19 Jan 2017

In December, Congress passed the 21st Century Cures Act. The long and complex bill covers a broad range of health care topics, but of particular interest to some businesses should be the Health Reimbursement Arrangement (HRA) provision. Specifically, qualified small employers can now use HRAs to reimburse employees who purchase individual insurance coverage, rather than […]

17 Jan 2017

Say that your not-for-profit’s investment portfolio has recently grown in size and complexity due to a new endowment. Yet your staff doesn’t have the time or expertise to wisely invest and monitor these funds. This is probably the time to hire an investment advisor — but how do you find the best person to make […]

12 Jan 2017

For many people, the cost of medical care keeps going up. So if possible, you should find ways to claim tax breaks related to health care. Unfortunately, it can be difficult because there’s a threshold for deducting itemized medical expenses that can be tough to meet. To make matters worse, the threshold for senior taxpayers […]

11 Jan 2017

If your elderly parent’s mental state is deteriorating to the point where he or she is unable to manage day-to-day activities, it may be time to make the difficult decision to have him or her declared incapacitated. But how do you know if such action is necessary? 2 key questions Knowing the answers to these […]

04 Jan 2017

When a company reissues or revises its financial statements, some people automatically assume that management is cooking the books. But misinterpretations, errors and misclassifications may happen as management struggles with today’s complex accounting rules. In fact, the probability of error likely increases as the complexity of transactions increases. Examples of hard-to-report activities include hedging, issuing […]

03 Jan 2017

If you own intellectual property (IP), such as a patent or copyright, you need to know how to account for it in your estate plan. These intangible assets can be highly valuable, and you’ll want them to be handled according to your wishes after you die. 2 important questions IP generally falls into one of […]

30 Dec 2016

Not-for-profits generally benefit from corporate volunteer programs — but not always. So if you’re considering a corporate partnership, you need to make sure that it really will be mutually beneficial. Win-win It’s easy to understand the appeal of volunteer programs for companies. Volunteering in the community boosts a company’s reputation, raises its visibility, provides team-building […]

27 Dec 2016

There are many ways to save for a child’s or grandchild’s education. But one has annual contribution limits, and if you don’t make a 2016 contribution by December 31, the opportunity will be lost forever. We’re talking about Coverdell Education Savings Accounts (ESAs). How ESAs work With an ESA, you contribute money now that the […]

22 Dec 2016

Your inventory accounting method can significantly affect your tax bill. If your inventory costs typically rise over time, using the last-in, first-out (LIFO) method, rather than first-in, first-out (FIFO), generally will save tax. By allocating the most recent (and, therefore, higher) costs first, LIFO maximizes cost of goods sold, which minimizes taxable income. But there […]