Responding to an employee’s request for a service dog
Posted October 4, 2019 / No comments
There are thousands of service dogs hard at work in the United States today. Assuming it hasn’t happened already, you may eventually field a request from either a new hire or existing employee to bring one of these animals into your workplace. It’s critical in such instances to take the request seriously and understand your
Read MoreInternal audit 2.0: Paperless and continuous auditing trends
Posted October 4, 2019 / No comments
Technology is altering the traditional approach to internal audits. Instead of reviewing reams of paperwork, today’s auditor is learning to use electronic records. In turn, going paperless facilitates a concept known as “continuous auditing,” where internal auditors continually gather data to support their procedures. Here’s how your business can modernize this process. Targeting specific areas
Read MoreIs a self-directed IRA right for you?
Posted October 3, 2019 / No comments
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. However, self-directed IRAs present pitfalls that can lead to unfavorable tax consequences. Consequently, you need to handle
Read MoreMeasuring fair value for financial reporting
Posted October 1, 2019 / No comments
Business assets are generally reported at the lower of cost or market value. Under this accounting principle, certain assets are reported at fair value, such as asset retirement obligations and derivatives. Fair value also comes into play in M&A transactions. That is, if one company acquires another, the buyer must allocate the purchase price of
Read MoreTake advantage of the gift tax exclusion rules
Posted October 1, 2019 / No comments
As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes to their children and others each year through the use of the annual federal gift tax exclusion. The amount is adjusted for inflation annually. For
Read MoreCash balance plans offer an intriguing pension possibility
Posted September 30, 2019 / No comments
Pension plans aren’t as popular as they used to be. For years now, employers have been moving from defined benefit plans (pensions) to defined contribution plans such as 401(k)s. But one type of hybrid pension that remains relatively popular is the cash balance plan. Examining the concept With a cash balance plan, the employer commits
Read MoreThe chances of an IRS audit are low, but business owners should be prepared
Posted September 30, 2019 / No comments
Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018, the IRS audited approximately 0.6% of individuals. Businesses, large corporations and high-income individuals are more likely to be audited but, overall, audit rates are historically
Read MoreSec. 6166: Estate tax relief for family businesses
Posted September 26, 2019 / No comments
Fewer people currently are subject to transfer taxes than ever before. But gift, estate and generation-skipping transfer (GST) taxes continue to place a burden on families with significant amounts of wealth tied up in illiquid closely held businesses, including farms. Fortunately, Internal Revenue Code Section 6166 provides some relief, allowing the estates of family
Read MoreSmall businesses: Can’t offer an FSA? Consider a QSEHRA
Posted September 25, 2019 / No comments
Like many small business owners, you may be unable to sponsor a major medical plan at this time. Perhaps you’ve thought about sponsoring a health Flexible Spending Account (FSA) instead. Unfortunately, under federal regulations, you may not be able to do that either. There is, however, a relatively new option available to you. Compliance rationale
Read MoreBudgeting is key to a successful start-up
Posted September 24, 2019 / No comments
More than half of recent college graduates plan to start a business someday, according to the results of a survey published in August by the American Institute of Certified Public Accountants (AICPA). Unfortunately, the AICPA estimates that only half of new businesses survive the five-year mark, and only about one in three reach the 10-year
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