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  • file.jpg Create a strong system of checks and balances
    The Securities and Exchange Commission (SEC) requires public companies to evaluate and report on internal controls over financial reporting using a recognized control framework. Private companies generally aren’t required to use a framework for the oversight of internal controls, unless they’re audited, but a strong system of checks and balances is essential for them as … Continue reading "Create a strong system of checks and balances"...
  • file.jpg What are the most tax-advantaged ways to reimburse employees’ education expenses?
    Reimbursing employees for education expenses can both strengthen the capabilities of your staff and help you retain them. In addition, you and your employees may be able to save valuable tax dollars. But you have to follow IRS rules. Here are a couple of options for maximizing tax savings. A fringe benefitQualifying reimbursements and direct … Continue reading "What are the most tax-advantaged ways to reimburse employees’ education expenses?"...
  • file.jpg A refresher on tax-related ACA provisions affecting businesses
    Now that the bill to repeal and replace the Affordable Care Act (ACA) has been withdrawn and it’s uncertain whether there will be any other health care reform legislation this year, it’s a good time to review some of the tax-related ACA provisions affecting businesses: Small employer tax credit. Qualifying small employers can claim a … Continue reading "A refresher on tax-related ACA provisions affecting businesses"...
  • file.jpg 3 financial statements you should know
    Successful business people have a solid understanding of the three financial statements prepared under U.S. Generally Accepted Accounting Principles (GAAP). A complete set of financial statements helps stakeholders — including managers, investors and lenders — evaluate a company’s financial condition and results. Here’s an overview of each report. 1. Income statement The income statement (also … Continue reading "3 financial statements you should know"...
  • file.jpg 2017 Q2 tax calendar: Key deadlines for businesses and other employers
    Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. April … Continue reading "2017 Q2 tax calendar: Key deadlines for businesses and other employers"...
  • file.jpg Make sure the IRS won’t consider your business to be a “hobby”
    If you run a business “on the side” and derive most of your income from another source (whether from another business you own, employment or investments), you may face a peculiar risk: Under certain circumstances, this on-the-side business might not be a business at all in the eyes of the IRS. It may be a … Continue reading "Make sure the IRS won’t consider your business to be a “hobby”"...
  • file.jpg The Section 1031 exchange: Why it’s such a great tax planning tool
    Like many business owners, you might also own highly appreciated business or investment real estate. Fortunately, there’s an effective tax planning strategy at your disposal: the Section 1031 “like kind” exchange. It can help you defer capital gains tax on appreciated property indefinitely. How it works Section 1031 of the Internal Revenue Code allows you … Continue reading "The Section 1031 exchange: Why it’s such a great tax planning tool"...
  • file.jpg Filing deadline rapidly approaching for flow-through entities
    The federal income tax filing deadline for calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes is March 15. While this deadline is nothing new for S corporation returns, it’s earlier than previous years for partnership returns. In addition to providing continued funding for federal transportation … Continue reading "Filing deadline rapidly approaching for flow-through entities"...
  • file.jpg Can the WOTC save tax for your business?
    Employers that hire individuals who are members of a “target group” may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires in 2016 and obtained proper certification, you can claim the WOTC on your 2016 tax return. Whether or not you’re eligible for 2016, keep the WOTC in mind in … Continue reading "Can the WOTC save tax for your business?"...
  • file.jpg How auditors evaluate fraud risks
      Assessing fraud risks is an integral part of the auditing process. Statement on Auditing Standards (SAS) No. 99, Consideration of Fraud in a Financial Statement Audit, requires auditors to consider potential fraud risks before and during the information-gathering process. Business owners and managers may find it helpful to understand how this process works — … Continue reading "How auditors evaluate fraud risks"...

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