A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash?
2 benefits from 1 gift
Appreciated publicly traded…
The Tax Cuts and Jobs Act (TCJA) created more than 100 new tax provisions — a staggering thought as you begin to prepare for the next filing season. The good news is that these and some of the surviving provisions create a wealth of year-end planning opportunities.
Choose the right approach to deductions
Many taxpayers…
Every year, your audit firm will conduct a fresh risk assessment before the start of fieldwork. Why? Because your auditor wants to mitigate the risk of expressing an incorrect opinion regarding the accuracy and integrity of the company’s financial statements. Inadvertently signing off on financial statements that contain material misstatements can open a Pandora’s box…
There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax Cuts and Jobs Act (TCJA), but the TCJA will reduce the number of taxpayers subject to the AMT.
Now is a good time to familiarize…
If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact.
Wins and taxable income
You must report 100% of your gambling winnings as taxable income. The value…
Summertime is back upon us and brings with it a break from school for families, summer vacations, and generally a more relaxed pace of life. The stock market has gotten off to a volatile start this summer. Market volatility can lead to rebalancing of a portfolio, which may, however, lead to tax consequences from capital…
From invoices and payments to discounts and write-offs, many transactions are recorded to accounts receivable. This makes receivables a popular fraud target. Moreover, receivables schemes tend to be hard to detect, allowing them to run for long periods and cause significant losses.
Common Schemes
Put simply, receivables fraud happens when dishonest employees divert customer payments…
Since the passing of the Tax Cuts and Jobs Act (TCJA) in late 2017, taxpayers have had more questions than answers on many topics. Baby steps were made with IRS Notice 2018-28, which provides some temporary guidance on the business interest expense deduction under Code Sec. 163(j) until the IRS issues final regulations.
Four Accounting Alternatives That May Reduce Financial Reporting Costs
Many privately held companies prepare audited financial statements that comply with Generally Accepted Accounting Principles (GAAP) as established by the Financial Accounting Standards Board (FASB). They do so, at least in part, to satisfy the requirements of lenders, sureties and other business partners.
Many of GAAP’s…
The President recently declared federal disaster areas for numerous counties affected by the severe storms, flooding, landslides and mudslides which occurred in Indiana from February 14 to March 4, 2018, in Ohio during the period of February 14 to 25, 2018 and in West Virginia during the period of February 14 to 20, 2018.
The…
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