In the News

Copyright 2020
Several significant federal tax breaks are set to expire at the end of 2020, unless Congress renews them. Lawmakers customarily extend these so-called "extender" provisions for another year or two, sometimes retroactively. However, in this tumultuous time, nothing is certain.
Copyright 2020
Most business travel was temporarily suspended during the spring and summer months. Now some people have started traveling for business purposes again, albeit less than before the COVID-19 pandemic began. With travel cutbacks, now may be a good time to review — and possibly simplify — how your company reimburses its workers for out-of-town lodging, meals and incidental expenses.
Copyright 2020
At the slots or online, remember to keep records.
Copyright 2020
Idle machines, production bottlenecks, equipment breakdowns, absent employees, new orders — these are just some factors that can disrupt production and eat into your company's profit.
Copyright 2020
Like all service providers, doctors seek to offer their patients the best possible care while holding down costs. But how can physicians tell whether they're meeting this goal? A growing patient list and a healthy bottom line are strong indicators. However, the only sure way to tell if your patients are satisfied is to ask them.
Copyright 2020
Throughout the year, businesses like yours need to be able to provide verified financial results to others. This may be your tax preparer, a lender or investor, a potential purchaser of your business — should you decide to sell — or another interested party. Not to mention that you, as the company owner should know your books are being done with accuracy and completeness. For all of these reasons, you should consider having your accountant prepare certified financial statements for your business, rather than always relying on internally generated reports.
Copyright 2020
Think of your not-for-profit organization and its external auditor as dance partners performing a well-choreographed routine. To execute the dance properly, each dancer must complete specific moves and coordinate timing with his or her partner. Likewise, your organization and its audit firm each have particular duties in the audit process but share the same end goal: a set of financial statements that fairly present your financial condition and operating results.
Copyright 2020
It's important to notify the IRS if you move and change your address. Under tax law regulations, a taxpayer's last known address is the one that appears on the tax return you filed most recently — unless the IRS is otherwise notified.
Copyright 2020
In the COVID-19-ravaged economy, debts can pile up beyond a borrower's ability to repay. Lenders sometimes may be willing to forgive (or cancel) debts that are owed by certain borrowers. While debt forgiveness can help struggling borrowers survive financially, it can sometimes trigger negative tax consequences. Here's what borrowers need to know about the tax implications of so-called "cancellation of debt" (COD) income.
Copyright 2020
Paying your employees for hours that you know they've worked is straightforward enough. But what if they're doing more work than you think they are — or more than you've asked them to do? As federal regulations state, "Work not requested but suffered or permitted is work time" and, thus, must be compensated.

Pages