Whether you are claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you are allowed to deduct. Your deduction depends on more than just the actual amount you donate. Type of gift One of the biggest factors...
Most portfolio allocations call for a mix of stocks (equities) and bonds (fixed income). The underlying theory is that stocks may deliver substantial results over the long term, whereas bonds contribute interest income and lower volatility. As we have seen in recent years, stocks can be...
When thinking about the ways financial experts can uncover fraud, what usually comes to mind are data analysis and other forensic accounting techniques. Qualified experts, however, also keep everyday managerial accounting practices in their fraud toolkit. Variance analysis After an organization finalizes its budget, management may perform...
Owners of closely held businesses sometimes need to advance their company’s money to bridge a temporary downturn or provide extra cash flow for an expansion, a major expense, or other purposes. Should you categorize those advances as bona fide debt, additional paid-in capital, or something...
Does your organization have a formalized program under which it offers employees paid time off for an illness or family emergency? If not, there is now an excellent reason to consider establishing one: the Tax Cuts and Jobs Act, passed late last year, created a...
Partnerships: File a 2017 calendar year return (IRS Form 1065). Provide each partner with a copy of Schedule K-1 (IRS Form 1065), 'Partner’s Share of Income, Deductions, Credits, etc.,' or a substitute Schedule K-1. If you want an automatic six-month extension of time to file...
Employees tend not to fully appreciate or use their retirement benefits unless their employer communicates with them about the plan clearly and regularly, and workers may miss or ignore your messaging if it all looks and ‘sounds’ the same. That is why you might want...
Cloud computing promises lower technology costs and greater efficiency and productivity. Yet many non-profits have yet to move to the cloud, possibly because their staffs are smaller and their information technology (IT) expertise is limited. Fortunately, cloud computing is a simple concept that is easy...
If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 (Sec. 179) expensing on your 2017 tax return. You also will want to keep this tax break in mind in your property purchase planning because the...
Matt was a trusted long-term employee who, unfortunately, was deeply in debt. Recognizing that his company’s payroll controls were loose enough to be exploited, he put a ‘ghost’ employee, “Scott,” on the payroll, opened a bank account in Scott’s name, and arranged for direct deposit...