We invite you to read about news, developments and other items of interest concerning tax and accounting matters.

The tax implications of being a winner

The tax implications of being a winner If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the... Read More


Is it time to hire a CFO or controller?

Is it time to hire a CFO or controller? Many business owners reach a point where managing the financial side of the enterprise becomes overwhelming. Usually, this is a good... Read More


Taking a long-term approach to certain insurance documentation

Taking a long-term approach to certain insurance documentation After insurance policies expire, many businesses just throw away the paper copies and delete the digital files. But you may need to... Read More


The “kiddie tax” hurts families more than ever

The “kiddie tax” hurts families more than ever Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from... Read More


Take a closer look at home office deductions

Take a closer look at home office deductions Working from home has its perks. Not only can you skip the commute, but you also might be eligible to deduct home... Read More


Run your strategic-planning meetings like they really matter

Run your strategic-planning meetings like they really matter Many businesses struggle to turn abstract strategic-planning ideas into concrete, actionable plans. One reason why is simple: ineffective meetings. The ideas are... Read More


Businesses can utilize the same information IRS auditors use to examine tax returns

Businesses can utilize the same information IRS auditors use to examine tax returns The IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business... Read More


The “nanny tax” must be paid for more than just nannies

The “nanny tax” must be paid for more than just nannies You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply... Read More


The 1-2-3 of B2B marketing

The 1-2-3 of B2B marketing Does your business market its products or services to other companies? Or might it start doing so in the future? If so, it’s critical to... Read More


Summer: A good time to review your investments

Summer: A good time to review your investments You may have heard about a proposal in Washington to cut the taxes paid on investments by indexing capital gains to inflation.... Read More


It’s a good time to buy business equipment and other depreciable property

It’s a good time to buy business equipment and other depreciable property There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a... Read More


Is your accounting software living up to the hype?

Is your accounting software living up to the hype? Accounting software typically sells itself as much more than simple spreadsheet or ledger. The products tend to pride themselves on being... Read More


Volunteering for charity: Do you get a tax break?

Volunteering for charity: Do you get a tax break? If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on... Read More


M&A transactions: Avoid surprises from the IRS

M&A transactions: Avoid surprises from the IRS If you’re considering buying or selling a business — or you’re in the process of a merger or acquisition — it’s important that... Read More


Odd word, cool concept: Gamification for businesses

Odd word, cool concept: Gamification for businesses “Gamification.” It’s perhaps an odd word, but it’s a cool concept that’s become popular among many types of businesses. In its most general... Read More


Bartering: A taxable transaction even if your business exchanges no cash

Bartering: A taxable transaction even if your business exchanges no cash Small businesses may find it beneficial to barter for goods and services instead of paying cash for them. If... Read More


You may have to pay tax on Social Security benefits

You may have to pay tax on Social Security benefits During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax.... Read More


Grading the performance of your company’s retirement plan

Grading the performance of your company’s retirement plan Imagine giving your company’s retirement plan a report card. Would it earn straight A’s in preparing your participants for their golden years?... Read More


If your kids are off to day camp, you may be eligible for a tax break

If your kids are off to day camp, you may be eligible for a tax break Now that most schools are out for the summer, you might be sending your... Read More


Which entity is most suitable for your new or existing business?

Which entity is most suitable for your new or existing business? The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced... Read More


Put a number on your midyear performance with the right KPIs

Put a number on your midyear performance with the right KPIs We’ve reached the middle of the calendar year. So how are things going for your business? Conversationally you might... Read More


2019 Q3 tax calendar: Key deadlines for businesses and other employers

2019 Q3 tax calendar: Key deadlines for businesses and other employers Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019.... Read More


Is an HSA right for you?

Is an HSA right for you? To help defray health care costs, many people now contribute to, or are thinking about setting up, Health Savings Accounts (HSAs). With these accounts,... Read More


Hiring this summer? You may qualify for a valuable tax credit

Hiring this summer? You may qualify for a valuable tax credit Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for... Read More


Could you unearth hidden profits in your company?

