Resources

5 Last-Minute Ideas to Lower Your 2018 Taxes

It’s almost Tax Day! But don’t despair; there still may be time to make some moves that will save taxes for your 2018 tax year. Here are five tax-saving ideas to consider.  1. Choose to Deduct State and Local Sales Taxes If you live in a jurisdiction with low or no personal income tax or … Continued

Is an HSA Right for You?

Health care costs have skyrocketed over the last few decades. Fortunately, health savings accounts (HSAs) allow qualifying individuals to pay for certain medical expenses with pretax dollars. Here is what you need to know to put an HSA to work for you.  Healthy Growth Over the last decade, many people have jumped on the HSA … Continued

Are you Ready for the New Revenue Recognition Standard?

In May 2014, the Financial Accounting Standards Board introduced ASC Topic 606, Revenue from Contracts with Customers. This new standard is effective for reporting periods beginning after December 15, 2018, or for the 2019 calendar year reporting. Opinions are widely varied on how adoption of this new standard will impact contractors, but the one thing … Continued

2019 tax calendar

To help you make sure you don’t miss any important 2019 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Thursday, January 31, 2019 • … Continued

Could Medicare Premiums Lower Your Taxes?

Health care is a top concern for many Americans, especially people who are age 65 and older. While these individuals qualify for basic Medicare insurance, they may need to pay additional premiums to get the level of coverage they desire. Those premiums can add up to a substantial annual sum, especially if you’re married and … Continued

Revenue Recognition: Private Companies Prepare for New Rules

Private companies that follow U.S. Generally Accepted Accounting Principles (GAAP) are running out of time to implement the new revenue recognition rules. Are your accounting systems and personnel ready for this fundamental shift in financial reporting? The effects will likely be more far-reaching than expected, based on feedback from public companies that implemented the changes … Continued

Small Employers: Should You Jump on the MEP Bandwagon?

Today, approximately 38 million private-sector employees in the United States lack access to a retirement savings plan through their employers. However, momentum is building in Washington, D.C., to remedy this situation by helping small employers take advantage of multiple employer defined contribution plans (MEPs). Could a MEP work for you and your workers? If the … Continued

Tax Law Allows Employees to Defer Income from Equity-Based Pay

Equity-based compensation can be a great way to reward and retain valued employees, especially for companies with limited cash on hand. And the Tax Cuts and Jobs Act (TCJA) makes it even more advantageous by offering a new tax-favored alternative to employees who receive these awards. Under Internal Revenue Code Section 83(i), eligible employees can … Continued

IRS Issues Proposed Guidance on Complicated QBI Deduction Rules

The IRS has finally issued eagerly awaited regulations addressing the new deduction for up to 20% of qualified business income (QBI) from pass-through entities. The QBI deduction was a major piece of the Tax Cuts and Jobs Act, which was signed into law last December. The deduction is available to eligible owners of pass-through entities … Continued