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Financial Reporting: Measuring Fair Value
Business assets are generally reported at the lower of cost or market value. Under this accounting principle, certain assets are reported at fair value, such as asset retirement obligations and derivatives. Fair value also comes into play in M&A transactions. That is, if one company acquires another, the buyer must
Taxes on Series EE Savings Bonds
Purchasing savings bonds have been a popular way for many years to set aside money for savings. Oftentimes they are given by relatives for birthdays and holidays to babies and children to save for college. In fact, you may have Series EE savings bonds that were bought many years ago,
R&D Tax Credit for Manufacturers
Many manufacturing companies fail to take advantage of the generous research and development (R&D) tax credit simply because they don’t have staff working in a lab. The Internal Revenue Service’s (IRS) definition of R&D is codified at Internal Revenue Code Section 41 and its related regulations — and it may
Taxes and Divorce
People going through a divorce may not consider tax implications until it's too late. Both parties should take steps to minimize taxes and tax-related decisions are properly made with a tax advisor before the divorce is final. Here are four issues to understand regarding taxes and divorce. Alimony or support
Begin Business Strategic Planning with Financials
Time flies when you’re busy - and running a business means you're busy all the time! Although we are still a few months from the New Year, it's not too early for to start doing some business strategic planning for next year. Here are a few ways to get started.
Audit Management Letters Give Good Advice
Audited financial statements come with a special bonus: an “audit management letter” that recommends ways to improve your business. It gives good and free advice from financial pros who’ve seen hundreds of businesses at their best (and worst) and who know which strategies work (and which don’t). If you haven’t
Cost Segregation: A Tax-Saving Strategy
Michael D. Brooks, CPA | Grand Junction, Colorado Depreciation is a reduction in the value of an asset over time resulting from wear and tear, deterioration or obsolescence. The tax law acknowledges depreciation by allowing taxpayers to take deductions over a period of years. The number of years
Business Owners and Health Reimbursement Arrangements
Many companies now offer Health Reimbursement Arrangements (HRAs) in conjunction with high-deductible health plans (HDHPs). HRAs offer some advantages over the better-known HDHP companion account, the Health Savings Account (HSA). If you’re considering adding an HRA, you might assume that, as a business owner, you can participate in the HRA.
Pros & Cons of S Corporation Status
Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes if they structure their businesses as S corps
2019 Q4 Tax Deadlines Calendar for Businesses & Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn