Accounting Best Practices
Magazine Articles
Employee Benefit
Plans
Are You a Plan Sponsor?
By Lynn Smith
Published: April / May 2008
An employer’s choice to provide various benefits to its
employees by sponsoring an employee benefit plan can be
a valuable decision providing incentives that contribute
to the overall welfare of its employees and often times
leading to increased employee satisfaction and
retention. However, employers should be aware of the
nature and complexities of their responsibilities when a
plan is put in place.
Tax Time is a Hair Raising
Experience
Consider Extensions
By Paul Bayer
Published: February / March 2008
April 15th (March 15th for Corporations) often comes too
soon for most taxpayers. When the pressure of filing
your tax return by Tax Day is looming and you’re not
ready, consider filing an extension. In recent years,
the IRS has made it much easier to extend your return
for six months. There are several benefits of extending
your return.
Less Taxes, More Savings for the Future
HSA’s: Less is
More. Less Premium,
By Jessica Thomas
Published: January 2008
Healthcare costs continue to escalate while insurance
carriers and consumers look for ways to reduce those
costs. High Deductible Health Plans (HDHP) combined with
Health Savings Accounts (HSA’s) is one way to decrease
healthcare costs to employers, consumers, and even to
insurance carriers. Healthy consumers as well as those
needing extensive healthcare services can often enjoy
some savings.
Cover Your “End”
Tax planning –
it’s that time of year again!
By Tatiana Gilbertson
Published: December 2007
Where does the time go? With the end of the year fast
approaching, it’s time to start your year-end tax
planning. There are some simple steps that every
individual and business should take to ensure they get
maximum benefit on their 2007 tax return. Whether you
file an individual or business return, thoughtful
planning can help reduce your tax liability. Review the
following “must do” items to make sure you’ve done what
you can to minimize your taxes. Just remember that
making smart economic decisions should not be forgotten
when planning. Don’t go out and buy that expensive
vehicle for your business just for a tax deduction!
We know it’s hard to
believe, but the year-end holidays are quickly
approaching, and that means it’s time to think about
gift giving and bonuses. These gifts and bonuses offer a
great opportunity to achieve goodwill by rewarding
certain employees, and even better – while you receive
all the credit for these gifts, your Uncle Sam generally
will pay a portion of the related costs.
Your
Uncle Sam May Not Like Boats
But You Can Still Deduct Some Expenses
By: Paul Bayer
Published: October 2007
It has been said the two best days in a boat owner’s
life are the day he buys a boat and the day he sells it.
The latter can be particularly true for business owners
who expect to reap substantial tax deductions from their
boats, and subsequently find out that the IRS
specifically denies deductions for the cost of
“entertainment facilities”, which by definition includes
boats. However, some deductions are allowed that make
boat ownership a bit more enjoyable.
Who
says Christmas and Hanukkah only happen once a year?
By: Paul Bayer
Published: September 2007
Generally
any cash gifts to an individual in excess of $12,000 are
subject to an annual "gift tax". There is however a
lifetime exemption of $1,000,000 on gifts (per donor)
that exceed this annual limit. Many people have
accumulated significant wealth over their lifetime and
may wish to reduce their estate before their death to
ensure they pass along the maximum financial benefit to
their heirs. One way to do this is to "gift” cash each
year as mentioned above. This method of reducing their
estate is limited by the gift and generation skipping
transfer tax limitations.
Tax
Credits That May Surprise You
Published: August 2007
Because of advances in
communication, information processing and transportation
technology, today’s economy is much different than our
economy of a few decades ago. These factors, and the
lowering of trading barriers, have resulted in a global
economy that has introduced hundreds of new competitors
to the mix. This increase in competition is one of the
primary reasons that companies focused on sustaining
profitability and market share continue to invest
significant sums to improve their existing products and
processes and/or create new products and processes.
These expenditures are generally classified as research
and development (R&D) and in 2006 U.S. R&D spending was
$330 billion, making us the largest R&D spenders in the
world.
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