Most businesses have dealt with multiple crises over the past year. Fraud is the last thing you need right now. But if it happens, a fraud contingency plan can provide structure for your investigation and help limit financial losses. Your response plan should focus on schemes that are the most likely and that could result
Joan Ellenbogen
Jan 20, 2021
Make your fraud contingency plan a blueprint for swift action
- By Joan Ellenbogen
- Fraud
- 0 Comments
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Jan 14, 2021
Valuing noncash donations: A cheat sheet
- By Joan Ellenbogen
- Non-Profit
- 0 Comments
Many not-for-profits experience a flood of last-minute donations at the end of the year. Although cash is easy to value, valuing noncash property donations is trickier. If you’re struggling to assign amounts to contributions — either for a donor or your own records — review this cheat sheet. Price on the open market Most noncash
Jan 7, 2021
New law doubles business meal deductions and makes favorable PPP loan changes
- By Joan Ellenbogen
- Business
- 0 Comments
The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA), which also includes other laws within it. Business meal deduction increased The new law
Jan 5, 2021
Does your estate plan clearly communicate your wishes?
- By Joan Ellenbogen
- Estate
- 0 Comments
Precise language is critical in estate planning documents. A lack of clarity is an invitation to litigation. An example of this is the dispute that arose after Tom Petty’s death between his widow and his two daughters from a previous marriage. In this case, it appears that his trust appointed his widow as “directing trustee,”
Dec 30, 2020
2021 Q1 tax calendar: Key deadlines for businesses and other employers
- By Joan Ellenbogen
- Business, Taxes
- 0 Comments
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. 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
Dec 22, 2020
Drive more savings to your business with the heavy SUV tax break
- By Joan Ellenbogen
- Business, Taxes
- 0 Comments
Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind. A cap on deductions Cars are subject to more restrictive tax depreciation rules than those that apply to other depreciable assets. Under so-called “luxury auto” rules, depreciation deductions are artificially “capped.” So is the
Dec 16, 2020
Can you qualify for a medical expense tax deduction?
- By Joan Ellenbogen
- Taxes
- 0 Comments
You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. But with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes. Itemizers must meet a threshold For
Dec 8, 2020
When investigating fraud, beware of bias
- By Joan Ellenbogen
- Fraud
- 0 Comments
If you’re investigating potential fraud in your organization, you need to guard against bias. Although it’s hard to eradicate all preconceptions, unchecked bias can lead to erroneous conclusions, including that an innocent employee is guilty. Be particularly careful about identity-based bias (based on gender, race, etc.) as well as favoritism that might exempt certain individuals
Dec 2, 2020
Small businesses: Cash in on depreciation tax savers
- By Joan Ellenbogen
- Business
- 0 Comments
As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you may benefit from the Section 179 depreciation tax deduction for business property. The election provides a tax windfall to businesses, enabling them to claim immediate
Nov 25, 2020
Employees: Don’t forget about your FSA funds
- By Joan Ellenbogen
- Employees, Taxes
- 0 Comments
Many employees take advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible spending arrangements (FSAs). As the end of 2020 nears, here are some rules and reminders to keep in mind. Health FSAs A pre-tax contribution of $2,750 to a health FSA is permitted in both