In the News

Copyright 2022
Buying a house in today's overheated real estate market can be challenging — especially as mortgage rates are on the rise. But financially secure parents who are considering downsizing or relocating to greener pastures may want to consider transferring their homes to their adult children. Here are three options to consider.
Copyright 2022
In today's tight labor market, small businesses may need to think outside the box to find employees to fill open positions. In some cases, you may have to sweeten the deal with higher salaries or extra benefits. But you may be able to offset higher compensation costs with a lucrative federal tax credit for hiring members of certain "targeted" groups. Here's what employers should know to take advantage of the Work Opportunity Tax Credit (WOTC).
Copyright 2022
There was once a time when a retiring doctor could easily sell a thriving practice to a hospital or practice management company. These days, many practice management firms are out of business and hospitals are more likely to be selling than buying. So if you're heading for retirement and planning to put your practice up for sale, the choices may be limited to the following candidates:
Copyright 2022
Whether the residential real estate market is up or down, there are always homeowners who want to — or have to — sell their homes. If you're a prospective seller making your property look like a model home in the hopes of raking in a nice profit, now is a good time to review how taxes will factor into the transaction. With the home sale gain exclusion tax break, the profit from selling your principal residence might be free from federal income taxes (and possibly state income taxes too). The rules are straightforward for most sellers.
Copyright 2022
It's critical for your organization to keep accurate tax records and maintain a good recordkeeping system. This way, you can respond to an IRS audit or prove compliance with various laws should it become necessary. However, you don't have to retain every paper document or electronic file that crosses your desk. The IRS requires organizations to keep certain essential documents on file. These records back up accounting entries, reported taxable income, expenses and deductions.
Copyright 2022
Construction projects require cooperation and coordination among a long list of participants including architects, contractors, subcontractors and others. So it's not surprising that even the most straightforward construction projects can result in disputes and ultimately, costly litigation. Before embarking on a construction project, consider how best to prepare your company to defend or pursue a construction claim in the event that all doesn't go as planned.
Copyright 2022
Internal fraud drains approximately $4.5 trillion dollars annually from global businesses, according to the Association of Certified Fraud Examiners (ACFE). According to ACFE's latest Report to the Nations, the median internal fraud loss in manufacturing and production companies is $198,000. Although companies can experience pilferage from customers, vendors and other sources, employees account for the highest losses, when taking into account offenses such as fraudulent insurance claims, unauthorized time off and theft of proprietary information. Crimes can be as simple as stealing company supplies or as complex as sophisticated financial statement fraud.
Copyright 2022
The COVID pandemic prompted numerous temporary changes to the tax laws for 2020 and 2021. From Economic Impact Payments, penalty-free IRA distributions and the expanded child tax credit to Employee Retention Credits and credits for paid leave, taxpayers had ample areas to make mistakes when completing their tax returns — on top of the usual annual tripwires. Here's what you need to know if you're considering amending your 2020 or 2021 federal income tax return.
Copyright 2022
The IRS recently announced it will be increasing the standard mileage rate for qualified business drivers for the second half of 2022. The adjustment reflects rising costs at the gas pumps this year. It's accompanied by a hike in the standard mileage rate for medical expenses for all taxpayers and moving expenses for active-duty military personnel (IRS Announcement 2022-13).
Copyright 2022
Some people are worried that they will wind up in a nursing home with their life savings wiped out. But that doesn't have to be the case. You can buy some peace of mind with long-term care insurance. But caveat emptor: These policies can be expensive, complicated and they don't always cover all the costs involved.

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