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SELLING MUTUAL FUND SHARES: WHAT ARE THE TAX IMPLICATIONS?

If you are an investor in mutual funds or you are interested in putting some money into them, you are not alone. According to the Investment Company Institute, a survey found 58.7 million households owned mutual funds in mid-2020. However despite their popularity, the tax rules involved in selling mutual fund shares can be complex. […]

TAKING A RED PEN TO FINANCIALS FOR VALUATION PURPOSES

Financial statements are an important source of data for valuing a business. However they tell only part of the story. An accurate business valuation hinges on a comprehensive understanding of the subject company’s relative performance and its future earnings power. To help clarify matters, experts often make various adjustments to the financials. Here are some […]

WANT TO TURN A HOBBY INTO A BUSINESS? WATCH OUT FOR THE TAX RULES

Like many people, you may have dreamed of turning a hobby into a regular business. You would not have any tax headaches if your new business is profitable. However what if the new enterprise consistently generates losses (your deductions exceed income) and you claim them on your tax return? You can generally deduct losses for […]

MANAGEMENT LETTERS: FOLLOW UP ON YOUR AUDITOR’S RECOMMENDATIONS

Maintaining the status quo in today’s volatile marketplace can be risky. To succeed, businesses need to “level up” by being proactive and adaptable. However some managers may be unsure where to start or they are simply out of new ideas. Fortunately, when audited financial statements are delivered, they are accompanied by a management letter that […]

2021 FBAR FILING DEADLINE IS APPROACHING

The IRS is reminding owners of foreign bank and financial accounts that the deadline for filing a 2021 Report of Foreign Bank and Financial Accounts (FBAR) is April 18, 2022. The IRS has also issued a fact sheet containing information to help U.S. individuals file their FBARs. Who needs to file an FBAR? The Bank […]

PREPARATIONS VS. COMPILATIONS

Your business needs financial statements so management can monitor performance, attract investment capital and borrow money from a bank or other lender. However, not all financial statements are created equal. Audited statements are considered the “gold standard” in financial reporting. While public companies are required to issue audited statements, smaller, privately held organizations have options. […]

MARRIED COUPLES FILING SEPARATE TAX RETURNS: WHY WOULD THEY DO IT?

If you are married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing status results in the lowest tax. However keep in mind that, if you and your spouse file a joint return, each of you is […]

DID YOU GIVE TO CHARITY IN 2021? MAKE SURE YOU HAVE SUBSTANTIATION

If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. However, what happens if you have not received such a letter — can you still claim a deduction for the gift on your 2021 income tax return? It depends. The requirements To prove a […]

REPORTING AND MANAGING INVENTORY

Ineffective inventory management and reporting can result in bloated working capital and impaired business profits. In industries that rely on overseas suppliers, best practices for managing inventory may have recently changed. In today’s uncertain marketplace, it is clearly a good idea to review your current approach and make adjustments as needed. What is the right […]

2022 DEADLINES FOR REPORTING HEALTH CARE COVERAGE INFORMATION

Ever since the Affordable Care Act was signed into law, business owners have had to keep a close eye on how many employees they have had on the payroll. This is because a company with 50 or more full-time employees or full-time equivalents on average during the previous year is considered an applicable large employer […]