Could you unearth hidden profits in your company? Can your business become more profitable without venturing out of its comfort zone? Of course! However, adding new products or services may... Read More


Donating your vehicle to charity may not be a taxwise decision

Donating your vehicle to charity may not be a taxwise decision You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive... Read More


Your succession plan may benefit from a separation of business and real estate

Your succession plan may benefit from a separation of business and real estate Like most businesses, yours probably has a variety of physical assets, such as production equipment, office furnishings... Read More


Thinking about moving to another state in retirement? Don’t forget about taxes

Thinking about moving to another state in retirement? Don’t forget about taxes When you retire, you may consider moving to another state — say, for the weather or to be... Read More


Employers: Be aware (or beware) of a harsh payroll tax penalty

Employers: Be aware (or beware) of a harsh payroll tax penalty If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over... Read More


Targeting and converting your company’s sales prospects

Targeting and converting your company’s sales prospects Companies tend to spend considerable time and resources training and upskilling their sales staff on how to handle existing customers. And this is,... Read More


The chances of IRS audit are down but you should still be prepared

The chances of IRS audit are down but you should still be prepared The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their... Read More


Tax-smart domestic travel: Combining business with pleasure

Tax-smart domestic travel: Combining business with pleasure 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,... Read More


Build long-term relationships with CRM software

Build long-term relationships with CRM software Few businesses today can afford to let potential buyers slip through the cracks. Customer relationship management (CRM) software can help you build long-term relationships... Read More


It’s a good time to check your withholding and make changes, if necessary

It’s a good time to check your withholding and make changes, if necessary Due to the massive changes in the Tax Cuts and Jobs Act (TCJA), the 2019 filing season... Read More


Hire your children this summer: Everyone wins

Hire your children this summer: Everyone wins If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits.... Read More


The simple truth about annual performance reviews

The simple truth about annual performance reviews There are many ways for employers to conduct annual performance reviews. So many, in fact, that owners of small to midsize businesses may... Read More


Selling your home? Consider these tax implications

Selling your home? Consider these tax implications Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in... Read More


Consider a Roth 401(k) plan — and make sure employees use it

Consider a Roth 401(k) plan — and make sure employees use it Roth 401(k) accounts have been around for 13 years now. Studies show that more employers are offering them... Read More


Buy vs. lease: Business equipment edition

Buy vs. lease: Business equipment edition Life presents us with many choices: paper or plastic, chocolate or vanilla, regular or decaf. For businesses, a common conundrum is buy or lease.... Read More


What type of expenses can’t be written off by your business?

What type of expenses can’t be written off by your business? If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find... Read More


Check on your refund — and find out why the IRS might not send it

Check on your refund — and find out why the IRS might not send it It’s that time of year when many people who filed their tax returns in April... Read More


Should your health care plan be more future-focused?

Should your health care plan be more future-focused? The pace of health care cost inflation has remained moderate over the past year or so, and employers are trying to keep... Read More


Plug in tax savings for electric vehicles

Plug in tax savings for electric vehicles While the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing — especially in... Read More


Prepare for the worst with a business turnaround strategy

Prepare for the worst with a business turnaround strategy Many businesses have a life cycle that, as life cycles tend to do, concludes with a period of decline and failure.... Read More


Casualty loss deductions: You can claim one only for a federally declared disaster

Casualty loss deductions: You can claim one only for a federally declared disaster Unforeseen disasters happen all the time and they may cause damage to your home or personal property.... Read More


How entrepreneurs must treat expenses on their tax returns

How entrepreneurs must treat expenses on their tax returns Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting... Read More


Three questions you may have after you file your return

Three questions you may have after you file your return Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are... Read More


Responding to the nightmare of a data breach

Responding to the nightmare of a data breach It’s every business owner’s nightmare. Should hackers gain access to your customers’ or employees’ sensitive data, the very reputation of your company... Read More


Divorcing business owners need to pay attention to tax implications

Divorcing business owners need to pay attention to tax implications If you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues... Read More


Understanding how taxes factor into an M&A transaction

Understanding how taxes factor into an M&A transaction Merger and acquisition activity has been brisk in recent years. If your business is considering merging with or acquiring another business, it’s... Read More


