For 2016, the standard deduction is $6,300 for single taxpayers (and for married persons filing separately) and $12,600 for married couples filing jointly. For heads of household, the standard deduction is $9,300. People who have reached age 65 by year-end can take an additional standard...
Saving for retirement can be tough if you are putting most of your money and time into operating a small business. However, many retirement plans are not difficult to set up and it is important to start saving so you can enjoy a comfortable future. So...
Do you dread the year-end physical inventory count? Business owners and managers often view these procedures as time consuming and disruptive, but a well-executed inventory count is more than a matter of compliance. It also can provide valuable insight into improving operational efficiency. Here is...
The owners of many companies launch their enterprises with a business plan, a written document outlining the company’s strategic objectives and practical means of accomplishing them. Likewise, many owners leave their businesses via a succession plan, a written document outlining how the company’s ownership will...
Recently, year-end tax planning has been challenging. Many tax code provisions expired, and it was uncertain whether they would be renewed, with Congress’ action potentially not coming until extremely late in the year. Things are different in 2016. The Protecting Americans from Tax Hikes Act of...
NQDC plans pay executives at some time in the future for services to be currently performed. They differ from qualified plans, such as 401(k)s, in that: NQDC plans can favor certain highly compensated employees Although the executive’s tax liability on the deferred income also may be deferred,...
Deciding whether to disclose pending litigation, a government investigation, or another contingent liability is a highly sensitive matter, especially for public companies. Investors and other stakeholders want information about impending risks that may affect your company’s future performance, but you want to avoid alarming investors...
Many retirement plan sponsors consider converting to new providers starting with the new plan year. For calendar year plans, that means January 1. If this is the case for your company, now is a good time to determine if your service provider is truly providing. Basic...
