September 2017

Why you should boost your 401(k) contribution rate between now and year end

2017-09-19T17:02:09+00:00

One important step to both reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan. If your employer offers a 401(k) plan, contributing to that is likely your best first step. If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now and year end. Because of [...]

Mr. Duck goes to Washington

2017-09-18T16:35:57+00:00

In 1942, Disney made The New Spirit, a quacky quirky short film for the Treasury Department starring Donald Duck. Initially, Donald doesn't want to pay income taxes. But after a patriotic radio program gooses the duck, he wings his way from Hollywood to the nation's capital to enthusiastically hand deliver (in a manner of speaking) his tax [...]

2017 Q4 tax calendar: Key deadlines for businesses and other employers

2017-09-13T21:30:06+00:00

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. October [...]

Equifax Announces Cybersecurity Incident Involving Consumer Information

2017-09-11T19:48:15+00:00

Equifax Inc. (NYSE: EFX) ay announced a cybersecurity incident potentially impacting approximately 143 million U.S. consumers. Criminals exploited a U.S. website application vulnerability to gain access to certain files. Based on the company’s investigation, the unauthorized access occurred from mid-May through July 2017. The company has found no evidence of unauthorized activity on Equifax’s core [...]

Watch out for potential tax pitfalls of donating real estate to charity

2017-09-06T00:28:53+00:00

Charitable giving allows you to help an organization you care about and, in most cases, enjoy a valuable income tax deduction. If you’re considering a large gift, a noncash donation such as appreciated real estate can provide additional benefits. For example, if you’ve held the property for more than one year, you generally will be [...]

August 2017

The ABCs of the tax deduction for educator expenses

2017-08-29T16:24:28+00:00

At back-to-school time, much of the focus is on the students returning to the classroom — and on their parents buying them school supplies, backpacks, clothes, etc., for the new school year. But let’s not forget about the teachers. It’s common for teachers to pay for some classroom supplies out of pocket, and the tax [...]

Yes, you can undo a Roth IRA conversion

2017-08-23T15:55:44+00:00

Converting a traditional IRA to a Roth IRA can provide tax-free growth and the ability to withdraw funds tax-free in retirement. But what if you convert a traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover that you would have been better off if you hadn’t converted [...]

FMLA: The Law that Never Sleeps

2017-08-21T21:39:10+00:00

The Family and Medical Leave Act (FMLA) is often tweaked, adjusted or reinterpreted as cases of alleged abuse continue to pop up and courts are asked to weigh in. With so much change, it's a good idea to check your policies regularly. Is your company in compliance? Here's a very streamlined recap of the top [...]

5 Recent Supreme Court Decisions that Could Affect Your Business

2017-08-18T16:22:56+00:00

At the end of June, the U.S. Supreme Court adjourned for its summer recess. Here are five recent cases from its 2016 term that may be of interest to business owners and managers. Will Supreme Court Rewrite Quill? Recent legislative proposals to impose state and local sales and use taxes on Internet sales across state [...]

Put your audit in reverse to save sales and use tax

2017-08-15T15:47:33+00:00

It’s a safe bet that state tax authorities will let you know if you haven’t paid enough sales and use taxes, but what are the odds that you’ll be notified if you’ve paid too much? The chances are slim — so slim that many businesses use reverse audits to find overpayments so they can seek [...]