The IRS opened the 2019 individual income tax return filing season this past January 27. Although it is typical that you may decide to file closer to the April 15 deadline (or you decide to file for an extension), you may want to consider filing your return as soon as you can this year. There […]
The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years. Nevertheless, the small percentage of tax returns being chosen for audit will be of little consolation if yours happens to be one of them. Latest statistics Overall, just 0.59% of […]
Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are brief answers to three questions that we are frequently asked at this time of year. Question #1: What tax records can I throw away now? At a minimum, keep tax records related to your return […]
While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look. 1. Medical expense deduction threshold With rising health care costs, claiming whatever tax breaks related to health […]
Do you have investments outside of tax-advantaged retirement plans? If so, you might still have time to shrink your 2018 tax bill by selling some investments ― you just need to carefully select which investments you sell. Try balancing gains and losses If you’ve sold investments at a gain this year, consider selling some losing […]
With the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2018 ends: Check your FSA balance. If you have a Flexible Spending Account (FSA) for health care expenses, you need to incur qualifying expenses by December 31 to use up these funds or […]
As the year winds down, business owners can be thankful for the gift of perspective (among other things, we hope). Assuming you created a budget for the calendar year, you should now be able to accurately assess that budget by comparing its estimates to actual results. Your objective is to determine whether your budget was […]
Financial statements help investors and lenders monitor a company’s performance. However, financial statements may not provide a full picture of financial health. What’s undisclosed could be just as significant as the disclosures. Here’s how a CPA can help stakeholders identify unrecorded items either through external auditing procedures or by conducting agreed upon procedures (AUPs) that […]
A new accounting rule for reporting leases goes into effect in 2019 for public companies. Although private companies have been granted a one-year reprieve, no business should wait until the last minute to start the implementation process. Some recently revised guidance is intended to ease implementation. Here’s an overview of what’s changing. Old rules, new […]
Most businesses approach technology as an evolving challenge. You do not want to overspend on bells and whistles you will never fully use, but you also don’t want to get left behind as competitors use the latest tech tools to operate more nimbly. To refine your IT strategy over time, you have to regularly reassess […]