Tax

Setting up a Health Savings Account for Your Small Business

Given the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, HSAs offer a tax-advantaged way to set aside funds [...]

By |2019-10-17T14:11:25-04:00October 15th, 2019|Categories: Blog, Small Business Services, Tax|0 Comments

Nonprofits: New Alternatives for Reporting Goodwill and Other Intangibles

Did you know that the Financial Accounting Standards Board (FASB) recently extended the simplified private-company accounting alternatives to not-for-profit organizations? Many merging nonprofits, including educational institutions and hospitals, welcome these practical expedients. Here are the details. Alternative for goodwill [...]

By |2019-10-16T16:17:28-04:00October 15th, 2019|Categories: Blog, Small Business Services, Tax|0 Comments

Understanding and Controlling the Unemployment Tax Costs of Your Business

As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit [...]

By |2019-10-16T16:21:38-04:00October 7th, 2019|Categories: Blog, Tax|Tags: , |0 Comments

Internal Audit 2.0: Paperless and Continuous Auditing Trends

Technology is altering the traditional approach to internal audits. Instead of reviewing reams of paperwork, today’s auditor is learning to use electronic records. In turn, going paperless facilitates a concept known as “continuous auditing,” where internal auditors continually gather [...]

By |2019-10-17T12:38:32-04:00October 7th, 2019|Categories: Audit, Blog, Tax|0 Comments

Measuring Fair Value for Financial Reporting

Business assets are generally reported at the lower of cost or market value. Under this accounting principle, certain assets are reported at fair value, such as asset retirement obligations and derivatives. Fair value also comes into play in M&A [...]

By |2019-10-17T12:50:30-04:00October 2nd, 2019|Categories: Blog, Small Business Services, Tax|0 Comments

Management Letters: Have You Implemented Any Changes?

Audited financial statements come with a special bonus: a “management letter” that recommends ways to improve your business. That’s free advice from financial pros who’ve seen hundreds of businesses at their best (and worst) and who know which strategies [...]

By |2019-10-16T16:38:36-04:00September 23rd, 2019|Categories: Blog, Small Business Services, Tax|Tags: |0 Comments

How to Treat Your Business Website Costs for Tax Purposes

These days, most businesses need a website to remain competitive. It’s an easy decision to set one up and maintain it. But determining the proper tax treatment for the costs involved in developing a website isn’t so easy. That’s [...]

By |2019-10-16T16:42:45-04:00September 23rd, 2019|Categories: Blog, Small Business Services, Tax|0 Comments

5 Ways to Withdraw Cash from Your Corporation While Avoiding Dividend Treatment

Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable to you to the [...]

By |2019-10-16T16:47:09-04:00September 16th, 2019|Categories: Audit, Blog, Small Business Services, Tax|Tags: , , , |0 Comments

Budgeting is Key to a Successful Start-Up

More than half of recent college graduates plan to start a business someday, according to the results of a survey published in August by the American Institute of Certified Public Accountants (AICPA). Unfortunately, the AICPA estimates that only half [...]

By |2019-10-16T16:49:50-04:00September 13th, 2019|Categories: Blog, Tax, Uncategorized|Tags: , , |0 Comments

How Manufacturers Can Take Advantage of the Research and Development Tax Credit

Many manufacturing companies fail to take advantage of the generous research and development (R&D) tax credit simply because they don’t have staff working in a lab. The Internal Revenue Service’s (IRS) definition of R&D is codified at Internal Revenue [...]

By |2019-10-16T16:52:48-04:00September 10th, 2019|Categories: Blog, Small Business Services, Tax|0 Comments