Charitable Giving Changes with the New Tax Law
When the Tax Cuts and Jobs Act was signed in late 2017, it did not remove the deduction for cash and appreciated assets for nonprofit agencies. National and local nonprofits let out a collective ‘sigh of relief’ knowing donations for 2018 will remain but may look different. Exactly how different?
Why Should I Be Checking My Federal Income Tax Withholdings?
Over the last few weeks, the IRS has been issuing news releases stating that employees should check their withholding…soon. There seems to be a lot of urgency in these notices, don’t you think? While it’s always good to check your withholdings from time to time, the IRS almost seems nervous about 2018 withholdings. Find out why.
Do I Need to Claim My Dependents on My 2018 Tax Return?
The Tax Cuts and Jobs Act passed on December 22, 2017 made many changes to individual taxes beginning in 2018. One of those changes was the elimination of a deduction for personal exemptions and replacing it with a higher standard deduction.
The question becomes, if I don’t get a deduction for my dependents, is there any reason to list them on the return? The answer is: absolutely yes.
Choosing a Successor for Your Family Business
If your retirement is approaching, it’s time to consider who you may choose as a successor. It can be a daunting decision because of the amount of trust that you are placing in the person you choose. If you run a family business, it is important to separate your opinions as a family member from […]
4 Steps to Improve Profitability
For a company, stagnant or declining profits are obvious indicators that trouble is on the horizon, but even if profits are rising, there is always room for improvement. Here are a few steps you can take to get on the road to improved profitability.
North Carolina Annual Reports Change
Effective January 1, 2018, North Carolina annual reports must be filed directly with the Secretary of State. Prior to 2018, North Carolina corporate annual reports could be attached to the income tax return. Payment of the annual report fee now has to be sent to the NC Secretary of State rather than the NC Department of Revenue.
Should I Be Concerned About Fraud?
Many business owners assume they have hired honest and ethical employees. Even if you have hired honest and ethical employees you need to have anti-fraud controls in place. Sometimes even honest employees, when given the opportunity, will commit fraud. Every two years the Association of Certified Fraud Examiners (ACFE) conducts a comprehensive survey of fraud […]
Protecting Your Assets
A small business can have reasonably cost effective internal controls. Let’s talk about how and relate a horror story of what happens when your internal control is actually imaginary control. The story A business owner has a relative that really needs a job. The relative is hired to be the company accountant. Things seem to […]
Advice on Signing a Representation Letter with a CPA Firm
My CPA firm wants me to sign a representation letter. What do they think I am? A lying skunk? I remember being an entry level staff accountant and one of our audit clients asking me if we were going to require him to sign a liar’s letter. After all, didn’t we think that he was […]
How We Can Help with Your Anti-Fraud Controls
There are some basic controls that all businesses should implement to prevent and/or detect fraud. This post will highlight some services we can provide to further improve your anti-fraud controls. Fraud risk assessment consulting Evaluation of internal controls Testing Internal Controls Fraud Risk Assessment Consulting Nobody knows your business as well as you do, however […]