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The Ins and Outs of Depositing and Reporting Payroll Taxes

Mon, Apr 29th 2019
Employment taxes must be reported and deposited on a regular schedule set by the government. Although handling employment taxes may seem confusing at first, once you get your deposits and reports on the calendar and have gone through a few cycles, it gets easier. The general advice that follows covers many businesses, but not all. Your business may be different, so consult with a professional who is well versed in taxes to confirm your business's deposit and reporting schedule. Depositing... Read More »

Keep Your Business Safe with Internal Controls

Mon, Apr 22nd 2019
Employee fraud can cost your business real money — perhaps more than you may realize. A 2016 study of occupational fraud published by the Association of Certified Fraud Examiners found that small businesses accounted for approximately 30% of fraud incidents, with a median loss of $150,000. How can you be certain that your company is protected via your own internal controls? Perhaps more important, do you have adequate internal controls in place? Internal controls are categorized as "before" and... Read More »

What to Know About Lease Accounting

Mon, Apr 15th 2019
The Financial Standards Accounting Board has issued an Accounting Standards Update (ASU) aimed at improving financial reporting about leasing transactions. The ASU affects all companies and organizations that lease such assets as real estate, airplanes and manufacturing equipment. Lessees are required to recognize on balance sheets the assets and liabilities for the rights and obligations created by those leases. The update responds to requests from financial statement users for a more faithful... Read More »

Getting Creative with Mortgages

Mon, Apr 8th 2019
Many people might be afraid of considering alternative mortgage options in the aftermath of a turbulent housing market. After everything came to a head in 2007, people began to reconsider the best ways to purchase a house without using a traditional mortgage. There are a variety of safe and effective methods beyond a traditional mortgage that can help homebuyers achieve their dreams. Here are some creative mortgage considerations. Owner financing. The owner of the property can elect to finance... Read More »

Tax Law Makes Now the Perfect Time for the Roth Conversion Retirement Trick

Mon, Apr 1st 2019
Converting a traditional IRA to a Roth IRA takes some fortitude and faith in the future numbers because this change can accelerate your tax bill. The current market and tax rate cuts, however, are creating an environment ripe for conversions and making the move much more palatable. Together, these two factors are essentially creating new groups of taxpayers for whom a conversion makes good sense. IRA Basics Revisited Contributing to a traditional IRA gets you a tax deduction now, at the time of... Read More »