What you need to know about year-end charitable giving in 2017

What you need to know about year-end charitable giving in 2017 Charitable giving can be a powerful tax-saving strategy: Donations to qualified charities are generally fully deductible, and you have complete control over when and how much you give. Here are some important considerations to keep in mind this year to ensure you receive the … Continued

Employee Financial Education Benefits Them and You

Employee Financial Education Benefits Them and You When employees get stressed out about finances, ignorance is often a big factor. They sense that they need to take decisive steps to get on a solid path. However, they’re not sure where to start or what their options are, and that adds to the stress. This is … Continued

IRS Increases Annual Gift Tax Exclusion for 2018

IRS Increases Annual Gift Tax Exclusion for 2018 The IRS has announced that the annual gift tax exclusion is increasing next year due to inflation. After five years of being stuck at $14,000, the exclusion will be $15,000 per recipient for 2018 — its highest point ever. Section 529 Plans: Make Five Years of Gifts … Continued

Keep Tax Reform Proposals in Mind When Making Last-Minute Year-End Moves

As 2017 winds down, it’s time to consider making some moves to lower your federal income tax bill and position yourself for tax savings in future years. This year, the big unknown factor is whether major tax reform proposals will be enacted. Even if all goes according to the GOP timeline, the changes generally won’t … Continued

International Tax Monthly December 2017 Issue

IRS Continues Its Fusillade of Audit Campaigns The Large Business and International (LB&I) division of the IRS recently announced 11 additional issues that it will be targeting as part of its “compliance campaign” audit strategy. The IRS had previously announced 13 compliance campaigns in January of 2017. The issue-based strategy is aimed at identifying areas … Continued

2018 Q1 tax calendar: Key deadlines for businesses and other employers

2018 Q1 tax calendar: Key deadlines for businesses and other employers 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 … Continued

Recent Breach Highlights the Vulnerability of Your Personal Data

Recent Breach Highlights the Vulnerability of Your Personal Data Equifax, one of the nation’s three major credit reporting agencies, recently reported a massive data breach. Are you among the 143 million U.S. consumers whose personal information was hacked? Here’s how to find out — and how to help protect yourself against future breaches. What Went … Continued

Open Enrollment: Sign Up for Tax-Smart Benefits Before the Deadline

Have you signed up for employer-provided benefits for 2018? November is open enrollment season at most offices. Benefits enrollment is a little trickier this year, because it’s uncertain how tax reform legislation that could be enacted soon will change the tax rules starting in 2018. Some employer-provided benefits might be repealed. But there are two … Continued

Year-End Business Tax Planning Strategies in Light of Tax Reform

It’s not too late! You can still take steps to significantly reduce your business’s 2017 income tax bill and possibly lay the groundwork for tax savings in future years. How to Defer Income Most small businesses are allowed to use cash-method accounting for tax purposes. If your business is eligible, cash-method management can help you … Continued

Why you may want to accelerate your property tax payment into 2017

Why you may want to accelerate your property tax payment into 2017 Accelerating deductible expenses, such as property tax on your home, into the current year typically is a good idea. Why? It will defer tax, which usually is beneficial. Prepaying property tax may be especially beneficial this year, because proposed tax legislation might reduce or … Continued