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A family limited partnership (FLP) can help you enjoy the tax benefits of transferring ownership in your business to the next generation yet allow you to retain control. The value of transferred interests is removed from your taxable estate. Discounts might reduce the value for tax purposes, and you can apply your $15,000 annual gift […]

To boost your company’s antifraud efforts, ask a fraud expert to provide employee training. A forensic accountant can make an on-site presentation that uses role-playing to help staff understand various fraud schemes and how perpetrators identify their victims’ vulnerabilities. A general presentation might cover cyberfraud, loan scams, fraudulent charitable solicitations and payroll and other accounting […]

An estate plan is effective only if you have some wealth to transfer to the next generation. One way to reduce investment risk is to diversify your holdings. But it’s not unusual for affluent people to end up with a significant portion of their wealth concentrated in one or two stocks. If you’ve been hesitant […]

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. October […]

If you suspect occupational fraud, you’ll want to engage financial and legal advisors to handle the investigation. But, before they arrive, you may need to perform interviews to help resolve doubts and obtain information. Aim for informal conversations and remain calm and nonthreatening. If you believe someone is withholding information, try asking more detailed questions. […]

Classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and other employee benefits. It also frees the business from responsibility for withholding income taxes and the worker’s share of payroll taxes. For these reasons, the federal government views misclassifying a […]

Licensing your not-for-profit’s name to a for-profit company can provide a valuable new revenue source — but it can also be risky. If you’re considering a licensing arrangement, ensure that the partnership really will generate funds and, possibly more important, a positive impression of your brand. Success . . . and controversy When licensing arrangements […]

The TCJA doubled the lifetime gift and estate tax exemption this year to an inflation-adjusted $11.18 million. But it can still pay to make lifetime gifts. First, gifting removes future appreciation from the estate, saving estate tax for taxpayers with very large estates. Second, the higher exemption isn’t permanent, so taxpayers who don’t have to worry […]

If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact. Wins and taxable income You must report 100% of your gambling winnings as taxable income. The value of complimentary goodies […]

Not-for-profits use special events to raise large amounts in a short period of time. Most often, the donor receives a direct benefit from the event — such as dinner or participation in a gaming activity. But special events don’t always meet their fundraising goals. In fact, organizations can lose money on them. Following these steps […]

The S corporation business structure offers many advantages, including limited liability for owners and no double taxation (at least at the federal level). But not all businesses are eligible, and S corps may not be quite as attractive from a tax perspective as they once were. The C corp tax rate is now only 21%, […]

Senior managers who override their companies’ fraud controls can cause costly damage. They may alter records, manipulate financial results or misstate the timing of transactions to hide financial problems. Signs that a manager is committing fraud include lax enforcement of internal controls, disputes with auditor findings and failure to correct known problems. To prevent overrides, […]

A not-for-profit’s growth stage generally runs from ages 2 to 7. This period comes with a sense of accomplishment, but also with challenges. Your board probably continues to be active in operations. However, it also must start working on policies, planning and evaluations for long-term sustainability. As programming grows, staffing needs increase as well. And […]

If you have a family member with a disability that requires long-term care or prevents him or her from being able to support him- or herself, consider a special needs trust (SNT). An SNT is an irrevocable trust designed to supplement, rather than replace, government assistance. To ensure that an SNT doesn’t disqualify the beneficiary […]

There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax Cuts and Jobs Act (TCJA), but the TCJA will reduce the number of taxpayers subject to the AMT. Now is a good time to familiarize […]

Under the TCJA, employees can no longer claim the home office deduction. But if you run a business from your home or are otherwise self-employed, this deduction may still be available to you. You might qualify if part of your home is used exclusively and regularly for administrative or management activities and you don’t have […]

In a world of increasing exposure to online security threats, it’s nice to be able to rely on voicemail for risk-free communication. The problem is, you can’t. Your voicemail system can easily be hacked if you don’t take some precautions. Passwords as passports In the most common scheme, hackers figure out the passwords for voicemail […]

Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. To discourage such strategies, Congress created the “kiddie” tax back in 1986. Since then, this tax has gradually become more far-reaching. Now, under the Tax […]

The Donor Bill of Rights was designed about 25 years ago as a blueprint of best practices for not-for-profits. Some critics have since asserted that the rights are out of date or not comprehensive enough. However, revisiting the list’s basic principles can help you build solid relationships with donors — and even boost fundraising. 10 […]

Private foundations are subject to strict conflict-of-interest rules and must work even harder than other not-for-profits to avoid perceptions of self-dealing. Transactions with “disqualified persons” (such as substantial contributors, managers, officers, directors and trustees) are generally off-limits. Examples of prohibited transactions include selling or leasing property to or from your foundation and making loans or […]