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    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...

    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

    GAAP vs. tax-basis reporting: Choosing the right model for your business

    Virtually every business must file a tax return. So, some private companies issue tax-basis financial statements, rather than statements that...

    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...

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