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You may have heard about a proposal in Washington to cut the taxes paid on investments by indexing capital gains to inflation. Under the proposal, the purchase price of assets would be adjusted so that no tax is paid on the appreciation due to inflation. While the fate of such a proposal is unknown, the […]

Companies usually take steps to prevent outsiders from infiltrating their organizations and stealing trade secrets. Yet in most cases, the greater danger is internal. Employees may take sensitive information when they leave, or sell it to rivals while still employed. Stop this theft by identifying sensitive information to be protected and where it’s vulnerable. Then […]

When planning your estate, you’re likely to focus on major assets, such as real estate, investments and retirement plans. But it’s also important to “sweat the small stuff” (your tangible personal property). Examples include jewelry, antiques and photographs. Your heirs may squabble over these items, which can lead to emotionally charged disputes and even litigation. […]

The “dark web” has long provided refuge to criminals. Now it’s home to educational fraud guides that provide would-be hackers with detailed instructions on how to breach network security systems with technical and social engineering tools. The guides cover everything from account takeovers to phishing to counterfeit documents to stolen credit cards. An analysis of […]

Small businesses may find it beneficial to barter for goods and services instead of paying cash for them. If your business engages in bartering, be aware that the fair market value of goods that you receive in bartering is taxable income. And if you exchange services with another business, the transaction results in taxable income […]

The IRS’s staffing shortages have been well publicized. But it’s a mistake to assume that the agency has stopped scrutinizing not-for-profits. Don’t panic if you receive an audit letter. The letter will inform about whether the IRS is conducting an in-person, field audit or a correspondence audit. This second type simply requires you to send […]

If payroll taxes withheld from employees’ paychecks aren’t remitted to the IRS, a severe tax penalty can be personally imposed on “responsible” individuals. The IRS can assess a penalty of 100% of the unpaid tax amount on shareholders, owners, directors, officers, employees and others. The Trust Fund Recovery Penalty (or “100% Penalty”) is assessed when […]

Kickbacks return a portion of the money exchanged in a business transaction as compensation for favorable treatment. They’re illegal, but you may have trouble identifying kickbacks because they’re often disguised as gifts, travel or entertainment. The main difference is the gift-giver’s intent. Your employees shouldn’t accept gifts offered to improperly influence business decisions or that […]

Do you want to control costs and improve delivery of your not-for-profit’s programs and services? It may not be as difficult as you think. First, you need to know how much of your nonprofit’s expenditures go toward programs, as opposed to administrative and fundraising costs. Then you must determine how much you need to fund […]

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. 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. July […]

An employee’s undisclosed conflict of interest can be a serious breach of fiduciary duty to an employer. In fact, when conflicts of interest exist, companies often suffer financial consequences. Uncovering conflicts, particularly when employees are profiting from them, can be difficult. Instead, focus on prevention. Create and communicate a conflict of interest policy that contains […]

If you hire from certain “targeted groups” and get proper certification, you can claim the Work Opportunity Tax Credit (WOTC) on your 2019 tax return. You can claim it for eligible workers whose employment begins before January 1, 2020. Targeted groups include qualified veterans, eligible summer youth, the long-term unemployed, ex-felons and certain government assistance […]

If you’re interested in purchasing an electric or hybrid vehicle, you may be eligible for a federal tax credit of up to $7,500. (Depending on where you live, there may also be state tax breaks.) However, the federal credit is subject to a phaseout rule that may reduce or eliminate the tax break based on […]

Despite the National Do Not Call registry and features such as caller ID, phone fraud is thriving in the mobile phone era. Using spoofed numbers — which appear to be connected to legitimate government offices and businesses or that resemble your own number — fraud perpetrators say anything and everything to try to steal your […]

Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a few extra days of vacation and offset some of the cost with a tax deduction. But be careful, or you […]

Your not-for-profit’s ability to pursue its mission depends greatly on its financial health and integrity. If your nonprofit is growing and your executives are struggling to juggle financial responsibilities but you’re not ready to hire a full-time chief financial officer (CFO), consider our CFO on Demand services. CFO on Demand is a specialized service we […]

Planning your estate around specific assets is risky and, in most cases, should be avoided. If you leave specific assets, such as homes, cars or stock, to specific people, you may inadvertently disinherit them or leave them less than you intended. This can happen because you sell the assets and neglect to revise your will […]

Defrauded companies lose a median $130,000. But construction companies are hit even harder, with a median loss of $227,000. What can you do to protect your construction business? Tighten your internal controls. In addition to conducting surprise audits, segregate duties — meaning that more than one person handles accounting tasks. Require employee vacations, and have […]

If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free or low-taxed income, Realize payroll […]

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in […]