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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 […]

Trust written on a piece of paper ripped in half

Estate planning advisors recommend that you periodically revisit your estate plan because of changing circumstances. An irrevocable trust that works fine when it’s established may no longer achieve its original goals if your family circumstances change or new tax laws go into effect. If you have one or more trusts in need of repair, you […]

Elderly woman sitting at the table counting money in her wallet.

Every year, thousands of seniors are financially exploited by family members, caregivers and others. But you can help put a stop to elder fraud. Pay attention if a senior seems afraid of his or her guardian or if a caregiver prevents a charge from speaking for him- or herself. And be suspicious if the elder […]

A last will and testament on a table

Estate planning is often associated with the division of your assets, and this is certainly a key component. It’s typically accomplished, for the most part, by drafting a will, which is the foundation of an estate plan. With a valid will, you determine who gets what. It can cover everything from the securities in your […]

A women looking at stocks on a computer

If you’re planning to sell assets at a loss to offset gains that have been realized during the year, it’s important to be aware of the “wash sale” rule. Under this rule, if you sell stock or securities for a loss and buy substantially identical stock or securities back within the 30-day period before or […]

Blueprints and a hard hat with the words Cost Segregation Study

Is your business depreciating over 30 years the entire cost of constructing the building that houses your operation? If so, consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits are now even greater than […]

Numbers on a colorful background

Benford’s Law is a long-standing statistical precept that remains as relevant in fighting fraud as ever. The premise is that, in sets of random data, multidigit numbers beginning with 1, 2 or 3 are more likely to occur than those starting with 4 through 9. But crooks don’t necessarily know this. When manipulating financial data, […]

Paper with Self-Directed IRA written on it

Traditional and Roth IRAs can be powerful estate planning tools. With a “self-directed” IRA, you may be able to amp up the benefits of these tools by enabling them to hold nontraditional investments that offer potentially greater returns. Self-directed IRAs offer the same estate planning benefits as traditional IRAs, but they allow you to transfer […]

Money wrapped as a gift with a large bow

As we head toward gift-giving season, you may be considering giving cash or securities to your loved ones. Taxpayers can transfer amounts free of gift taxes to their children or others each year through the use of the annual federal gift tax exclusion. For 2019, the exclusion is $15,000 to each person. If you’re married, […]

A hand holds out a money bag

Certain activities can increase a not-for-profit’s risk of losing its tax-exempt status. These include ignoring the IRS’s private benefit and private inurement provisions. A private benefit is any payment made by a nonprofit that’s beyond reasonable compensation for the services provided or goods sold or for services or products that don’t further your tax-exempt purpose. […]

OOPS text on the colorful buttons of the keyboard.

The Web has opened plenty of new avenues for criminal behavior. For example, you may have heard of cybersquatting. Someone registers a site’s domain name that includes a trademark and then tries to profit by selling that name to the trademark owner. But are you familiar with typosquatting? You should be — because these schemes […]

Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution is taxable to you as a shareholder but it’s not deductible by the corporation. But there are several alternatives that may allow you to withdraw […]

Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution is taxable to you as a shareholder but it’s not deductible by the corporation. But there are several alternatives that may allow you to withdraw […]

An acrimonious divorce, ownership dispute or occupational theft incident could all lead an individual or business to wrongfully hide items of value. In such cases, fraud experts use a variety of tools to uncover the assets, starting with net worth analysis. This looks at changes in a person’s worth, reconciling those changes with income and […]

Traditionally, trusts used in estate planning contain “Crummey” withdrawal powers to ensure that contributions qualify for the annual gift tax exclusion. Today, the exclusion allows you to give up to $15,000 per year ($30,000 for married couples) to any number of recipients. Now that the gift and estate tax exemption has reached an inflation-adjusted $11.4 […]

Many not-for-profits use fundraising methods that cross state boundaries. If yours is one of them, it may need to register in multiple jurisdictions. But keep in mind that registration requirements vary, sometimes dramatically, from state to state. For example, some states exempt certain nonprofits from registering and others require them to register but drop annual […]

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth 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. October […]

In addition to the difficult personal issues that divorce entails, several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are four issues to understand if you are in the process of getting a divorce. Alimony or support payments. For […]