Be vigilant about your business credit score

Be vigilant about your business credit score As an individual, you’ve no doubt been urged to regularly check your credit score. Most people nowadays know that, with a subpar personal... Read More


Still working after age 70½? You may not have to begin 401(k) withdrawals

Still working after age 70½? You may not have to begin 401(k) withdrawals If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking... Read More


2019 Q2 tax calendar: Key deadlines for businesses and other employers

2019 Q2 tax calendar: Key deadlines for businesses and other employers Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter... Read More


An implementation plan is key to making strategic goals a reality

An implementation plan is key to making strategic goals a reality In the broadest sense, strategic planning comprises two primary tasks: establishing goals and achieving them. Many business owners would... Read More


Stretch your college student’s spending money with the dependent tax credit

Stretch your college student’s spending money with the dependent tax credit If you’re the parent of a child who is age 17 to 23, and you pay all (or most)... Read More


Careful tax planning required for incentive stock options

Careful tax planning required for incentive stock options Incentive stock options (ISOs) are a popular form of compensation for executives and other employees of corporations. They allow you to buy... Read More


Are your employees ignoring their 401(k)s?

Are your employees ignoring their 401(k)s? For many businesses, offering employees a 401(k) plan is no longer an option — it’s a competitive necessity. But employees often grow so accustomed... Read More


Could your business benefit from the tax credit for family and medical leave?

Could your business benefit from the tax credit for family and medical leave? The Tax Cuts and Jobs Act created a new federal tax credit for employers that provide qualified... Read More


5 ways to give your sales staff the support they really need

5 ways to give your sales staff the support they really need “I could sell water to a whale.” Indeed, most salespeople possess an abundance of confidence. One could say... Read More


The 2018 gift tax return deadline is almost here

The 2018 gift tax return deadline is almost here Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether... Read More


There’s still time for small business owners to set up a SEP retirement plan for last year

There’s still time for small business owners to set up a SEP retirement plan for last year If you own a business and don’t have a tax-advantaged retirement plan, it’s... Read More


Using knowledge management to develop your succession plan

Using knowledge management to develop your succession plan As the old saying goes, “Knowledge is power.” This certainly rings true in business, as those who best understand their industries and... Read More


Vehicle-expense deduction ins and outs for individual taxpayers

Vehicle-expense deduction ins and outs for individual taxpayers It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and... Read More


Will leasing equipment or buying it be more tax efficient for your business?

Will leasing equipment or buying it be more tax efficient for your business? Recent changes to federal tax law and accounting rules could affect whether you decide to lease or... Read More


Beware the Ides of March — if you own a pass-through entity

Beware the Ides of March — if you own a pass-through entity Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited... Read More


Don’t let scope creep ruin your next IT project

Don’t let scope creep ruin your next IT project Today’s business technology is both powerful and restive. No matter how “feature rich” a software solution or hardware asset may be,... Read More


The home office deduction: Actual expenses vs. the simplified method

The home office deduction: Actual expenses vs. the simplified method If you run your business from your home or perform certain functions at home that are related to your business,... Read More


Some of your deductions may be smaller (or nonexistent) when you file your 2018 tax return

Some of your deductions may be smaller (or nonexistent) when you file your 2018 tax return While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and... Read More


Best practices when filing a business interruption claim

Best practices when filing a business interruption claim Many companies, especially those that operate in areas prone to natural disasters, should consider business interruption insurance. Unlike a commercial property policy,... Read More


3 big TCJA changes affecting 2018 individual tax returns and beyond

3 big TCJA changes affecting 2018 individual tax returns and beyond When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you... Read More


When are LLC members subject to self-employment tax?

