Every business should prepare an annual budget. Creating a comprehensive, realistic spending plan allows you to identify potential shortages of cash, possible constraints on your capacity to fulfill strategic objectives, and other threats. Whether you have already put together a 2022 budget or still need to get on that before year-end, here are four red […]
The COVID-19 pandemic has put unprecedented stress on private business owners. Some are now considering selling their businesses. Before putting your business on the market, it is important to prepare it for sale. Here are six steps to consider. Clean Up The Financials Buyers are most interested in an acquisition target’s core competencies, and they […]
On October 25, the Financial Accounting Standards Board (FASB) issued a simpler accounting option that will enable private companies to more easily measure certain types of shares they provide to both employees and nonemployees as part of compensation awards. Here are the details. Complex rules Many companies award stock options and other forms of share-based payments […]
The IRS started issuing information letters to advance child tax credit recipients in December. Recipients of the third round of the Economic Impact Payments will begin receiving information letters at the end of January. Using the information in these letters when preparing a tax return can reduce errors and delays in processing. If you received […]
As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved in these transactions. Donating to charity Normally, if you take the standard deduction and do not itemize, you cannot claim a deduction for charitable contributions. But […]
Given the escalating cost of health care, there may be a more cost-effective way to pay for it. For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (or have an employer do so) to meet future medical needs. Here are the main tax benefits: Contributions made to an […]
Vendor fraud can be costly — particularly when several perpetrators are involved. The median loss of a fraud scheme conducted by two individuals is $200,000, according to the Association of Certified Fraud Examiners. Losses rise precipitously to more than $500,000 when four or more people commit the fraud. These schemes typically involve the collusion of employees […]
Beginning October 1, 2021, Florida businesses or service recipients will be required to report new hire information for independent contractors to the Florida Child Support Program. Florida Statute § 409.2576 was amended to require business to report independent contractors making $600 or more per calendar year to the Florida Department of Revenue. Prior to this […]
As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or […]
Many companies have resumed some level of business-related travel and entertainment (T&E) activities — or they plan to do so this fall. Unfortunately, these expense categories may be susceptible to incomplete recordkeeping and even fraud. Therefore, it is important for companies to implement formal T&E policies to ensure reporting is detailed and legitimate. SUBSTANTIATING EXPENSES […]