Most everyone knows that daily living can impact the environment in countless ways. Now, more and more people are realizing that death care can, too. Accordingly, a study performed by the National Funeral Directors Association (NFDA) revealed that 54 percent of all Americans are now considering a green burial....
The IRS recently issued questions and answers (Q&As) regarding the transition tax imposed by Internal Revenue Code Section 965. Under finalized regs issued early in 2019, Sec. 965 generally requires U.S. shareholders to pay a “transition tax” on the untaxed foreign earnings of certain specified foreign corporations as if...
In January 2017, the IRS announced a new audit strategy for its Large Business and International (LB&I) Division known as “campaigns.” With the campaigns, LB&I essentially shifts its examinations based on compliance issues that the Division determines present greater levels of compliance risk. By targeting certain issues, the IRS...
During the past couple of months, many businesses have been going through audits of their company’s retirement plan. As you may know, these compliance audits differ vastly from the traditional financial statement audits. This is due to not only the compliance regulations of these plans, but also the different...
Understanding the different levels of service an accountant can provide related to an organization’s financial statements is important when determining what your company may need. Owners may automatically assume that they need an audit but that is not necessarily true. There are three levels of assurance an accountant can...
If you are looking to do business in the U.S., you will have numerous opportunities to succeed, but there are also some pitfalls for which you should keep a lookout. You should understand what to expect, how to be prepared, and the best approaches to take so you can...
Making sure you get credit for all your deductions is essential when you are running a business. The IRS issued new guidance regarding the deductibility of meals and entertainment expenses in October 2018. The new guidance indicates that taxpayers are still allowed to deduct half of their food and...
Your company’s success hinges on its employees. If you have excessive employee turnover, and you are always spending time training new employees, then you are suffering immensely. You are spending out more money than necessary, you see productivity decrease, you have unhappy customers because they aren’t building quality relationships...
Now is the time to determine if you made any payments during the 2018 tax year that would require you to file Form 1099. If you paid $600 or more in compensation to a non-employee or an unincorporated business, you are most likely required to report the...
If you own a business, your retirement planning involves much more than just putting away enough money to cover your expenses when you leave work. When retirement is only a few years away, you need to start identifying and developing new leaders who can replace you and other...