Here are a few key tax-related deadlines for businesses during Q1 of 2019. JAN. 31: File 2018 Forms W-2 with the Social Security Administration and provide copies to employees. Also provide copies of 2018 Forms 1099-MISC to recipients and, if…
Here are a few key tax-related deadlines for businesses during Q1 of 2019. JAN. 31: File 2018 Forms W-2 with the Social Security Administration and provide copies to employees. Also provide copies of 2018 Forms 1099-MISC to recipients and, if…
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…
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…
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,…
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…
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…
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,…
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,…
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,…
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…