Do You Know the Tax Pitfalls of Mutual Funds
Here are two tax pitfalls to be aware of Investing in mutual funds is an easy way to diversify a portfolio, which is one reason why they’re commonly found in…
Short-term ACA Relief Now Available for Midsize and Large Employers
Recently released IRS final regulations for the Affordable Care Act’s (ACA’s) employer shared-responsibility provision provide some short-term relief for midsize and large employers. Under the ACA, the shared-responsibility provision (commonly…
Retirement Planning: When to Increase Contributions
Should you Increase your Retirement Plan Contributions in 2014? It’s time to start thinking about 2014 retirement plan contributions. Contributing the maximum you’re allowed into an employer-sponsored defined contribution plan…
Tax Deduction – Is My Elderly Parent a Dependent?
Are You Missing Out on Tax Deductions? The answer could be yes. For you to take the dependent tax deduction up to $3,900 on your tax return under the adult-dependent exemption,…
Do an Employee Benefit Plan Audit Before the IRS or DOL
Why would an employer self-impose an employee benefit plan audit? Because it’s a good idea for employers to self-audit their retirement plans by hiring an experienced professional to determine if…
Deadline Coming Up to Report Foreign Account Holdings
The deadline is approaching for US taxpayers to report accounts they hold in foreign banks and other financial institutions (foreign account holdings). You also may be required to report foreign account…
Business Tax Deductions: Meals and Entertainment
Who’s subject to the 50% limit on tax deductions? In general, when meal and entertainment expenses are incurred in the context of an employer-employee or customer–independent contractor relationship, one party…
Tax Filing Deadlines – Don’t Miss Them
Tax Filing Deadlines Not Just April 15th Do you file a paper tax return? If so, it’s important that you know the IRS’s “timely mailed = timely filed” rule: Your…
Giving Your Real Estate to Charity – Tax Traps
Three tax traps when donating real estate to charity If you’re considering donating a property to charity, we have three potential tax traps you need to make sure to avoid:…
Making Sense of Your Financials
What do those monthly financial statements mean? For non-accountants, financial results can be confusing. Terms like balance sheet, working capital, EBITDA, etc. are tossed around freely like some sort of…