Run a business for any length of time and the importance of cash flow becomes abundantly clear. When payroll is due, bills are piling up and funds aren’t available, blood pressure tends to rise. For this reason, being able to accurately forecast cash flow is critical. Here are four ways to refine your approach: 1. … Read More
President Biden has proposed a new $1.75 trillion spending framework intended to overhaul various climate, health care and tax laws. The new proposal represents a scaled-back version of Biden’s original $3.5 trillion Build Back Better plan after Sens. Manchin (D-WV) and Sinema (D-AZ) opposed provisions in the original bill. Among provisions reportedly in the new … Read More
Graphs, performance dashboards and other visual aids can help managers, investors and lenders digest complex financial information. Likewise, auditors also use visual aids during a financial statement audit to quickly identify trends and anomalies that warrant attention. Powerful tool Your auditor uses many tools and techniques to validate the accuracy and integrity of your company’s … Read More
The Treasury Inspector General for Tax Administration (TIGTA) has released a heavily redacted audit that was initiated to evaluate IRS processes to identify potentially fraudulent international tax returns. Individual taxpayers, referred to as “nonresident aliens,” filed 873,009 international returns in 2018. TIGTA flagged 8,332 of these returns with potentially erroneous or fraudulent refunds totaling $20.6 … Read More
If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a cost … Read More
Some businesses fail or just close for many reasons including the impact of COVID-19 and the resulting labor shortages. Business owners who close their doors must fulfill certain federal tax responsibilities and inform the IRS of their plans. Among the steps to take are: filing a final tax return; paying final compensation to employees and … Read More
If you’re fortunate enough to own a vacation home, you may want to rent it out for part of the year. What are the tax consequences? The tax treatment can be complex. It depends on how many days it’s rented and your level of personal use. Personal use includes vacation use by you, your relatives … Read More
Employers: The next quarterly payroll tax return is due Nov. 1. The IRS is urging employers to file the returns electronically. In addition, be aware that the tax credits for qualified sick and family leave wages have been extended and amended by the American Rescue Plan Act. These credits for qualified sick and family leave … Read More
If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could get by donating it to charity. The answer to that question can be complex because several different tax rules may come into play with such contributions. A charitable contribution of a work of … Read More
A federal appeals court upheld the legality of the “SALT cap” that limits the federal deduction for state and local taxes to $10,000. The lawsuit was brought against the U.S. Treasury Dept. by the states of NY, NJ, CT and MD. The court rejected the states’ argument that the constitution mandated an unlimited SALT deduction … Read More