401(k) Planning Increased Limits in 2018
There have been some changes to the retirement plan contribution limits for 2018. These changes allow for higher contributions and we encourage you to take advantage.
Sign Your E-File Authorization Form
Do you remember: Owning a VCR? American Motors (Introducing the Gremlin, the Pacer and the Rambler)? M*A*S*H (the 4077th)? Manually signing a paper copy of your income tax return and mailing it to the IRS? Change happens! And the one thing that we can agree on is that we have a segment of the population […]
Will the Existing Income Tax Code Ever Be Replaced with a Flat Tax?
Every so often we hear a television pundit espousing the virtues of a flat tax system. They will say something like “all we need is a flat tax of 17%, or 18% or 19% and it will cover the nation’s budget”. The underlying fallacy of a flat tax system is the assumption that the primary […]
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 […]
Sex as a Medical Expense?
Taxpayers are always asking their CPA what they can deduct to save on taxes. Some deductions seem pretty straight forward (home mortgage interest, charitable contributions, etc.). Others are much grayer and depend on particular facts and circumstances. One tax deduction that may be available is for medical expenses. The IRS defines a medical expense as […]
Selected Tax Return Documentation
As we get closer to another tax return filing season here is a reminder of the documentation and substantiation requirements for a few common deductions. Charitable Contributions No deduction for cash donations is allowed unless you have bank records (canceled check or bank statement) or written acknowledgment from the charity documenting the contribution’s amount and […]
Company Layoffs When You’re Approaching Retirement
It can be scary when you get that pink slip, especially if retirement was just around the corner. At first you feel panic, then overwhelm, and finally fear. This happened to my dear client Kelly who, at age 61, got the news that her company was laying her off. Kelly had planned on working until […]
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 […]