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… Read More
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Fun Fact Friday
Chicago crime boss Al Capone was finally brought down in 1931 by FBI accountants. Although believed responsible for crimes ranging from bootlegging to murder, Capone was ultimately arrested and convicted for income tax evasion.
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Nonprofits and their staffers can save tax with an accountable plan
Your not-for-profit can’t generally reimburse employees for business expenses tax-free just because staffers submit expense records. However, you can if you have a properly executed accountable plan. Under such a plan, reimbursement payments will be free from federal income and… Read More
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Offer plan loans? Be sure to set a reasonable interest rate
Like many businesses, yours may allow retirement plan participants to take out loans from their accounts. Such loans are governed by many IRS and Department of Labor (DOL) rules and regulations. So if your company offers plan loans, your plan… Read More
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Who can — and who should — take the American Opportunity credit?
If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. If, however, your income is too high, you won’t qualify for the credit — but your child… Read More
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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… Read More
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Fun Fact Friday
The first CPA exam was given in New York in 1896! Over 120 years ago
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Getting your money’s worth out of a company retreat
Company retreats can cost enormous amounts of time and money. Are they worth it? Sometimes. Large-scale get-togethers can involve considerable out-of-pocket costs. And if the retreat is poorly planned or executed, participants’ wasted time is the biggest expense. But a… Read More
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Why nonprofits need continuity plans
Most not-for-profits are intensely focused on present needs — not the possibility that disaster will strike sometime in the distant future. Yet it’s critical that all organizations have a formal continuity plan to guide them should a natural or manmade… Read More
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2016 IRA contributions — it’s not too late!
Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it will lower your 2016 tax bill. But even if it isn’t, making a 2016… Read More