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July 2018
Do you qualify for the home office deduction?
Under the Tax Cuts and Jobs Act, employees can no longer claim the home office deduction.
Hidden liabilities: What’s excluded from the balance sheet?
Financial statements help investors and lenders monitor a company’s performance. However, financial statements may not provide a full picture of financial health.
Why nonprofits might want to revisit the Donor Bill of Rights
The Donor Bill of Rights was designed about 25 years ago as a blueprint of best practices for not-for-profits.
Get SMART when it comes to setting strategic goals
Strategic planning is key to ensuring every company’s long-term viability, and goal setting is an indispensable step toward fulfilling those plans.
Accelerate your retirement savings with a cash balance plan
Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans.
Why the “kiddie tax” is more dangerous than ever
Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets.
Business deductions for meal, vehicle and travel expenses: Document, document, document
Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS.
How private foundations can avoid accusations of self-dealing
IRS rules governing private foundations are complex and include many exceptions, which is why your foundation needs to write and follow a detailed conflict-of-interest policy.
Trust is an essential building block of today’s websites
When business use of websites began, getting noticed was the name of the game. Remember pop-up ads? Text scrolling up the screen? How about those mesmerizing rotating banners?
3 traditional midyear tax planning strategies for individuals that hold up post-TCJA
With its many changes to individual tax rates, brackets and breaks, the Tax Cuts and Jobs Act (TCJA) means taxpayers need to revisit their tax planning strategies.
Close-up on the new QBI deduction’s wage limit
The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI).
Consider these financial reporting issues before going private
Issuing stock on the public markets isn’t right for every business.
3 keys to a successful accounting system upgrade
Technology is tricky. Much of today’s software is engineered so well that it will perform adequately for years. But new and better features are being created all the time.
When it comes to revenue, nonprofits need to think like auditors
Auditors examining a not-for-profit’s financial statements spend considerable time on the revenue figures.
What you can deduct when volunteering
Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would al
How to avoid getting hit with payroll tax penalties
For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS.
Data analytics can help solve your nonprofit’s biggest challenges
If your not-for-profit wants to improve its budgeting, forecasting, fundraising or other functions but is having a hard time identifying both problems and solutions, data analytics can help.
Home green home: Save tax by saving energy
“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too.
Does your business have to begin collecting sales tax on all out-of-state online sales?
You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose sales taxes on more out-of-state online sales. The ruling in South Dakota v.
Holding a fundraising auction? Make sure your nonprofit is tax-compliant
Auctions have long been lucrative fundraising events for not-for-profits. But these events come with some tax compliance responsibilities.
Using analytical procedures in an audit provides many benefits
Analytical procedures can make audits more efficient and effective. First, they can help during the planning and review stages of the audit.
Spotlight on auditor independence and hosting arrangements
With Independence Day coming up, it’s a good time to check up on auditor independence issues. This is especially important in 2018. Why?
Choosing the best business entity structure post-TCJA
For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations.
Supreme Court overturns Quill’s physical presence requirement for sales tax collection
On June 21, 2018, the Supreme Court rendered its decision in the South Dakota v. Wayfair Inc.
