Audits Are Essential to Your Organization’s Health
Audits have become more important due to increased public and government scrutiny of not-for-profit organizations, their management and their boards. Audits not only provide you with a fair assessment of your organization’s financial health, but also can reveal vulnerabilities such as weak internal controls, insufficient cash reserves and poor investment policies. Perhaps most important, regular…
The Employer’s Role in Documenting Workers
The employer’s role in documenting alien employees is a balancing act. Under the Immigration Reform and Control Act (IRCA) you must verify through examination of certain documents that your employees are authorized to work in the United States. At the same time, you must avoid unfair employment practices. “If an employee can’t complete Section 1…
Last-Minute Tax Planning Tips for 2017
This year, Tax Day for individuals, sole proprietors and C corporations is Tuesday, April 17. You still have time to consider some moves in 2018 to potentially save federal (and possibly state) income taxes for 2017. Here are three last-minute planning ideas. 1. Choose to Deduct State and Local Sales Taxes Individuals have the option…
Reverse Mentoring: Moving Seasoned, Younger Workers into High Gear
Reverse-mentoring isn’t a new concept, nor is it widespread, though many companies could benefit from such a program. Pioneered at General Electric some two decades ago, the basic concept is that younger employees have a lot to teach older ones about work-related matters. In some corners of the business world, the idea is broadened to…
Do I Have to Allow Grandparent Visits after My Divorce?
Q. I am getting divorced and my ex-spouse’s parents say they want formal visitation rights with our children. Do I have to allow this? A. Not necessarily. Under the law, it is presumed that whatever parents’ decide about grandparents’ visitation is in the best interests of their children. Consequently, in order to obtain legal visitation,…
Got Bitcoin? Virtual Currency Complicates Tax Reporting
Bitcoin has been around for nearly a decade. But the tax rules related to “virtual currency” are still evolving. In fact, some Bitcoin investors may be in for a surprise when they file their 2017 returns. Tax matters will become even more complicated for 2018 returns because relevant provisions of the new tax law (the…
The Limits of a Successful Daubert Challenge
In the wake of a 1993 Supreme Court case, challenges against expert witnesses have found greater success. In that case, two minor children and their parents alleged in a lawsuit that the children’s serious birth defects had been caused by the mothers’ prenatal ingestion of Bendectin, an antinausea prescription drug marketed by Merrell Dow Pharmaceuticals….
Can Partners Deduct Business Expenses They Aren’t Reimbursed For?
Law firm partners must sometimes pay for certain firm-related expenses out of their own pockets. For instance, your firm’s partners may Have to personally absorb the costs of wining and dining prospective clients who are not on the “approved” firm-wide list of potential clients for which the firm will reimburse entertainment costs. Incur personal auto…
Congress Raises 401(k) Hardship Withdrawal Limits
Most 401(k) plans permit hardship withdrawals, though plan sponsors aren’t required to allow them. As it stands today, employees seeking to take money out of their 401(k) accounts are limited to the funds they contributed to the accounts themselves, and only after they’ve first taken a loan from the same account. Loans must be repaid,…
Getting Rid of an Electronic Headache
For e-mail users, spam can be irritating and costly: Appeals from a Nigerian general asking for money, services to help find a Russian bride, and pornographic messages are just a few of the items that can clog up your inbox. Can-Spam Facts The federal Controlling the Assault of Non-Solicited Pornography Act includes a complex set…