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News & Updates

Though you may have thought bank safe deposit boxes no longer existed, these secure containers are still around, and can be useful for storing difficult to replace items, such as deeds, contracts, and your home inventory. Should you have one? Here’s what to consider. Peace of mind. Knowing that key original documents are in a

As the end of another year approaches, you’re looking for ways to reduce your tax bill. You have a handful of stocks in loss positions. You like the stocks and expect the prices to rebound. Should you sell now at a loss to offset other capital gains, then buy the shares right back again? Not

Security breaches of confidential data capture the global news headlines on a daily basis. Identity theft has become so commonplace that credit card companies and banks market their protection efforts as free services to their customers. The IRS is at risk too, with impersonators using the fear and authority of the government to prey on

November 21, 2016THE TAXING SIDE OF DIVORCE

Getting divorced? Amid all the upheaval, taxes are not likely to be foremost on your mind. Yet overlooking the tax consequences can be costly. Here are some of the basics. Your filing status will change. No matter if you get your final divorce decree or separate maintenance on January 1, December 31, or any date

Are you thinking of taking out a loan to buy new machinery or additional inventory for your business? Before you sign that loan document or credit application, consider the following questions. What’s the true cost of borrowing? The interest rate on your business loan may be variable, fluctuating over the life of your loan. Calculate

The buy-or-lease question is a common dilemma, whether you’re asking as a homeowner, or for your business. For perspective, think of the big picture. In either case, you’re paying for the exclusive use of an item over a set period of time. With that as a point of reference, the difference boils down to two

Raising funds in small amounts from a large pool of people, also known as crowdfunding, has become a popular way for budding entrepreneurs to drum up the working capital for pet projects. It seems like everyone from twenty-somethings to stay-at-home parents to retirees are getting in on the act. Here’s how the process works. Let’s

Change happens. That’s especially true in the business world, where changes may be mandated by tax or regulatory requirements, increased competition, shifts in customer needs, or technological advances. Whatever your reason for making a change in your business, managing the process effectively is the best way to succeed. Here are suggestions for handling change. Clarify

Basic estate planning begins with completing documents that allow your last wishes to be carried out as you choose. But are you familiar with the documents you’ll need? Here’s a list of common estate planning documents and their purpose. * Advance Directive. Your instructions for end-of-life and quality of life wishes regarding medical treatments. Share

It’s a mobile world, and your employees may be asking to work from a location other than your office. Adapting to this request can allow you to keep quality talent and accommodate workers who may have health or other issues that make working in a traditional office difficult. But managing employees from a distance can

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Are you ready to get started on your 2017 tax planning? Here are the numbers to use to take full advantage of retirement and other tax-advantaged savings. If you’re under full retirement age, the social security earnings limit is $16,920. That means if you collect benefits before your full retirement age and earn more than

The filing requirement rules for individual federal income tax returns are fairly straightforward. In general, you’re required to file a return based on your filing status, your gross income, and your age. Here’s an overview of the rules for 2016 tax returns. Single taxpayers (including those who are divorced or legally separated). If you’re under

Even the most dedicated small business owners eventually want to retire. But succession planning can be tricky. If a transfer to an outside party isn’t feasible, an alternative is to consider selling your business to your employees. How? One common approach is to transfer shares through an employee stock ownership plan (ESOP), a type of

When your business makes money, you pay income tax on the profit. What happens when your business deductions are greater than the income in a particular year? In that case, the result is what’s called a net operating loss, or NOL, and you may be able to benefit from federal tax rules that allow you

Rising business receivables can be a sign of a growing, prosperous company ñ or of troubles ahead. How can you know if your receivables are right-sized for your business? Start by breaking down the numbers. A report of your receivables listed by age will give you the information you need. Track the percentage of invoices

  The Internet of things has changed the ways CPA’s conduct audits. Cloud based transactions change the sources of data flowing from vendors and to clients. CPAs must monitor transactions and insure that proper controls are in place. Internal control design is changing. Client information is going directly into accounting systems from the web Instead

    What Is the Internet of Things? Wikipedia defines the Internet of things as “the network of physical objects—devices, vehicles, buildings and other items—embedded with electronics, software, sensors, and network connectivity that enables these objects to collect and exchange data. The IoT allows objects to be sensed and controlled remotely across existing network infrastructure,

  Business Valuation Ever wonder what your business is worth? A detailed and comprehensive Business Valuation Report can help you sell or refinance your business. A solid business valuation can give you a solid range of values ranging from a low, medium, and high valuation dollar amount. This blog will be a brief overview of

  Startup costs have always been a major hurdle to small businesses who want to start a 401k plan, but a provision of The Economic Growth and Tax Relief and Reconciliation Act (EGTRRA) provides a tax credit for employers to offset the startup cost and the cost of educating employees about the new plan. The

Revocable trusts offer advantages compared to wills for transferring wealth to beneficiaries, and they also have some disadvantages that we will discuss together today. See last week’s Blog or call Brown CPA Group regarding the proper way to set up a revocable trust.  I assume you read last week’s Blog. (If not read it now!