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Three generations of women; mother, daughter, & granddaughter

For 2020, the lifetime gift and estate tax exemption has reached a whopping $11.58 million ($23.16 million for married couples). As a result, few people will be subject to federal gift taxes. If your wealth is well within the exemption amount, does that mean there’s no need to file gift tax returns? Not necessarily. There […]

Three employees having a meeting

Whether an employee has alleged harassment or reported a coworker for fraud, your company needs to handle misconduct complaints seriously. Several best practices can help you get to the bottom of an allegation quickly and avoid legal complications. For example, take every precaution to maintain confidentiality, both for the accuser and accused. Also maintain detailed […]

Timeline with a pushpin at 2020

An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2020 at $137,700 (up from $132,900 […]

A women sorting clothes to be donated

The deductibility of most charitable gifts hasn’t changed since passage of the Tax Cuts and Jobs Act, but some recordkeeping requirements have. Helping your donors who itemize deductions understand the rules and benefits of their gifts can strengthen your not-for-profit’s ties with them — and may help increase contributions. Allowable deductions Generally, donors can deduct […]

Puzzle pieces on a table and the last piece doesn’t fit

Not-for-profit board directors, trustees and key employees must not have a direct or indirect financial interest in a transaction or arrangement that might benefit them personally. This is why nonprofits are required to have a written conflict-of-interest policy. To stress the importance of this requirement, the IRS asks you to acknowledge the existence of a […]

Two people running on a trail

Virtually everyone needs an estate plan, but it isn’t a one-size-fits-all proposition. Even though each person’s situation is unique, general guidelines can be drawn depending on your current stage of life. If you’ve gotten married, for example, now is the time to build the foundation for your estate plan. And, if you’ve recently started a […]

Hands reaching for money on hooks

A Small Business Administration (SBA) loan can make big things happen for your company. But the agency’s loan program is sometimes abused by con artists. Be wary of businesses that charge upfront fees to help you apply for an SBA loan, even if they’re couched as “processing” or “credit check” fees. High-pressure tactics, such as […]

A women working on her laptop

Technology has made it easier to work from home. However, just because you have a home office doesn’t mean you can deduct expenses associated with it on your tax return. In order to be deductible, you must be self-employed and the space must be used regularly and exclusively for business purposes. If you qualify, there […]

While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension […]

Shopping cart full of packages on top of a laptop

In a 2018 decision, the U.S. Supreme Court expanded the power of states to collect sales tax from remote sellers. Today, nearly every state with a sales tax has enacted a similar law. So if your company does business across state lines, it’s a good idea to reexamine your sales tax obligations. If you make […]

Image of a courtroom

Some fraud schemes refuse to die. Jury duty scams existed long before phishing, malware and other cybercrime methods became synonymous with identity theft. Yet just this month, the U.S. Marshals Service issued a fraud advisory about this old-school con that’s enjoying a resurgence. Common methods Here’s how jury duty scams work: Perpetrators posing as court […]

Two people exchanging gifts

The Tax Cuts and Jobs Act temporarily doubled the gift and estate tax exemption from $5 million to $10 million (adjusted annually for inflation) for gifts made or estates of decedents dying after Dec. 31, 2017, and before Jan. 1, 2026. However, after 2025, the exemption is scheduled to drop back to pre-2018 levels. To […]

Bicycle food delivery service being delivered to women

The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people who perform these jobs, such as providing car rides, renting spare bedrooms, delivering food, walking dogs or providing other services. Basically, if you receive income […]

A person entering medical information on a tablet

Like many sectors of the economy, the healthcare industry regularly suffers data breaches. Healthcare analytics company Protenus has found that nearly 32 million patient records were breached between January and June 2019 alone. Alarmed? You should be. However, there are steps you can take to reduce the risk that thieves will get a hold of […]

Mother and Father playing with a young child

If you’re adopting a child, or you adopted one this year, there may be significant tax benefits available to offset the expenses. For 2019, adoptive parents may be able to claim a nonrefundable credit against their federal tax for up to $14,080 of “qualified adoption expenses” for each adopted child. (This amount is increasing to […]

2020 First Quarter Calendar

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020. 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. January […]

You may suspect that an employee has stolen from your company. But without evidence of a crime, you’ll have a hard time pursuing prosecution. If you discover fraud, first call your attorney, then take steps to preserve the evidence. Paper documents should be handled as little as possible and stored in a safe location. So […]

A hand holds out a hourglass

You may still have time to reduce your federal tax liability by taking certain steps. For example, contribute the maximum to your retirement plans by year end, including traditional IRAs and SEP plans. Another idea: If you make your Jan. 2020 payment this month, you can deduct the interest portion on your 2019 tax return […]

Man on the phone at a computer reviewing document

Is your not-for-profit thinking about merging or restructuring? Recently, the IRS made the process easier for some organizations. Under previous IRS rules, nonprofits were required to file new exemption applications when they made certain changes to their structure. Each change was seen as creating a new legal entity that needed an exemption application. Under Revenue […]

Business partners shaking hands with one of them holding fingers crossed behind back.

Fraud suspicions are hard enough to investigate if you’re a business owner and call the shots. But what if you’re a limited partner (LP) in a business where a general partner (GP) is possibly engaged in mismanagement, self-dealing or fraud? For example, a GP may control or own another company that provides goods or services […]