Tax identity theft may seem like a problem only for individual taxpayers. But, according to the IRS, increasingly, businesses are also becoming victims. And identity thieves have become more sophisticated, knowing filing practices, the tax code, and the best ways to get valuable data.How it worksIn tax identity theft, a taxpayer’s identifying information (such as a [...]
The advancement of technology over the last five to ten years has enticed more people to forsake their longer morning commutes to the office and replace them with a shorter walk from their bed to the next room. I’ve discovered that working from home isn’t what I imagined it would be. It takes more focus, careful [...]
Does your business reimburse employees’ work-related travel expenses? If you do, you know that it can help you attract and retain employees. If you don’t, you might want to start, because changes under the Tax Cuts and Jobs Act (TCJA) make such reimbursements even more attractive to employees. Travel reimbursements also come with tax benefits, but [...]
In the modern business environment, optimizing each aspect of an organization can be the difference between success and failure. Integrated internal audits serve as preventive and corrective controls in addition to being detective controls. An internal audit can mitigate deficiencies before they become major problems. External auditors are generally focused only on reliable financial statements [...]
Every business with more than one owner needs a buy-sell agreement to handle both expected and unexpected ownership changes. When creating or updating yours, be sure you’re prepared for the valuation issues that will come into play.Issues, what valuation issues? Emotions tend to run high when owners face a “triggering event” that activates the buy-sell. Such [...]
While the 2017 Tax Cuts and Jobs Acts (TCJA) restricted charitable noncash contributions for those who don’t itemize, cash contributions have been expanded from 50% to 60% of the taxpayer’s contribution-base for those who will itemize and non-cash contributions have not changed. In an effort to combat the potential impact the 2017 TCJA will have, many [...]
When talking about internal audits, the first thing people think of is a Fortune 500 public corporation having a specific department within the company that periodically perform audits for everything departments do to ensure that the underline operations comply with industry standards government regulation. An internal audit is not something only larger companies need. What are [...]
Last year, CNBC reported that in the three years prior, 1.2 million individuals received phone calls from people purporting to be the IRS, demanding immediate payment… or else! More than 6,000 of these individuals fell victim to the scheme, sending a combined $36.5 million to scammers. The fact that so many perceive the IRS to be [...]
Saving for college can be a daunting task. We hold education, in our minds, as a gateway to a better life for our children. To give them the keys to their future, we want to help them with the costs of their education. One of the best ways, or at least a great way, to save [...]
Have you ever wanted to see the ocean? Travel to New Orleans and stroll down the French Quarter? Or do you want to visit a friend you haven’t seen in a while because they live in a faraway city? Afraid of falling behind at work or not having enough money in the bank keeps most of [...]