When are LLC members subject to self-employment tax? Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the... Read More


Why you shouldn’t wait to file your 2018 income tax return

Why you shouldn’t wait to file your 2018 income tax return The IRS opened the 2018 income tax return filing season on January 28. Even if you typically don’t file... Read More


Fundamental tax truths for C corporations

Fundamental tax truths for C corporations The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these... Read More


Refine your strategic plan with SWOT

Refine your strategic plan with SWOT With the year underway, your business probably has a strategic plan in place for the months ahead. Or maybe you’ve created a general outline... Read More


Investment interest expense is still deductible, but that doesn’t necessarily mean you’ll benefit

Investment interest expense is still deductible, but that doesn’t necessarily mean you’ll benefit As you likely know by now, the Tax Cuts and Jobs Act (TCJA) reduced or eliminated many... Read More


Depreciation-related breaks on business real estate: What you need to know when you file your 2018 return

Depreciation-related breaks on business real estate: What you need to know when you file your 2018 return Commercial buildings and improvements generally are depreciated over 39 years, which essentially means... Read More


Is your business stuck in the mud with its marketing plan?

Is your business stuck in the mud with its marketing plan? A good marketing plan should be like a network of well-paved, clearly marked roads shooting out into the world... Read More


Many tax-related limits affecting businesses increase for 2019

Many tax-related limits affecting businesses increase for 2019 A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s a look... Read More


There’s still time to get substantiation for 2018 donations

There’s still time to get substantiation for 2018 donations If you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your... Read More


Getting wise to the rise of “smart” buildings

Getting wise to the rise of “smart” buildings Nowadays, data drives everything — including the very buildings in which companies operate. If your business is considering upgrading its current facility,... Read More


What will your marginal income tax rate be?

What will your marginal income tax rate be? While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could see their... Read More


Higher mileage rate may mean larger tax deductions for business miles in 2019

Higher mileage rate may mean larger tax deductions for business miles in 2019 This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile... Read More


4 business functions you could outsource right now

4 business functions you could outsource right now One thing in plentiful supply in today’s business world is help. Orbiting every industry are providers, consultancies and independent contractors offering a... Read More


2 major tax law changes for individuals in 2019

2 major tax law changes for individuals in 2019 While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025... Read More


Is there still time to pay 2018 bonuses and deduct them on your 2018 return?

Is there still time to pay 2018 bonuses and deduct them on your 2018 return? There aren’t too many things businesses can do after a year ends to reduce tax... Read More


Economic damages: Recovering what was lost

Economic damages: Recovering what was lost A business can suffer economic damages arising from a variety of illegal conduct. Common examples include breach of contract, patent infringement and commercial negligence.... Read More


A review of significant TCJA provisions impacting individual taxpayers

A review of significant TCJA provisions impacting individual taxpayers Now that 2019 has begun, there isn’t too much you can do to reduce your 2018 income tax liability. But it’s... Read More


Taking the hybrid approach to cloud computing

Taking the hybrid approach to cloud computing For several years now, cloud computing has been touted as the perfect way for companies large and small to meet their software and... Read More


Change management doesn’t have to be scary

Change management doesn’t have to be scary Business owners are constantly bombarded with terminology and buzzwords. Although you probably feel a need to keep up with the latest trends, you... Read More


Reduce insurance costs by encouraging employee wellness

Reduce insurance costs by encouraging employee wellness Protecting your company through the purchase of various forms of insurance is a risk-management necessity. But just because you must buy coverage doesn’t... Read More


A strong BYOD policy combines convenience with security

A strong BYOD policy combines convenience with security It’s easy to understand why more and more businesses are taking a “bring your own device” (BYOD) approach to the smartphones, tablets... Read More


Donate appreciated stock for twice the tax benefits

Donate appreciated stock for twice the tax benefits A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can... Read More


Could “bunching” medical expenses into 2018 save you tax?

Could “bunching” medical expenses into 2018 save you tax? Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed... Read More


Consider all the tax consequences before making gifts to loved ones

Consider all the tax consequences before making gifts to loved ones Many people choose to pass assets to the next generation during life, whether to reduce the size of their... Read More


Choosing the right accounting method for tax purposes

Choosing the right accounting method for tax purposes The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method —... Read More


Keep an eye out for extenders legislation

Keep an eye out for extenders legislation The pieces of tax legislation garnering the most attention these days are the Tax Cuts and Jobs Act (TCJA) signed into law last... Read More