Category Archives: Blog

2018 Q1 Tax Calendar: Key Deadlines for Businesses

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2018. 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 more about the filing requirements. January…
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New Deduction for Pass-Through Businesses

Under prior law, net taxable income from pass-through business entities (such as sole proprietorships, partnerships, S corporations and LLCs that are treated as sole proprietorships or as partnerships for tax purposes) was simply passed through to owners. It was then taxed at the owners’ standard rates. In other words, no special treatment applied to pass-through…
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New Lease Accounting Standards and Possible Cost-Relief Options for Transition

In February 2016, the Financial Accounting Standards Board (FASB) issued a new accounting standard for leases, which is effective for all non-public companies for the year ending December 31, 2020. The new lease rules will bring certain operating leases onto the balance sheet by recording a “right-to-use asset” and a “lease liability.” Companies’ financial statements…
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Accrual-Basis Taxpayers: These Year-End Tips Could Save You Tax

With the possibility that tax law changes could go into effect next year that would significantly reduce income tax rates for many businesses, 2017 may be an especially good year to accelerate deductible expenses. Why? Deductions save more tax when rates are higher. Timing income and expenses can be a little more challenging for accrual-basis…
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Why You Should Boost Your 401(k) Contribution Rate Between Now and Year End

A critical step to both reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan. If your employer offers a 401(k) plan, adding to that is likely your best first step. If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now and year-end. Because of tax-deferred…
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Will Congress Revive Expired Tax Breaks?

Most of the talk about possible tax legislation this year has focused on either wide-sweeping tax reform or taxes that are part of the Affordable Care Act. However, there are a few other potential tax developments for individuals to watch. Back in December of 2015, Congress passed the PATH Act, which made a multitude of…
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Worried About Challenges to Your Estate Plan? Make It No Contest

Estate planning is all about protecting your family and ensuring that your wealth is distributed per your wishes. So, the idea that someone might challenge your estate plan can be disconcerting. One strategy for protecting your plan is to include a “no-contest” clause in your will or revocable trust (or both). What’s a No-Contest Clause?…
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