Each year, your auditor will conduct a fresh risk assessment. Audit risk is a function of three components: 1) control risk, 2) inherent risk, and 3) detection risk. The first two risks stem from a company’s industry and actions. The…
As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether you’d benefit from accelerating certain expenses into this year. There’s no master list of deductible…
Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime…
In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Those that are tax-free are especially attractive to employees. Examples include many types of…
If you’re age 70 1/2 or older, you can make direct contributions (up to $100,000 annually) from your IRA to a qualified charity without owing any income tax on the distributions. This break may be especially beneficial now because of…
Businesses that acquire, construct or substantially improve a building should consider a cost segregation study. It combines accounting and engineering techniques to identify building costs that are properly allocable to tangible personal property rather than real property. This may allow…
The main difference between the cash and accrual methods of accounting is timing: Income is generally reported earlier under the accrual method. Two provisions of the Tax Cuts and Jobs Act could affect your choice of accounting method. First, starting…
Does your company license intellectual property to others? If so, an external audit can help ensure you’re receiving the correct amount of royalty payments. After reviewing the scope of your agreement, the auditor reviews how the licensee determines royalties and…
For investors, fall is a good time to review year-to-date gains and losses. Doing so can help you determine whether to buy or sell investments before year end to save taxes. You also need to consider the TCJA. While it…