January is “divorce month”, and 2019 brings new tax rules for couples who split up.
The GOP tax law was passed in December 2017, but it has taken time for certain laws to come into play. One of these laws changes the way spousal support, or alimony, payments are taxed and deducted.
When it comes to transactions between family members, the tax laws are frequently overlooked, if not outright trampled upon. The following are three common family tax mistakes and the ramifications associated with each.
Data loss has serious financial implications. Downtime can occur at any time. Even something as small as an employee opening an infected email, or as significant as a natural disaster.
Despite that, 75% of small businesses have no business continuity plan in place.
We have compiled an interesting mix of disaster recovery statistics from a variety of sources. A disaster recovery plan is a lifeboat for your business.
Due to the increase in user entities outsourcing various processes and segments of their business, the demand for assurance of confidentiality and privacy of those service organizations has become a standard part of conducting business. In 2011, SAS 70 was changed into SOC audit (Service Organization Controls reports), to prevent the continued misuse of the old standard for assessing internal controls. The two most common types of audits, SOC 1 and SOC 2, can be broken down into two types of reports (Type I and type II), based on the impact of those internal controls on financial reporting and the time period being audited.
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Tax reform has changed the way most taxpayers need to think about and plan for their taxes. It is no longer business as usual, and those who think it is are in for a rude awakening come tax time next year. |
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Alimony is the term used for payments to a separated spouse or ex-spouse as part of a divorce or separation agreement. Since 1985, to be alimony for tax purposes, the payments:
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Congress passed the Budget Bill early in the night, and the President signed it on Friday, February 9th. To the surprise of many, the bill included a number of extenders that retroactively apply to 2017 returns. Were you lucky enough to benefit? |
Tax Cuts and Jobs Act offers favorable tax breaks for businesses
Signed into law on December 22, the Tax Cuts and Jobs Act (TCJA) contains a treasure trove of tax breaks for businesses. Overall, most companies and business owners will come out ahead under the new tax law; however, there are a number of tax breaks that were eliminated or reduced to make room for other beneficial revisions. Here are the most important changes in the new law that will affect businesses and their owners.
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We’ve discussed at length in the past about how cash flow is ultimately one of the most important factors of a business that far too many people just aren’t paying enough attention to. Cash flow maintenance is about more than just knowing how much money is coming in versus how much money is going out. Even if your business is very close to true profitability, this ultimately won’t mean a thing if you’re dealing with clients who are slow to pay. This can seriously impact your momentum, and worse — your chances at long-term success. |
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A little-known tax benefit for new, qualified small businesses is the ability to apply a portion of their research credit – no more than $250,000 – to pay the employer’s share of their employees’ FICA withholding requirement (the 6.2% payroll tax). This can be quite a benefit, as in their early years, start-up companies generally do not have any taxable profits for the research credit to offset; quite often, it is in these early years when companies make expenditures that qualify for the research credit. This can substantially help these young companies’ cash flow. |