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November 1, 2016

The prospect of leaving your company in the hands of someone else likely brings mixed emotions. You’ve no doubt spent a substantial amount of time and a great degree of effort in getting your enterprise to where it is today. So, as the saying goes, parting will be such...

October 29, 2016

IRS advises nonspouse beneficiary on RMD rules. An individual asked whether failure to begin required minimum distributions (RMDs) within one year of the retirement plan owner’s death made the “life expectancy rule” inapplicable and required that distributions be made...

October 28, 2016

Turning receivables into cash is among the most important things a business must do. Of course, it’s easier said than done. Here are five ways to speed up collections:

1. Streamline the billing process. You can’t collect what you don’t bill. Invoice customers promptly...

October 27, 2016


Shopping, anyone? If your business is in need of office equipment, computer software or perhaps an HVAC system, the purchase you make today could provide you with a tax break tomorrow — or, more specifically, when you’re ready to file your 2016 taxes. The Section 179...

October 26, 2016

An auditor does significant legwork before starting field work. During the audit planning phase, he or she reviews the preliminary financials and compares the current year’s results to last year and industry benchmarks. Here’s a closer look at what happens behind the s...

October 19, 2016

When drafting an estate plan, it’s critical to select the right trustee to carry out your wishes. It’s also important to establish procedures for removing a trustee in the event that circumstances change. Failing to do so may require beneficiaries to petition a court t...

October 18, 2016

Self-employed? You must pay FICA taxes on your self-employment income. The 12.4% Social Security tax applies to up to $118,500 of earned income for 2016. There’s no limit on the 2.9% Medicare tax. Normally these taxes are split equally between employee and employer, bu...

October 18, 2016

You can’t always take a balance sheet at face value, because it may omit certain valuable assets and costly future obligations. Here are some examples of items that may not be reported on a company’s balance sheet and a closer look at the rules for recording contingent...

September 22, 2016

Disclosure requirements of Section 404 of the Sarbanes-Oxley Act (SOX 404) haven’t been the smoothest of regulatory sailings over the past 12 years, and a new report by research firm Audit Analytics makes that clear.

Indeed, SOX 404 Disclosures: A 12-Year Review re...

September 22, 2016

S529 plans offer a tax-advantaged way to fund college. With a prepaid tuition plan, tuition is guaranteed regardless of its cost when the child attends the school. Downsides are that there’s uncertainty in how benefits will be applied if the child attends a different s...

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