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3 Under-The-Radar Aspects of Payroll Recordkeeping

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 30, 2018 / No comments

The phrase “payroll recordkeeping” may conjure images of paystubs and W-4s. But there are other aspects that often fly under the radar and lead to administrative slip-ups. Here are three examples. Fringe benefit records The tax code provides an explicit recordkeeping requirement for employers with enumerated fringe benefit plans, such as: Health insurance, Cafeteria plans,

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Consider an Intrafamily Loan to Cover Estate Taxes

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 29, 2018 / No comments

Sometimes estates that are large enough for estate taxes to be a concern are asset rich but cash poor, without the liquidity needed to pay those taxes. An intrafamily loan is one option. While a life insurance policy can be used to cover taxes and other estate expenses, a benefit of using an intrafamily loan

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When holiday gifts and parties are deductible or taxable

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 26, 2018 / No comments

The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the expense is tax deductible and whether it’s taxable to the recipient. Here’s

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Would a Roth 401(k) plan suit your employees?

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 26, 2018 / No comments

Roth 401(k) accounts have been around for quite a while. But many employers still don’t offer them and many employees still don’t understand them. As the name implies, these plans are a hybrid — taking some characteristics from Roth IRAs and some from traditional employer-sponsored 401(k)s. When considering (or reconsidering) your retirement plan options, look

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What do the 2019 cost-of-living adjustments mean for you?

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 21, 2018 / No comments

The IRS has announced its 2019 cost-of-living adjustments to tax items that might affect you. Many of the amounts increased to account for inflation, but some remained at 2018 levels. As you implement 2018 year-end tax planning strategies, be sure to take these 2019 adjustments into account in your planning. Bear in mind that, under

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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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