Latest posts
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Claiming losses on depreciated or worthless stock
Have you bought stock in a company that later dropped in value? While you may prefer to forget such an ill-fated investment, at least you can claim a capital loss deduction on your tax return. Here are the rules that apply when a stock you own is sold at a loss or becomes completely worthless.…
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The 2022 gift tax return deadline is coming up soon
Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2022 gift tax return. And in some cases, even if it’s not required to file one, you may want to do so anyway. Filing requirements The annual gift tax…
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Have you recently reviewed your life insurance needs?
Once upon a time, life insurance played a much larger part in an estate plan than it does now. Why? Families would use life insurance payouts to pay estate taxes. But with the federal gift and estate tax exemption at $12.92 million for 2023, far fewer families currently are affected by estate tax. However, life…
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Enacting a spendthrift trust can be beneficial to your loved ones
Are you concerned that some of your beneficiaries might squander their inheritances or simply aren’t equipped to handle the financial responsibilities that come with large sums of money? You don’t have to hold on to your assets until the day you die with the hope that your heirs will change their ways by that time.…
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Influencer marketing could help your business (or not)
Most companies today have some sort of presence on social media as part of their marketing efforts. If you’ve spent any time online as a business owner, you’d probably agree that building a following and getting meaningful reactions to your posts isn’t easy. One way that some companies rise above the din is to not only…
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Supreme Court: Overtime rules still apply to highly compensated employees
If you were told someone earns more than $200,000 annually, you might assume the person is a salaried employee who’s ineligible for overtime pay. However, as demonstrated in the recent U.S. Supreme Court case of Helix Energy Solutions Group, Inc. v. Hewitt, this isn’t always a safe assumption. The FLSA rules Under the Fair Labor…
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Use visual aids to enhance financial reporting
Graphs, charts, tables and other data visualizations can be inserted in your financial statement disclosures to improve transparency and draw attention to key accomplishments. As your organization prepares its year-end or quarterly financials, consider presenting some information in a more user-friendly, visual format. Reimagine data presentation In business, the use of so-called “infographics” started with…
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Reading the tea leaves: Potential tax legislation in the new Congress
The 2022 mid-term election has shifted the scales in Washington, D.C., with the Democrats no longer controlling both houses of Congress. While it remains to be seen if — and when — any tax-related legislation can muster the requisite bipartisan support, a review of certain provisions in existing laws may provide an indication of the…
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Tap into specialized functions in QuickBooks
QuickBooks® provides an all-in-one solution that helps some small and medium-sized businesses manage their finances. While QuickBooks provides the accounting backbone for many companies, it has advanced features that go beyond basic bookkeeping tasks. For example, the time-tracking functionality in QuickBooks captures the hours spent on a specific project and makes it easier to bill…
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2023 tax calendar
To help you make sure you don’t miss any important 2023 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. © 2023
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U.S. Supreme Court rules against the IRS on critical FBAR issue
The U.S. Supreme Court recently weighed in on an issue regarding a provision of the Bank Secrecy Act (BSA) that has split two federal courts of appeal. Its 5-4 ruling in Bittner v. U.S. is welcome news for U.S. residents who “non-willfully” violate the law’s requirements for the reporting of certain foreign bank and financial accounts…
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Close-up on sources of substantive audit evidence
Organizations that understand how auditors verify account balances and transactions can minimize disruptions during audit fieldwork and maximize the effectiveness of financial statement audits. Here’s a summary of the types of “substantive evidence” auditors gather to help them form opinions regarding your financial statements. Original source documents Auditors can verify an account balance or record…