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Holiday Parties and Gifts Can Help Show Your Appreciation and Provide Tax Breaks
With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these expenses. Are they tax…
A Holiday Gift! FASB Allows More Time to Meet New Accounting Rules
Many private companies, not-for-profit organizations and small public companies will have more time to meet major new accounting requirements related to leases, hedging, current expected credit losses (CECL) and long-duration insurance contracts.
Uncovering Elder Investor Exploitation
The Securities and Exchange Commission (SEC) has the mission “to educate and empower investors so they can plan for a financially secure future.” The SEC held a roundtable in October to help raise awareness about the exploitation of a specific investor group — the elderly. Unlike younger people,…
Two Valuable Year-End Tax-Saving Tools for Your Business
At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that may help your business reduce its 2019 tax liability. To benefit from these deductions, you must buy eligible…
IRS Issues an Update to Mileage Deduction Rules
The IRS has issued new guidance regarding the rules for using standard mileage rates when calculating "above-the-line" deductions for specific automobile operating costs. This new guidance also lays out rules — IRS Revenue Procedure 2019-46 — for establishing reimbursement of employee…
Captive No More! IRS Offers to Settle Lawsuits over Questionable Micro-Captive Insurance Arrangements
Nearly 200 taxpayers being audited for abusive micro-captive insurance arrangements – a practice that since 2014 has made the agency’s “Dirty Dozen” list of tax scams – may be able to breathe a sigh of relief after being offered a settlement by the IRS.
Measuring Equity-Based Awards' Fair Value
Stock options and other forms of equity-based compensation are often awarded by cash-strapped start-ups and high growth firms to attract and retain skilled employees. These rewards can also provide incentives to boost performance and add value. However, there’s a downside: accounting for these…
The Tax Implications If Your Business Engages in Environmental Cleanup
If your company faces the need to “remediate” or clean up environmental contamination, the money you spend can be deductible on your tax return as ordinary and necessary business expenses. Of course, you want to claim the maximum immediate income tax benefits possible for the expenses you incur.