2018 – 11/16 – Why revenue matters in an audit
Revenue is highly susceptible to financial misstatement, so auditors give it special attention. It will get even more scrutiny as the new revenue recognition standard goes into effect in 2018 for public companies and 2019 for others. Auditors customize their…
Read more2018 – 11/20 – Catch-up retirement plan contributions can be particularly advantageous post-TCJA
Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) up to the regular annual limit? Then you may want to make “catch-up” contributions by the end of the…
Read more2018 – 11/23 – 4 steps to auditing AP
A lot of money flows through accounts payable (AP). So, it’s important to get it right. Auditors can help by performing these four procedures on AP: 1) reviewing standard operating procedures (SOPs), 2) analyzing source documents (such as purchase orders,…
Read more2018 – 10/23 – Could “bunching” medical expenses into 2018 save you tax?
Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your…
Read more2018 – 11/12 – It’s not too late: You can still set up a retirement plan for 2018
If most of your money is tied up in your business, retirement can be a challenge. So if you haven’t already set up a tax-advantaged retirement plan, consider doing so this year. There’s still time to set one up and…
Read more2018 – 11/05 – Buy business assets before year end to reduce your 2018 tax liability
Investing in business assets is a traditional and powerful year-end tax planning strategy, and it might make even more sense in 2018. Sec. 179 expensing and bonus depreciation both allow an immediate deduction for the cost of eligible asset purchases,…
Read more2018 – 10/30 – Donate appreciated stock for twice the tax benefits
Did you know that you may be able to enjoy two tax benefits if you donate long-term appreciated stock instead of cash? First, if you itemize, you can claim a charitable deduction equal to the stock’s fair market value. Second,…
Read more2018 – 11/02 – LIFO lessons learned
The last-in, first-out (LIFO) method allocates the most recent inventory costs to cost of sales. Assuming increasing inventory values, LIFO may reduce taxable income and, therefore, be preferred for tax purposes. But LIFO also poses financial reporting challenges. For example,…
Read more2018 – 10/29 – Research credit available to some businesses for the first time
The TCJA didn’t change the research credit, but it has an impact on the credit. Previously, corporations subject to alternative minimum tax (AMT) couldn’t offset the research credit against AMT liability, which erased the credit’s current benefits. By eliminating corporate…
Read more2018 – 10/23 – Could “bunching” medical expenses into 2018 save you tax?
Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your…
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