When do valuable gifts to charity require an appraisal?
May 15, 2024 | Megan Kosciolek, MST
Do you have a valuable gift that you would like to donate to a charity? It may have to be appraised before you do.
Read More2 ACA Taxes that May Apply to Your Exec Comp
October 24, 2017 | Paula Kennedy, EA
If you’re an executive or other key employee, you might be rewarded for your contributions to your company’s success with compensation such as restricted stock, stock options or non-qualified deferred compensation (NQDC). Tax planning for these forms of “exec comp,” however, is generally more complicated than for salaries, bonuses and traditional employee benefits. And planning gets […]
Contribute More to Your 401k Before the End of the Year
October 24, 2017 | Brian Hare, CPA, CGMA
One important step to both reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan. If your employer offers a 401(k) plan, contributing to that is likely your best first step. If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now and year end. Because of […]
A Crummey Trust can Preserve the Annual Gift Tax Exclusion
October 23, 2017 | Janet Kanan, EA
Traditionally, taxpayers have looked for ways to make the most of the $14,000 annual gift tax exclusion, and using a Crummey trust is one way to do that. But with the federal gift and estate tax exemption currently at an inflation-adjusted $5.49 million and the possibility of an estate tax repeal, it may seem that […]
The ABCs of Health Savings Accounts (HSA’s)
October 23, 2017 | Paula Kennedy, EA
One health care arrangement that has been soaring in popularity in recent years has been the pairing of a high-deductible health plan (HDHP) with a Health Savings Account (HSA). The good news is that not only does an HSA provide a tax-advantaged way to pay for health care costs, but it also can help you […]
Founder’s Syndrome can Impede your Succession Plan
October 23, 2017 | Brian Hare, CPA, CGMA
Are you the founder of your company? If so, congratulations — you’ve created something truly amazing! And it’s more than understandable that you’d want to protect your legacy: the company you created. But, as time goes on, it becomes increasingly important that you give serious thought to a succession plan. When this topic comes up, […]
Mezzanine Loans can Bridge Financing Gaps
October 23, 2017 | Brian Hare, CPA, CGMA
In their efforts to grow and succeed, many companies eventually reach the edge of a precipice. Across the divide lies a big step forward — perhaps the acquisition of a competitor or the purchase of a new property — but, financially, there’s no way across. The money is just not there. One way to bridge […]
Save More for College Through a 529 Savings Plan
October 20, 2017 | Paula Kennedy, EA
Any time is a good time for parents (and grandparents) to think about college funding. One option, which can be especially beneficial if the children in question still have many years until they’ll be starting their higher education, is a Section 529 plan. Many people find that they can save more for college through a […]
Tax Planning is Critical when Buying a Business
October 20, 2017 | Brian Hare, CPA, CGMA
If you acquire a company, your to-do list will be long, which means you can’t devote all of your time to the deal’s potential tax implications. Tax planning is critical when buying a business. If you neglect tax issues during the negotiation process, the negative consequences can be serious. To improve the odds of a successful […]
Providing Employee Meals Could Mean a Larger IRS Deduction
October 20, 2017 | Brian Hare, CPA, CGMA
When businesses provide meals to their employees, generally their deduction is limited to 50%. But there are exceptions, for example, when the meal qualifies as a de minimis fringe benefit under the Internal Revenue Code. If you qualify, providing employee meals could mean a larger IRS deduction. A recent U.S. Tax Court ruling could ultimately […]
TAX RETURN SECURITY: IRS W-2 VERIFICATION CODE
October 20, 2017 | Brian Hare, CPA, CGMA
TAX RETURN SECURITY: For the 2017 tax year the IRS will be testing a W-2 verification code to increase security when filing tax returns. Tax preparers and those preparing their own returns are urged to enter this code when filing out the W-2 information on their return. Contact us for further information!