Watch Out for these Tax Issues When Planning for Your Business in 2018
The Tax Cuts and Jobs Act makes sweeping changes. But some of the new provisions won’t necessarily be relevant to your situation. Here’s a quick reference guide to the major changes under the new law to help you understand what’s changing. In general, these changes are effective for tax years beginning after December 31, 2017….
Workplace Retaliation: Reduce the Chances of a Claim
Retaliation is the most frequently alleged basis of discrimination in the federal sector and the most common discrimination finding in federal sector cases, according to the U.S. Equal Employment Opportunity Commission (EEOC). The laws enforced by the EEOC prohibit punishing job applicants or employees for asserting their rights to be free from employment discrimination including…
Red Flags and Steps to Uncover Product-Substitution Fraud
Suppliers who fraudulently substitute inferior materials to increase their profits put your company at risk of losing future federal contracts. Aircraft Parts Suppliers Plead Guilty, Sentenced in Procurement Fraud Two Florida residents were convicted after pleading guilty to participating in a massive procurement scheme to defraud the U.S. Air Force and commercial aviation sector.The convictions were part…
Will States Conform to the New Tax Rules?
Many state legislatures are now in session. A major issue that state lawmakers may currently face is whether to conform their state income tax systems to all the changes included in the Tax Cuts and Jobs Act (TCJA). Some states are considering or have adopted legislation to address the following key provisions of the new…
9 Ways to Keep Your Benefit Plans Healthy
It takes time to regularly review your benefits, but the payoff can be big. Most important, periodic checkups help your company remain compliant. But a recurrent review might also uncover ways to reduce costs without eliminating benefits. Here are nine measures you can and should take to keep your benefit plans healthy: 1. Put a…
Measuring the Value of a Financial Advisor
What’s the value of a financial advisor? Two studies found that working with a financial professional can result in higher returns and potentially lower personal stress.1,3 Lower Stress Seventy-six percent of people within 15 years of retirement are stressed when thinking about retirement savings and investments.2 Working with a financial advisor to develop a written…
Entities that Do Not Qualify for 501(c)(3) Status
Organizations that are created to provide goods or services exclusively (or primarily) to Section 501(c)(3) organizations (or governmental entities) may think that this purpose is sufficient to also qualify them under tax law. However, providing commercial type services exclusively to exempt organizations is not by itself an exempt purpose. Much more is required for qualification…
New Tax Benefits of Hiring Your Kid
Summer jobs can be an effective way to teach children about financial responsibility, encourage them to save for college or retirement, and provide them with spending money during the school year. If you own a business, consider hiring your child (or grandchild) as a legitimate employee. It can be a smart tax-saving strategy for employee and…
Rx for Itemizing Medical Expenses
Medical expenses can be costly — and they’re not always covered by insurance. But there may be a silver lining: You may be able to claim an itemized deduction for the amounts you pay for medical, dental and vision care, if you incur enough costs to exceed the applicable threshold for the tax year. Here are…
You May Want to Separate Real Estate Assets from Your Business
Many companies choose not to combine real estate and other assets into a single entity. Perhaps the business fears liability for injuries suffered on the property. Or legal liabilities encountered by the company could affect property ownership. But there are valid and potentially beneficial tax reasons for holding real estate in a separate entity as…