Fraud Prevention is a Cost Small Businesses Can’t Forgo

In June, 2018, the Federal Trade Commission (FTC) announced “Operation Main Street: Stopping Small Business Scams,” a partnership between federal and state authorities and the Better Business Bureau. The initiative supports what fraud experts have long known: Small businesses can be easy targets for scams because they don’t always have the staffing or financial resources [...]

2019-04-02T12:58:45-05:00April 2nd, 2019|General|

Should Cloud Computing Setup Costs Be Expensed or Capitalized?

Companies will be able to capitalize, or spread out the costs of, setting up pricey business systems that operate on cloud technology under an update to U.S. Generally Accepted Accounting Principles (GAAP). Here are the details. FASB responds to business complaints Over the last three years, businesses have complained to the Financial Accounting Standards Board [...]

2019-05-20T15:29:03-05:00March 19th, 2019|General|

Even Voicemail is Susceptible to Fraud

In a world of increasing exposure to online security threats, it’s nice to be able to rely on voicemail for risk-free communication. The problem is, you can’t. Your voicemail system can easily be hacked if you don’t take some precautions. Passwords as passports In the most common scheme, hackers figure out the passwords for voicemail [...]

2019-03-04T18:06:10-06:00March 4th, 2019|General|

Opportunity Zones: What We Know and What We Don’t

The Tax Cuts and Jobs Act (TCJA) created the Opportunity Zones program to increase investment in economically distressed communities. The program provides preferential capital gains treatment for investments within designated low-income census tracts. Policymakers hope opportunity zones will unleash investment in low-income communities throughout the country. This analysis describes opportunity zone program incentives, reviews both [...]

2019-02-25T17:35:51-06:00February 25th, 2019|General|

Hundreds of IRS employees are skipping work

That could delay tax refunds A recent Washington Post article makes an interesting observation about the impact of large numbers od IRS employees skipping work. Here is an excerpt. "Hundreds of Internal Revenue Service employees have received permission to skip work during the partial government shutdown due to financial hardship, and union leaders said Tuesday [...]

2019-02-19T02:39:42-06:00February 19th, 2019|General, News|

AICPA Announces $650,000 in Accounting Scholarships Available

NEW YORK--(BUSINESS WIRE)--The American Institute of CPAs (AICPA) announced that more than $650,000 in scholarships for accounting students is available for the 2019-20 academic year. The applications will be available online at  ThisWaytoCPA  until March 1. AICPA Announces $650,000 in accounting scholarships for the 2019-2020 academic year - apply now through March 1! The scholarships, [...]

2019-02-10T18:12:35-06:00February 10th, 2019|General|

IRS Issues Updates on Post-shutdown Activities

Taxpayers and tax practitioners received guidance from the IRS on what to expect in the areas of audits, collections, tax return processing, and Tax Court operations now that the government shutdown has concluded. The IRS explained on its  website  that IRS employees returned to work on Jan. 28 and are going through mail and voicemail [...]

2019-10-25T06:29:31-05:00February 4th, 2019|General, Tax|

When Will I Get My 2019 Tax Refund? The Shutdown Might Affect It.

With the partial federal government shutdown now going into its 34th day as of Jan. 24, the already daunting chore of filing taxes may have some taxpayers especially weary. The Internal Revenue Service (IRS) has been closed since the shutdown began on Dec. 22, but the period for filing tax returns officially opens in just [...]

2019-02-27T04:29:09-06:00January 28th, 2019|General, Tax|

Business Deductions for Meal, Vehicle and Travel Expenses: Document, Document, Document

Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS. A critical requirement Subject to various rules and limits, business meal (generally 50%), vehicle and travel expenses may be deductible, whether you pay for the expenses directly or [...]

2019-02-27T04:29:26-06:00January 28th, 2019|Bills, General|

Be Sure Your Employee Travel Expense Reimbursements Will Pass Muster With the IRS

Does your business reimburse employees’ work-related travel expenses? If you do, you know that it can help you attract and retain employees. If you don’t, you might want to start, because changes under the Tax Cuts and Jobs Act (TCJA) make such reimbursements even more attractive to employees. Travel reimbursements also come with tax benefits, [...]

2019-02-27T04:29:43-06:00January 22nd, 2019|Budget, General|
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