15 Jan 2019

Retirement plan contribution limits are indexed for inflation, and many have gone up for 2019, giving you opportunities to increase your retirement savings: Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans: $19,000 (up from $18,500) Contributions to defined contribution plans: $56,000 (up from $55,000) Contributions to SIMPLEs: $13,000 (up from $12,500) Contributions to IRAs: […]

10 Jan 2019

Business owners engaged in fraudulent activities often try to manipulate their companies’ financial statements. Fortunately for fraud experts, business owners’ tax returns aren’t as easy to misrepresent. Certain items on an owner’s Form 1040 can reveal hidden assets and income sources, particularly lines reporting income from wages, tax-exempt interest income, retirement plan distributions and refunds. […]

09 Jan 2019

There aren’t too many things businesses can do after a year ends to reduce tax liability for that year. But you might be able to pay employee bonuses for 2018 in 2019 and still deduct them on your 2018 tax return. To be eligible for this favorable tax treatment, you must be an accrual-basis taxpayer […]

08 Jan 2019

Communication breakdowns between a not-for-profit’s development and accounting departments can lead to confusion, embarrassment and even financial problems. Here are three ways your organization can facilitate cooperation between these two critical functions. 1. Recognize differences Accounting and development typically record their financial information differently, which is why they can produce numbers that vary but nonetheless […]

27 Dec 2018

Are you harboring fictitious vendors in your accounting system? These are vendors invented by an employee — usually someone with the authority to approve invoices — to embezzle from the company. Thieves fabricate invoices and deposit payments to the fictitious vendor in their own bank accounts. This scam is easier to perpetrate in companies with […]

26 Dec 2018

To err is human, but some errors are more consequential — and harder to fix — than others. Most not-for-profit organizations can’t afford to lose precious financial resources, so you need to do whatever possible to minimize accounting and tax mistakes. Get started by considering the following five questions: Have we formally documented our accounting […]

19 Dec 2018

Gift cards offer businesses a convenient way to reward employees and thank customers. However, gift card scams targeting companies are popular and becoming more so. Since January 2017, losses have topped $1 million. In a typical scheme, fraudsters send employees “spoofed” emails asking them to buy multiple gift cards on behalf of a company executive. […]