To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018 estimated tax payment deadline for individuals is September 17. If you do not...
The Department of Labor (DOL) has been known to investigate the reasonableness of retirement plan expenses and the proper use of plan fees. In some cases, the agency has found plans to be in violation for fee-related infringements, which has led to costly assessments to...
The Tax Cuts and Jobs Act (TCJA) contains a provision that ties revenue recognition for book purposes to income reporting for tax purposes, for tax years starting in 2018. This narrow section of the law could have a major impact on certain industries, especially as...
Non-profits use special events to raise large amounts in a short period of time. Most often, the donor receives a direct benefit from the event — such as dinner or participation in a gaming activity. However, special events do not always meet their fundraising goals....
If you have done any research into employee benefits for your business recently, you may have come across a bit of alphabet soup in the form of ‘HSA + HDHP.’ Although perhaps initially confusing, this formula represents an increasingly popular model for health care benefits...
When teachers are setting up their classrooms for the new school year, it is common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This educator expense...
Malicious hackers target all types of businesses, but manufacturers that rely on automation, robotics, and connected networks are especially vulnerable to cyberattacks. Here is what you can do to protect your manufacturing business. Know your risks It is only natural that manufacturers fear data breaches, and unfortunately...
Payroll costs are a natural and unavoidable consequence of being an employer, but this does not mean you cannot keep an eye out for ways to lower these costs or simply handle payroll more efficiently. One approach that many organizations use is issuing employees a payroll...
For more than 40 years, the Securities and Exchange Commission (SEC) has required only a simple pass-fail statement in public companies’ audit reports, but the deadline for mandatory reporting of critical audit matters (CAMs) in audit reports is fast approaching. The revised model will provide...
The Tax Cuts and Jobs Act of 2017 dramatically reduced taxpayers’ ability to itemize deductions. Among the tax deduction opportunities that have vanished, from 2018–2025, are miscellaneous itemized deductions that exceed two percent of the taxpayer’s gross income. Such deductions included unreimbursed employee business expenses. Drilling...