For-Profit vs. Not-for-Profit Reporting Goals

For-profit vs. not-for-profit: Compare and contrast financial reporting goals As the term suggests, for-profit companies are driven primarily by one goal — to maximize profits for their owners. Nonprofits, on the other hand, are generally motivated by a charitable [...]

By | 2018-02-20T12:52:20+00:00 February 20th, 2018|Categories: Audit, Blog|Tags: |0 Comments

Claiming Bonus Depreciation on your 2017 Tax Return

Claiming Bonus Depreciation on Your 2017 Tax Return May be Particularly Beneficial With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs [...]

By | 2018-02-14T14:30:19+00:00 February 14th, 2018|Categories: Blog, Tax|Tags: , |0 Comments

Bestowing Property in Different States

Is This Your Situation: Bestowing Property in Different States In this life, owning property in more than one state — such as a vacation beach house just over the state border from your principal residence — is a dream [...]

By | 2018-02-14T12:43:31+00:00 February 14th, 2018|Categories: Blog, Tax|Tags: |0 Comments

Charitable Contributions for Farmers

Charitable Contributions for Farmers How farms can donate fresh food for tax deductions It is common for businesses to receive tax deductions for cash donations, but did you know that the agriculture community can donate fresh foods for a [...]

By | 2018-02-13T17:12:56+00:00 February 13th, 2018|Categories: Agriculture, Blog, Tax|Tags: , |0 Comments

When it’s Time to Take Money Out of Retirement Plans

When It's Time to Take Money Out of Retirement PlansThe term "distributions" refers to money withdrawn from a retirement plan. Generally, traditional IRA and 401(k) account holders are eligible to take penalty-free distributions at age 59 1/2, but the IRS [...]

By | 2018-02-14T14:24:02+00:00 February 10th, 2018|Categories: Blog, Tax|Tags: |0 Comments

Figuring Out Why You Need a Business Valuation

Is This Your Situation: Figuring Out Why You Need a Business Valuation Business valuations are often essential when you're trying to sell, but there are other reasons for getting one. A business valuation can help do the following: Strengthen [...]

By | 2018-02-14T12:55:10+00:00 February 7th, 2018|Categories: Audit, Blog|Tags: |0 Comments

Auditing Work in Progress

Auditing Work in Progress Financial statement auditors spend a lot of time evaluating how their clients report work in progress (WIP) inventory. Here’s why this account warrants special attention and how auditors evaluate whether WIP estimates seem reasonable. Accounting [...]

By | 2018-02-02T13:38:26+00:00 February 2nd, 2018|Categories: Audit, Blog|Tags: , |0 Comments

Divorce and Taxes in 2018

Divorce and Taxes in 2018 A guide to healthy tax planning Finances are the last thing you want to worry about when going through a divorce. Splitting assets and filing tax returns can often spur confusion, anxiety and tension [...]

By | 2018-01-31T13:59:57+00:00 February 1st, 2018|Categories: Blog, Megan McManus, Tax|Tags: , , |0 Comments

How Do 125 Plans and HSAs Work Together?

How Do 125 Plans and HSAs Work Together? A cafeteria plan is a reimbursement plan governed by IRS Section 125, allowing employees to contribute a certain amount of their gross income to a designated account or accounts before taxes [...]

By | 2018-01-31T14:27:20+00:00 January 31st, 2018|Categories: Blog, Tax|Tags: , |0 Comments