Audit Procedures: Risk assessment
Audit Procedures and Risk assessment: A critical part of the audit process Audit season is right around the corner for calendar-year entities. Here’s what your auditor is doing behind the…
Deductible Expenses and Medicine
Medical expenses: What it takes to qualify deductible expenses Are your medical services and prescription drugs deductible expenses? You may be able to deduct some of your expenses on your…
Financial Statements: GAAP vs. Tax-basis
GAAP vs. tax-basis: Which financial statement is right for your business? Most businesses financial statements report financial performance using U.S. Generally Accepted Accounting Principles (GAAP). But the income-tax-basis format can…
Is Your Filing Status Correct – Better Check
Is your filing status up to date? For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on…
Use Your 401(k) and Roth to Save
Using your 401(k) and Roth plans to save this year and next You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer…
New Accounting Alternatives for Not-for-Profits
Nonprofits: New accounting alternatives for reporting goodwill and other intangibles Did you know that the Financial Accounting Standards Board (FASB) recently extended the simplified private-company accounting alternatives to not-for-profit organizations?…
Measuring Fair Value for Financial Reporting
Measuring fair value for financial reporting Financial reporting for business assets are generally reported at the lower of cost or market value. Under this accounting principle, certain assets are reported…
Unemployment Tax Costs of Your Business
Understanding and controlling unemployment tax costs As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar…
Succession Planning and Retirement Planning
Putting together the succession planning and retirement planning puzzle Everyone needs to plan for retirement. But as a business owner, you face a distinctive challenge. You must save for your…
Gift Tax: Take advantage of the exclusion rules
Gift tax exclusion rules As we head toward gift-giving season, you may consider giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of…