Turning receivables into cash is among the most important things a business must do. Of course, it’s easier said than done. Here are five ways to speed up collections: 1. Streamline the billing process. You can’t collect what you don’t bill. Invoice customers promptly — as soon as the product
If you’re charitably inclined, making donations is probably one of your key year-end tax planning strategies. But if you typically give cash, you may want to consider another option that provides not just one but two tax benefits: Donating long-term appreciated stock. More tax savings Appreciated publicly traded stock you’ve
Employers should make sure that they are using the most current version of the I-9 form when hiring new employees. The current version is dated 3/8/13. Newly hired employees must complete and sign Section 1 of the Form I-9 no later than the first day of employment. Employers must complete
Irrevocable trusts can provide a variety of benefits, including gift and estate tax savings, creditor protection, and the ability to control how assets are distributed. To preserve these benefits, however, it’s critical to respect all trust formalities. Case in point Here’s an example of just how critical this can be:
Section 529 plans provide a tax-advantaged way to help pay for college expenses. Here are just a few of the benefits: • Although contributions aren’t deductible for federal purposes, plan assets can grow tax-deferred. • Some states offer tax incentives for contributing in the form of deductions or credits. •
If you’re looking to boost your deductions — and reduce your 2016 tax bill — you may want to consider purchasing a business vehicle before year end. Business-related purchases of new or used vehicles may be eligible for Section 179 expensing, which allows you to immediately deduct, rather than depreciate
We wish to thank our Montrose clients and community for voting us BEST ACCOUNTANT 2016 in the Montrose Press Reader’s Choice Best of the Valley 2016!
More than half of financial statement frauds involve sales and accounts receivable, according to the Committee of Sponsoring Organizations of the Treadway Commission. (COSO is a joint initiative of five private sector organizations that develops frameworks and guidance on enterprise risk management, internal control and fraud deterrence.) But why do
For many years, family limited partnerships (FLPs) have been a popular estate planning tool, in part due to their tax benefits. Specifically, they can allow you to transfer assets to your children (and other family members) at discounted values for gift tax purposes. The gifts may even be tax-free if
Directors and officers (D&O) liability insurance enables board members to make decisions without fear that they’ll be personally responsible for any related litigation costs. Many not-for-profits fail to obtain this type of coverage because they don’t think they need it — yet hundreds are sued every year. If you don’t
