The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars…. Read More
Blog
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EFRAG briefing on proposed new reduced disclosure IFRS
EFRAG briefing on proposed new reduced disclosure IFRS https://bit.ly/33cWA7f The Secretariat of the European Financial Reporting Advisory Group (EFRAG) has published a briefing paper as part of the EFRAG strategy to stimulate debate on the IASB’s proposals that would permit… Read More
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A credit card use policy can help prevent abuse
During the busy holiday season, not-for-profit executives may rely on staffers to purchase gifts and holiday party supplies for the organization. But before you hand over a credit card, you need to make sure that the employee is trustworthy and… Read More
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Could an FLP fit into your succession plan?
Among the biggest long-term concerns of many business owners is succession planning — how to smoothly and safely transfer ownership and control of the company to the next generation. From a tax perspective, the optimal time to start this process… Read More
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How are court awards and out-of-court settlements taxed?
Awards and settlements are routinely provided for a variety of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. Some of this money is taxed by the federal government, and perhaps… Read More
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The tax implications of owning a corporate aircraft
If your business is successful and you do a lot of business travel, you may have considered buying a corporate aircraft. Of course, there are tax and non-tax implications for aircraft ownership. Let’s look at the basic tax rules. Business… Read More
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Where to start with budgeting
EXTRACT FROM https://bit.ly/3pmDMtJ Budgeting Step #1: Evaluate your income The first step to setting a budget actually has nothing to do with your expenses. Income sets the maximum amount your expenses can be. Ideally your expenses are a good bit lower… Read More
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Why excess benefit transactions are out-of-bounds
Emily was a dedicated board member of her community’s most prominent social-services charity. But her commitment to the cause and the nonprofit’s programs didn’t prevent her from inadvertently violating the rule against excess benefit transactions. This happened when the organization… Read More
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Use change management to brighten your company’s future
Businesses have had to grapple with unprecedented changes over the last couple years. Think of all the steps you’ve had to take to safeguard your employees from COVID-19, comply with government mandates and adjust to the economic impact of the… Read More
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With year-end approaching, 3 ideas that may help cut your tax bill
If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-end. 1. Accelerate deductions/defer… Read More