Tax Reform Expands Availability of Cash Accounting
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.
Should You Name a Trust as IRA Beneficiary?
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.
Why Revenue Matters in an Audit
For many companies, revenue is one of the largest financial statement accounts. It’s also highly susceptible to financial misstatement.
Big News: We Have Rebranded!
Smith Elliott Kearns & Company, LLC is a regional CPA firm that provides professional accounting and consulting services for a range of both residential and commercial clients.
3 Ways to Get More From Your Marketing Dollars
A strong economy leads some company owners to cut back on marketing. Why spend the money if business is so good? Others see it differently — a robust economy means more sales opportunities, so pouring dollars into marketing is the way to go.
Mutual Funds: Handle With Care at Year End
As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. Here are some tips.
Offering COBRA to a Terminated Employee's Domestic Partner
Many employers offer coverage to employees’ domestic partners under their health care plans. If your organization does so, you need to determine what rights domestic partners have regarding COBRA insurance.
Review and Revise Your Estate Plan to Reflect Life Changes During the Past Year
Your estate plan shouldn’t be a static document. It needs to change as your life changes. Year end is the perfect time to check whether any life events have taken place in the past 12 months or so that affect your estate plan.
Time for NQDC Plan Deferral Elections
If you’re an executive or other key employee, your employer may offer you a nonqualified deferred compensation (NQDC) plan. As the name suggests, NQDC plans pay employees in the future for services currently performed. The plans allow deferral of the income tax associated with the compensation.
Taking the Hybrid Approach to Cloud Computing
For several years now, cloud computing has been touted as the perfect way for companies large and small to meet their software and data storage needs. But, when it comes to choosing and deploying a solution, one size doesn’t fit all.