Thought Leadership

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Four Questions You Should Be Asking About Cyber Security

Big data breaches continue to make the news, but how much risk does the average company face? The global average cost of cyber crime increased by more than 50% from 2016 to 2018, which is a staggering reality. In spite of increases in global cybersecurity investments, experts estimate that 1…

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Hiring This Summer? You May Qualify for a Valuable Tax Credit

Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit (WOTC). This includes youth whom you bring in this summer for two or three months. The maximum credit employers can claim is $2,400 to $9,600 for each…

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C to S Corporation Valuation Method Gains Acceptance in Kress v. U.S.

A recent decision from the United States District Court – Eastern District of Wisconsin appears to endorse the appraisal approach of tax-affecting the earnings of an S corporation. In March 2019, Chief Judge William C. Griesbach issued an important verdict in Kress v. United States, a case that…

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Will FASB Require More Detailed Expense Reporting?

Investors often can’t get sufficient information about a company’s future cash flows because expense information is too dense, according to recent discussions by the Financial Accounting Standards Board (FASB). An ongoing FASB project aims to make the income statement more useful to those who read…

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IRS Rolls out New Luxury Car Rules

IRS “luxury automobile” limits were recently adjusted for inflation. The new limits affect certain deductions taxpayers can take for passenger automobiles — including light trucks and vans — used in their businesses. Revenue Procedure 2019-26 lists different limits for purchased automobiles,…

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Employers: Be Aware (Or Beware) of a Harsh Payroll Tax Penalty

If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a “responsible individual.”

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Prevent Fraud with the Help of Your Audit Committee

Your board’s audit committee is a first line of defense against fraud. But to be effective, committee members need to do more than simply review financial statements and audit results. Members should also adopt the following best practices:

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