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Tuesday, 20 November

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Catch-up retirement plan contributions can be particularly advantageous post-TCJA

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 20, 2018 / No comments

Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) up to the regular annual limit? Then you may want to make “catch-up” contributions by the end of the year. Increasing your retirement plan contributions

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Tax reform expands availability of cash accounting

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 19, 2018 / No comments

Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash method offers greater tax-planning flexibility, allowing some businesses to defer taxable income. Newly eligible businesses should determine whether the cash method would be advantageous and, if so, consider

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Why Revenue Matters in an Audit

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 16, 2018 / No comments

For many companies, revenue is one of the largest financial statement accounts. It’s also highly susceptible to financial misstatement. When it comes to revenue, auditors customarily watch for fictitious transactions and premature recognition ploys. Here’s a look at some examples of critical issues that auditors may target to prevent and detect improper revenue recognition tactics.

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Should You Name a Trust as IRA Beneficiary?

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 15, 2018 / No comments

An IRA is a popular vehicle to save for retirement, and it can also be a powerful estate planning tool. Some people designate a trust as beneficiary of their IRAs, but is that a good idea? The answer: possibly. IRA benefits The benefit of an IRA is that your contributions can grow and compound on

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It’s Not Too Late: You Can Still Set Up a Retirement Plan For 2018

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 14, 2018 / No comments

If most of your money is tied up in your business, retirement can be a challenge. So if you haven’t already set up a tax-advantaged retirement plan, consider doing so this year. There’s still time to set one up and make contributions that will be deductible on your 2018 tax return! More benefits Not only

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Mutual funds: Handle With Care at Year End

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 13, 2018 / No comments

As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. Here are some tips. Avoid surprise capital gains Unlike with stocks, you can’t avoid capital gains on mutual funds simply by holding on to the shares.

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Buy Business Assets Before Year End to Reduce Your 2018 Tax Liability

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 12, 2018 / No comments

The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year. That means there’s still time to reduce your 2018 tax liability

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Review and Revise Your Estate Plan to Reflect Life Changes During the Past Year

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 9, 2018 / No comments

Your estate plan shouldn’t be a static document. It needs to change as your life changes. Year end is the perfect time to check whether any life events have taken place in the past 12 months or so that affect your estate plan. And the plan should be reviewed periodically anyway to ensure that it

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Offering COBRA to a terminated employee’s domestic partner

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 9, 2018 / No comments

Many employers offer coverage to employees’ domestic partners under their health care plans. If your organization does so, you need to determine what rights domestic partners have regarding COBRA insurance. General principles One common question for employers is whether terminated employees may elect to continue COBRA coverage for their domestic partners. The answer is yes;

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LIFO Lessons Learned

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 8, 2018 / No comments

You have choices when it comes to reporting inventory costs. One popular technique — the last-in, first-out (LIFO) method — assumes that merchandise is sold in the reverse order it was acquired or produced. That is, it allocates the most recent costs to the cost of sales. Although this method is often preferred for tax

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