Nondeductible IRA Distributions
Do you make nondeductible contributions to a traditional IRA? If so, you need to understand the tax treatment of distributions to ensure you’re not taxed twice on the same income. Justify your strategy There are several reasons why you might contribute nondeductible amounts to an IRA: You or your spouse has a retirement plan at […]
Buy-Sell Agreement
If you own an interest in a family-owned or other closely held business, a buy-sell agreement is a valuable document to have in place. These agreements specify whether — and under what circumstances — owners ’interests may be transferred. Buy-sell agreements should be planned and drafted carefully to ensure that they meet your expectations and […]
Employee Stock Ownership Plan
Do you own a closely held company? Are you approaching retirement age? If so, you may be struggling to balance conflicting goals for your business. An employee stock ownership plan (ESOP) may help. Business owners often need to tap at least some of the value of their business to fund their retirement. At the same […]
IRS New Partnership Audit Rules
As you prepare and gather the 2017 tax data, I strongly encourage you to take this opportunity to review and modify your partnership agreements to be in compliance with the IRS new partnership audit rules. The new rules enacted by The Bipartisan Budget Act of 2015 (BBA) introduced new tax terms and concepts, and are […]
Charitable IRA Rollover Eases Tax Pain of RMDs
One downside of contributing to a traditional IRA is that, once you reach age 70½, you must begin taking required minimum distributions (RMDs) — and pay taxes on those distributions — whether you need the money or not. But if you’re charitably inclined, you can use a qualified charitable distribution (QCD) to avoid taxes on […]
Client Memo – Common Types of Fraud Schemes
There are two types of fraud, occupational fraud, and financial statement fraud. Of the two, occupational fraud is the most costly to small businesses. The common types of occupational fraud schemes include the following: 1. Asset misappropriation – Skimming. This is the most common form of cash misappropriation. Skimming is stealing incoming cash before it […]
IRS Dirty Dozen
Last Friday, the Internal Revenue Service announced the conclusion of its annual “Dirty Dozen” list of common tax scams. The annual list highlights various schemes that taxpayers may encounter throughout the year, many of which peak during tax-filing season. We urge you to stay alert and use caution when viewing and responding to income tax […]
Client Memo – Big Concern for Small Business
According to various studies conducted by the Association of Certified Fraud Examiners (ACFE, www.cfenet.com), the per-employee losses from fraud in the smallest businesses are 100 times the amount of their largest counterparts. This is mainly due to the fact that small businesses have limited resources to perform adequate employee prescreening and implement sufficient internal controls […]
