CATEGORY

  • All
  • Accounting & Audit
  • Alerts
  • Business
  • Charity
  • Compliance
  • Deductions
  • Education
  • Employees
  • Estate
  • Financial Planning
  • Fraud
  • Health Insurance
  • Non-profit
  • Retirement
  • Taxes
  • Trusts
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 […]

An Individual Income Tax Return form

When you file your tax return, you do so with one of five filing statuses. It’s possible that more than one status will apply. The box checked on your return generally depends in part on whether you’re unmarried or married on December 31. Here are the filing statuses: Single, married filing jointly, married filing separately, […]

Foreman control loading Containers box from Cargo freight ship

Fraud routinely targets import and export activity, and individual businesses suffer. Your company might, for example, lose money if a seller ships substandard goods or it could get fleeced if it turns out that a shipment doesn’t exist. Part of the problem lies in the document letters of credit (DLC) system that enables banks to […]

Notebook with pros and cons list for Roth 401(k) and Traditional 401(k)

Does your employer offer a 401(k) or Roth 401(k) plan? Contributing to it is a taxwise way to build a nest egg. If you’re not already socking away the maximum allowed, consider increasing your contribution between now and year end. With a 401(k), an employee elects to have a certain amount of pay deferred and […]

high angle view of young woman in rubber gloves cleaning office table

“Creepers” are thieves who gain access to a company’s office or other physical facilities via unlocked doors and social engineering tactics. Once in, they steal proprietary information, inventory, computers and personal property, or gather information that makes it easier to hack your network. To prevent creepers from robbing your business, install security cameras, keep doors […]

Form 1099-MISC

A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors and others. You may have to send 1099-MISC forms to those whom you pay nonemployee compensation, as well as file copies with the IRS. This task can be time consuming and […]

100% Penalty stamp on a white background

Managing payroll is a laborious task for small businesses. But it’s critical to withhold the right amount of taxes from employees and pay them over to the federal government on time. If you don’t, you could be hit with the Trust Fund Recovery Penalty, also known as the 100% penalty. It applies to the Social […]

A women presenting a clipboard of data charts

To fulfill their fiduciary duties, your not-for-profit’s board needs information. You don’t want to bog them down with superfluous reading material. But there are three general types of information you should share. The first is financial, including copies of your Form 990, audit results and quarterly financial reports with income and expense information. The second […]