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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.
Get employer wage statements done early and help the IRS verify information
Dec 10th, 2019

Employers and other businesses can get a jump on upcoming tasks, says the IRS. Jan. 31 is the filing deadline for employer wage statements and independent contractor forms. This allows the IRS time to verify income reported on individual tax returns and detect refund fraud. Here are some early-start tips from the IRS to help […]

Have you considered making direct payments of tuition and medical expenses?
Dec 10th, 2019

With the lifetime gift and estate tax exemption at $11.40 million for 2019 ($11.58 million for 2020), you may think you don’t have to worry about gift and estate taxes. However, there are no guarantees that estate tax law won’t be revised in the future or that your accumulated assets won’t eventually exceed the available […]

Paid Family and Medical Leave Credit expiring soon!
Dec 9th, 2019

Attention employers! A valuable credit, known as the employer credit for paid family and medical leave, will expire soon. It allows eligible employers to claim a general business credit on their 2018 and 2019 tax returns. The credit is based on wages paid in those years to “qualifying employees” on leave, subject to conditions. It’s […]

What lenders look for in a succession plan
Dec 9th, 2019

Business owners are urged to create succession plans for the good of their families and their employees. But there’s someone else who holds a key interest in the longevity of your company: Your lender. If you want to maintain a clear path to acquiring the working capital your business may need after you’ve stepped down, […]

FAQs about prepaid expenses
Dec 8th, 2019

The concept of “matching” is one of the basic principles of accrual-basis accounting. It requires companies to match expenses (efforts) with revenues (accomplishments) whenever it’s reasonable or practical to do so. This concept applies when companies make advance payments for expenses that will benefit more than one accounting period. Here are some questions small business […]

Holiday parties and gifts can help show your appreciation and provide tax breaks
Dec 8th, 2019

With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these expenses. Are they tax deductible by your […]

If you have health Ins through the marketplace, see below if you qualify for additional benefits.
Dec 7th, 2019

Individuals who have health coverage through the health insurance marketplace may qualify for help. That is, those who meet certain income limits may be eligible for advance payment of premium tax credits to help defray the cost. Credits are paid directly to the health plan. One taxpayer qualified for these credits while he was unemployed. […]

Medical expenses: What it takes to qualify for a tax deduction
Dec 7th, 2019

As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes. […]

Whistleblower claim must be credible and not speculative or nonspecific.
Dec 6th, 2019

A whistleblower who provides information to the IRS about another party’s unpaid taxes may be entitled to an award. The information must not be speculative or nonspecific and must be credible. Also, the IRS Whistleblower Office (WBO) must take action against the target and collect proceeds. One whistleblower claimed that a taxpayer had taken tax […]

The art and science of goodwill impairment testing
Dec 6th, 2019

Goodwill shows up on a company’s balance sheet when the company has been acquired in a business combination. It represents what’s left over after the purchase price in a merger or acquisition is allocated to the company’s tangible assets, identifiable intangible assets and liabilities. Periodically, companies must test goodwill for “impairment” — that is, whether […]