Donating Your Vehicle to Charity May Not Be a Taxwise Decision
You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax savings,” one organization states. But donating a vehicle may not result in a big tax deduction — or any deduction at all.
AUP Engagements: A Middle Ground Between Audits and Consulting Services
Your CPA offers a wide menu of services. An audit is a familiar type of attestation service that provides a formal opinion about whether the company’s financial statements conform to U.S. Generally Accepted Accounting Principles (GAAP).
Compete Carefully in a Fierce Job Market with Signing Bonuses
Is your organization looking to hire new employees? Join the club. The U.S. unemployment rate hit a historic low this past April, according to a Bureau of Labor Statistics household survey. It fell to 3.6%, the lowest rate since December 1969 — that’s almost 50 years!
Measuring "Fair Value" for Financial Reporting Purposes
The standard for valuing certain assets and liabilities under U.S.
Are Health Club Memberships or On-Site Fitness Centers and ERISA Benefit?
More and more employers are contributing dollars toward the cost of health club memberships for employees. Some are even building their own on-site fitness centers.
Employers: Be Aware (or Beware) of a Harsh Payroll Tax Penalty
If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a “responsible individual.”
Use the Proper Tools to Fix a Broken Trust
An irrevocable trust has long been a key component of many estate plans. But what if it no longer serves your purposes? Is it too late to change it? Depending on applicable state law, you may have options to fix a “broken” trust.
It's a Good Time to Check Your Withholding and Make Changes, If Necessary
Due to the massive changes in the Tax Cuts and Jobs Act (TCJA), the 2019 filing season resulted in surprises. Some filers who have gotten a refund in past years wound up owing money.
Tax-Smart Domestic Travel: Combining Business with Pleasure
Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a few extra days of vacation and offset some of the cost with a tax deduction.
The Chances of IRS Audit are Down But You Should Still be Prepared
The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years.