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
Investing in commercial real estate is a significant financial undertaking. Maximizing after-tax cash flow from the real estate investment, especially in the early years of the investment, is typically a high priority. Therefore, when investing in commercial real estate for your own occupancy or for rental to others, you should
On May 16, new guidance went into effect that allows companies to raise as much as $1 million a year through regulated online portals as long as the companies have submitted annual financial reports to the Securities and Exchange Commission (SEC). They don’t have to actually register with the SEC.
For years, life insurance has played a critical role in estate planning, providing a source of liquidity to pay estate taxes and other expenses. Today, estate taxes are no longer a concern for many families because the estate tax exemption amount stands at $5.45 million. But even for nontaxable estates,
Your not-for-profit’s accounting function affects everything you do. That’s why processes and procedures — and whether staff members adhere to them — should be reviewed regularly. In particular, ensure your organization isn’t making the following five common mistakes: Lacking formal, documented accounting processes. All aspects of managing your nonprofit’s money
