10 common mistakes to avoid in estate planning

Sometimes people attempt to make an estate plan without consulting legal and financial professionals. Mostly this is because they may have a general understanding of estate planning and believe they can do it themselves without paying for professional services. This may be valid to a point, but it often fails because of the detailed knowledge it …
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Tax advantages of cash donation to a charity from your IRA

Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax advantages of making a cash donation to an IRS-approved charity out of your IRA. When distributions are taken directly out of traditional IRAs, federal income tax of up to 37 percent in 2022 …
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Protecting your company from cryptocurrency fraud

According to blockchain data company Chainalysis, cryptocurrency transactions associated with illegal activity topped $14 billion in 2021. That’s almost double 2020 numbers – and the momentum shows no signs of slowing. In addition to outright cryptocurrency theft, these crimes include investment fraud and ransomware scams that affect businesses. Yet cryptocurrency offers several advantages to entrepreneurs and …
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The tax consequences of selling business property

What are the tax consequences of selling property used in your trade or business? Many rules potentially can apply to the sale of business property. Thus, to simplify discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, and has been held by you for more …
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Tax implications of selling mutual funds

If you’re an investor in mutual funds or you’re interested in putting some money into them, you’re not alone. According to the Investment Company Institute, a survey found 58.7 million households owned mutual funds in mid-2020. But despite their popularity, the tax rules involved in selling mutual fund shares can be complex. What are the …
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Tax rules of renting out your vacation property

Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for part of the year. The tax treatment depends on how many days it’s rented and your level of personal use. Personal use includes vacation use by your relatives …
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C-suite fraud: Prevention & detection

Executives often receive lucrative compensation packages. But for some, it isn’t enough and they engage in illegal activities to line their own pockets. The Association of Certified Fraud Examiners (ACFE) has found that owners and executives commit 20 percent of occupational fraud. However, they’re responsible for the largest median loss of $600,000. (In comparison, rank-and-file employees …
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Take 5: What every CPA should tell his or her clients

By Jim Rice, CPA Having been a CPA for more than 40 years, I have had the opportunity to work with many different clients in numerous situations. While no two are alike, I want to share a few thoughts that I believe are important and applicable to anyone working with a CPA: 1. You truly …
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R&D credit may offer tax relief to eligible businesses

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex calculations, which we can take care of for you. But in addition to the credit itself, be aware that the credit also has two features …
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