Converting a traditional individual retirement account (IRA) to a Roth IRA can provide tax-free growth and the ability to withdraw funds tax-free in retirement. What if you convert a traditional IRA — subject to income taxes on all earnings and deductible contributions — and then...
Insurance fraud schemes — slip ’n’ falls, fake car accidents, etc. — have a timeless appeal for scam artists because they can lead to big payoffs. To protect your business from the premium hikes and litigation that often attend such fraud, take steps to expose...
A new accounting standard on credit losses goes into effect in 2020 for public companies and 2021 for private companies. It will result in earlier recognition of losses and expand the range of information considered in determining expected credit losses. Here is how the new...
If your organization sponsors a retirement plan, it is important to recognize and understand all of the expenses associated with the plan. As you are probably aware, plan sponsors may use certain retirement funds to pay allowable administrative and other plan-related expenses. However, your plan document...
In the 2016–2017 academic year, the average undergraduate cost for tuition and fees was $9,650 at public, four-year colleges for in-state residents. On average, out-of-state students paid $24,930. Therefore, the amount paid by out-of-staters at public colleges is closer to the cost for private institutions...
Selecting a new chief executive or other senior staffer is one of the most important decisions your non-profit board is likely to face. Even if there is no immediate hiring need, it is smart to prepare for the process. That way, you will be ready...
Parents with young children have two broad choices when investing for higher education. One is to invest as you did before you had children, with assets in taxable and tax deferred accounts, under your own names. This will give you maximum flexibility in terms of...
It is a safe bet that state tax authorities will let you know if you have not paid enough sales and use taxes, but what are the odds that you will be notified if you have paid too much? The chances are slim — so...
What is the first thing you should do if you discover your business has become a fraud victim? Fix it and get back to work, right? Not so fast. Your first action when you uncover fraudulent activity (after contacting your attorney) should be to take proactive...
Under U.S. Generally Accepted Accounting Principles (GAAP), there are strict rules regarding when to recognize revenues and expenses. Important information about end of period accounting ‘cutoffs’ as companies start to adopt the new revenue recognition standard is provided below. Cutoff games How closely does your company follow...