Understanding IRS Audit Guidance
IRS examiners usually do their homework before meeting with taxpayers and their professional representatives. This includes reviewing any relevant Audit Techniques Guides (ATGs) that typically focus on a specific industry or audit-prone business transaction. Though designed to help IRS examiners prepare for audits, ATGs are available to the public. So, small business taxpayers can review…
Offer Acceptance Periods: Can You Revive an Expired Offer?
What Happens If an Offer Expires But the Agency Doesn’t Cancel the Procurement? When a contractor submits an offer (a bid or proposal, depending on the type of procurement) to the federal government, the solicitation normally specifies the period within which the government can accept the offer and form a legally binding contract. The acceptance…
Six Keys to Successful Change in the Workplace
Employees generally hate change. Whether it’s a merger or restructuring, or a simple change in the color of the office, studies show both staff members and managers resist. The reactions may seem irrational but change can suggest an invasion of turf. Some employees feel it lowers their status or eliminates privileges. They might also worry…
Beware of Scams Surrounding Long-Term Care Coverage
Studies show a rising number of people will enter a long-term care facility at some point in their lives, often at a younger age than they expect. Many more will require the help of medical personnel in their homes. Either way, the costs range from expensive to insurmountable. That’s where long-term care (LTC) insurance becomes…
When Dollar-Cost Averaging Makes Sense … and Doesn’t
The benefits of dollar-cost averaging (DCA) are generally extolled by market commentators and investment providers. But this well-regarded strategy may not always be the best approach for individual investors.1 What is Dollar-Cost Averaging? Dollar-cost averaging is the practice of buying a fixed-dollar amount of a particular investment on a regular schedule over a period of time….
How to Make the Tax Code Work for You
By April 20, 2018, 138 million taxpayers had dutifully filed their federal income tax returns.¹ And all of them made decisions about deductions and credits — whether they knew it or not. When you take the time to learn more about how it works, you may be able to put the tax code to work…
IRS Offers QBI Deduction Safe-Harbor Rule for Rental Real Estate
The IRS recently issued guidance on the new deduction for up to 20% of qualified business income (QBI) from pass-through entities under the Tax Cuts and Jobs Act (TCJA). It aims to clarify when the QBI deduction is available for income from rental real estate enterprises. The QBI deduction is allowed only for income from…
Trim Training Costs With a Playbook for Employees
For most businesses, it’s time-consuming and expensive to bring new employees up to speed and train existing employees to perform new duties. The costs involved in training don’t show up as a line item on any ledger, but that doesn’t mean they don’t exist. So what can you do? Create how-to manuals that clearly spell…
Updating Your Workplace Drug Use Policy and Enforcement Strategies
Several recent trends are causing some employers to revise their drug use policies. Here are some issues to consider to help ensure your company’s strategy is effective and up-to-date. Changes in the Workplace In general, workplace drug testing is losing popularity, except for hazardous jobs in which drug impairment could lead to serious accidents and…
Unrelated Business Income Tax: The TCJA Has Changed the Rules
Many not-for-profit organizations are concerned about the provisions of the Tax Cuts and Jobs Act (TCJA) that are affecting charitable giving. But the law also contains some important requirements involving unrelated business income tax (UBIT). If you engage in “unrelated business” — and even if you don’t — you could find that your UBIT liability…