies take...

    Posts

    How to maximize deductions for business real estate

    Currently, a valuable income tax deduction related to real estate is for depreciation, but the depreciation period for such property...

    Posts

    A dynasty trust keeps on giving long into the future

    With a properly executed estate plan, your wealth can be enjoyed by your children and even their children. But did...

    Posts

    Valuation often affects succession plans in hard-to-see ways

    Any business owner developing a succession plan should rightfully assume that regular business valuations are a must. When envisioning the...

    Posts

    Which tax-advantaged health account should be part of your benefits package?

    On October 12, an executive order was signed that, among other things, seeks to expand Health Reimbursement Arrangements (HRAs). HRAs...

    Posts

    How do your accounting estimates measure up?

    Today’s businesses face unprecedented uncertainty — from geopolitical risks and cyberthreats to tax and regulatory reforms. So, management’s historical means...

    Posts

    Who should own your life insurance policy?

    If you own life insurance policies at your death, the proceeds will be included in your taxable estate. Ownership is...

    Posts

    Accelerate your retirement savings with a cash balance plan

    Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans. Typically, they’re...

    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...

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