An IRA is a popular vehicle to save for retirement, and it can also be a powerful estate planning tool. Some people designate a trust as beneficiary of their IRAs, but is that a good idea? The answer: possibly. IRA benefits The benefit of an IRA is that your contributions can grow and compound on […]

For several years now, cloud computing has been touted as the perfect way for companies large and small to meet their software and data storage needs. But, when it comes to choosing and deploying a solution, one size doesn’t fit all. Many businesses have found it difficult to fully commit to the cloud for a […]

A strong economy leads some company owners to cut back on marketing. Why spend the money if business is so good? Others see it differently — a robust economy means more sales opportunities, so pouring dollars into marketing is the way to go. The right approach for your company depends on many factors, but one […]

How do you report revenue and expenses from long-term contracts? Some companies that were required to use the percentage of completion method (PCM) under prior tax law may qualify for an exception that was expanded by the Tax Cuts and Jobs Act (TCJA). This could, in turn, have spillover effects on some companies’ financial statements. […]

For many companies, revenue is one of the largest financial statement accounts. It’s also highly susceptible to financial misstatement. When it comes to revenue, auditors customarily watch for fictitious transactions and premature recognition ploys. Here’s a look at some examples of critical issues that auditors may target to prevent and detect improper revenue recognition tactics. […]

The basic limit on elective deferrals such as your 401(k) is $19,000 ($25,000 if you are 50 or over) in 2019, $18,500 ($24,500 age 50 or over) in 2018, or 100% of the employee's compensation, whichever is less. The elective deferral limit for SIMPLE plans is 100% of compensation or $13,000 ($16,000 age 50 or […]

Year-End Tax Planning Moves for Individuals Higher-income earners must be wary of the 3.8% surtax on certain unearned income. The surtax is 3.8% of the lesser of: Net investment income (NII), or The excess of modified adjusted gross income (MAGI) over a threshold amount ($250,000 for joint filers or surviving spouses, $125,000 for a married […]

Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts and Jobs Act (TCJA) could make bunching such expenses into […]

Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, be aware that which assets you give can produce substantially different tax consequences. Multiple […]