19 Sep 2019

In addition to the difficult personal issues that divorce entails, several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are four issues to understand if you are in the process of getting a divorce. Alimony or support payments. For […]

18 Sep 2019

Many not-for-profits increase their occupational theft risk by devoting too little of their budget to internal controls, placing excessive trust in staffers and volunteers and failing to punish fraud perpetrators appropriately. Board members who lack the financial knowledge to spot irregularities are another risk. Because your organization likely can’t afford any fraud losses, you need […]

17 Sep 2019

If philanthropy is an important part of your estate planning legacy, consider taking steps to ensure that your donations are used to fulfill your intended charitable purposes. One way to help preserve your charitable legacy is to place restrictions on the use of your gifts. For example, you might limit the use of your funds […]

12 Sep 2019

If you’re a small business owner or you’re involved in a start-up, you may want to set up a tax-favored retirement plan for yourself and any employees. Several types of plans are eligible for tax advantages. 401(k) plan One of the best-known retirement plan options is the 401(k) plan. It provides for employer contributions made […]

11 Sep 2019

Fraud experts have long suggested that the presence of three conditions (pressure, rationalization and opportunity) greatly increases the likelihood that an employee will commit fraud. This is known as the “fraud triangle.” Over the years, the original triangle framework has been expanded to add capability (generally fraud-prone personality characteristics) to define a “fraud diamond.” Other […]

10 Sep 2019

If you’re self-employed and don’t have paycheck withholding, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The 3rd 2019 estimated tax payment deadline for individuals is Monday, Sept. 16. Even if you do have some withholding from paychecks or other payments, you may […]

05 Sep 2019

If you’re lucky enough to be a winner at gambling or the lottery, congratulations! But be aware there are tax consequences. You must report 100% of your winnings as taxable income. If you itemize deductions, you can deduct losses but only up to the amount of winnings. You report lottery winnings as income in the […]

04 Sep 2019

According to the Association of Certified Fraud Examiners, active detection methods (such as surprise audits or data monitoring) are far more effective than passive methods (such as confessions or notification by police). To reduce the duration of any fraud scheme and lower overall financial losses, companies should use such active detection methods as IT controls, […]

03 Sep 2019

As teachers head back to school, they often pay expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct some of them on their tax returns. You don’t have to itemize your deductions to claim this “above-the-line” tax break. For 2019, educators can deduct up to $250 of eligible expenses that […]