COULD AN FLP HELP YOUR BUSINESS SUCCESSION PLAN?

By | July 22nd, 2019|Accounting and Auditing, Business|

One of the biggest concerns for business owners is succession planning – transferring ownership and control of the company to the next generation.  Often, the best time taxwise to start transferring ownership is long before the owner is ready to give up control of the business. A family limited partnership (FLP) can help owners enjoy [...]

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SMALL BUSINESS OWNERS SHOULD DOUBLE-CHECK THEIR TAX RETURNS

By | April 23rd, 2019|Accounting and Auditing, Business|

Now more than ever, small business owners need to double-check their tax returns before filing.  Why? Because many of the changes ushered in by the Tax Cuts and Jobs Act take effect with the 2018 tax year. So, if you’re about to file, perhaps slow down and go over your return one more time with [...]

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Tax Calendar

By | April 22nd, 2019|Accounting and Auditing, Business|

April 15 Besides being the last day to file (or extend) you 2018 personal return and pay any tax that’s due, 2019 first quarter estimated tax payments for individuals, trusts and calendar-year corporations are due today.  Also due are 2018 returns for trusts and calendar-year estates and C corporations, FinCEN Form 114 (“Report of Foreign [...]

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Laying The Groundwork For Your 2018 Return

By | January 21st, 2019|Accounting and Auditing, Estate planning, Taxation|

The Tax Cuts and Jobs Act (TCJA) made many changes to tax breaks for individuals.  Let’s look at some specific areas to review as you lay the groundwork for filing your 2018 return. PERSONAL EXEMPTIONS For 2018, through 2025, the TCJA suspends personal exemptions.  This will substantially increase taxable income for large families.  However, enhancements [...]

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Tax Calendar

By | January 1st, 2019|Accounting and Auditing, Business, Taxation|

JANUARY 15 Individual taxpayers’ final 2018 estimated tax payment is due. JANUARY 31 For 2018 Forms W-2 (“Wage and Tax Statement”) with the Social Security Administration and provide copies to your employees. File 2018 Forms 1099-MISC (“Miscellaneous Income”) reporting nonemployee compensation payments in box 7 with the IRS and provide copies to recipients. Most employers [...]

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IS A PTO CONTRIBUTION ARRANGEMENT RIGHT FOR YOUR BUSINESS?

By | December 31st, 2018|Accounting and Auditing, Business|

Many businesses find themselves short-staffed from Thanksgiving through December 31 as workers scramble to use, rather than lose, their remaining time off.  Indeed, your workplace may resemble a ghost town if you limit how many vacation days employees can roll over to the New Year.  A paid time off (PTO) contribution arrangement may be the [...]

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