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Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January 31 File 2017 Forms W-2, “Wage and Tax Statement,” with the Social Security Administration and...
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Read moreAlthough the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA), C corporations aren’t the only type of entity significantly benefiting from the new law. Owners of noncorporate “pass-through” entities may see some major — albeit temporary — relief in the form of a...
Read moreOn December 20, the House passed the Tax Cuts and Jobs Act of 2017 (TCJA), which the Senate had passed the previous day. It’s the most sweeping tax legislation since the Tax Reform Act of 1986. The bill makes small reductions to income tax rates for most individual tax brackets, significantly reduces the income tax rate for corporations and eliminates the corporate alternative minimum tax (AMT). It also provides a...
Read moreAccording to the Association of Certified Fraud Examiners (ACFE), tips — particularly those made through anonymous hotlines — are the most effective method of uncovering occupational fraud. But while the mere existence of a hotline can prompt second thoughts in employees tempted to commit fraud, it usually isn’t enough to encourage reporting of fraudulent activities. Confidential and convenientEnsuring that employees feel comfortable using your fraud hotline is critical. First, it...
Read moreVarious limits apply to most tax deductions, and one type of limit is a “floor,” which means expenses are deductible only if they exceed that floor (typically a specific percentage of your income). One example is the medical expense deduction. Because it can be difficult to exceed the floor, a common strategy is to “bunch” deductible medical expenses into a particular year where possible. If tax reform legislation is...
Read moreFinancial statement fraud is committed by intentionally misrepresenting an organization’s financial condition. A perpetrator might do this by omitting or misstating amounts or information to deceive auditors, shareholders and the public. However this fraud is committed, it tends to be one of the most costly schemes for the victimized companies. Root out anomalies In general, financial statement fraud perpetrators are high-level employees, usually executives, with significant financial and accounting...
Read moreHere are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January 31 File 2017 Forms W-2, “Wage and Tax Statement,” with the Social Security Administration...
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