This section of our website contains useful information, Web links and tools. Please check back regularly for updates and recent revisions. Our goal is to provide information and resources that will make the process of financial planning and tax preparation simpler.
2017 – 08/16 – Back-to-school marketing ideas for savvy business owners
Aug 22nd, 2017

August means it’s back-to-school time. And that offers a prime opportunity for businesses to make some savvy marketing moves. A few real examples: A talent agency posts a colorful slideshow on social media of employees and their kids arriving at school on the first day; a contractor offers free, logo-stamped school supplies with every August […]

2018 – 08/18 – Credit loss standard: The new CECL model
Aug 21st, 2017

A new accounting standard on credit losses goes into effect in 2020 for public companies and 2021 for private ones. It replaces the existing “incurred loss” model that financial institutions use now with a new “current expected credit loss” model. By focusing on forward-looking information, the new model will result in earlier recognition of losses […]

2017 – 08/18
Aug 20th, 2017

IRS authority has limits. The IRS can apply overpaid taxes to a taxpayer’s other unpaid tax bills, rather than refunding them. One taxpayer who had various unpaid tax bills agreed to pay them off in installments, which he did. Later he realized the IRS had applied some payments incorrectly and he brought suit to have […]

2017 – 08/18
Aug 19th, 2017

How does living abroad change your tax picture? As Americans become increasingly mobile, many more taxpayers are living outside the United States or holding foreign investments. Globetrotters may not be aware that their worldwide income is subject not only to U.S. tax, but also to extensive reporting requirements related to their foreign assets. If you’re […]

2017 – 08/15 – How to determine if you need to worry about estate taxes
Aug 18th, 2017

One tax being considered for repeal as part of tax reform is the estate tax. It applies to transfers of wealth at death. Its sibling, the gift tax (also being considered for repeal) applies to transfers during life. Yet most taxpayers won’t face these taxes even if they remain in place. For 2017, the federal […]

2017 – 08/16 – Create a nonprofit executive search plan — before it becomes necessary
Aug 18th, 2017

Even if there’s no immediate need for your not-for-profit to hire an executive, it’s smart to prepare for the process. That way, you’ll be ready to execute a search when the time arrives. Start by forming a search team made up of board members. This team should draft executive job descriptions that detail the knowledge, […]

2017 – 08/14 – Put your audit in reverse to save sales and use tax
Aug 17th, 2017

A reverse audit can help your business find sales and use tax overpayments so you can seek reimbursements. States may exempt, for example, equipment and utilities used in manufacturing, and custom software, computers and peripherals used for research and development. Unless you’re diligent, you may be missing out on some exemptions to which you’re entitled. […]

2017 – 08/15
Aug 17th, 2017

Loan is deductible. Bona fide debt made in the course of business may be tax deductible if it becomes worthless, but personal loans that go bad are subject to limits. One professional lender also made loans and advances from his personal funds. When a borrower filed bankruptcy, the taxpayer deducted the loan as worthless, but […]

2017 – 08/16
Aug 17th, 2017

What if Affordable Care Act cost-sharing reductions (CSRs) were terminated? The Congressional Budget Office and the Joint Committee on Taxation have issued a new report in which they estimate the effects on the federal budget, health insurance coverage, market stability and premiums if payments for CSRs ended after December 2017. The report projects that silver […]

2017 – 08/10 – Beware the GST tax when transferring assets to grandchildren
Aug 17th, 2017

Despite a generous $5.49 million generation-skipping transfer (GST) tax exemption, complexities surrounding its allocation can create tax traps. The GST tax is a flat, 40% tax on transfers to “skip persons,” such as family members more than a generation below you. To take full advantage of the GST tax exemption, you (or your estate’s representative) […]