Archive for November, 2010

How can you help your employees save for retirement?

Monday, November 29th, 2010

Although a higher percent of American workers are participating in employer-sponsored retirement plans, retirees may still not be saving enough for their retirement and may risk outliving their retirement assets. More individuals are also withdrawing retirement savings before they actually retire. Those are the findings in a report recently released by the Treasury Inspector General for Tax Administration (TIGTA). (more…)

Are you ready for a year-end financial check-up for your business?

Wednesday, November 24th, 2010

As the year comes to an end, now is the perfect time to bring all of your business advisors together for a year-end financial check up. Make it a point to set up a meeting with your accounting, legal, estate planning, investment and retirement planning advisors at the end of each year to get a check up of your business and personal financial health. If you have partners in the business, they should also be included in this meeting. (more…)

Fraud: Could It Happen To You?

Wednesday, November 17th, 2010

The 12-year employee at a city school managing adult education programs had her colleagues’ respect. But she made lavish purchases to redecorate her home and constantly gave gifts to others, and some wondered where the money was coming from. (more…)

Succession Planning: Do You Know Your Options?

Monday, November 15th, 2010

Are you actively planning a transition for the business you worked so hard to build? The majority of North American businesses are family-owned, yet just about 30 percent make it to the second generation. Even fewer reach the third generation. As more and more business owners prepare to retire, more and more businesses will face the issue of succession – whether they are prepared or not. This article discusses the third in a series of tips to help family-owned businesses begin the succession planning process. (more…)

What are the 2011 Pension Plan Contribution Limits?

Friday, November 12th, 2010

The IRS recently announced cost of living adjustments affecting dollar limits for pension plans and other retirement-related items for 2011. The limits generally remain unchanged or reflect small inflation adjustments. Here are the highlights: (more…)

Can the IRS now audit my QuickBooks files?

Wednesday, November 10th, 2010

In your next IRS audit, don’t be surprised if the agent requests a copy of your QuickBooks files instead of your printed general ledger. The agency has purchased 1,100 user license agreements for the software program and recently completed training its agents on the software. The IRS can also accept Peachtree accounting software files. (more…)

Is there a silver lining in revised 990 reporting requirements?

Monday, November 8th, 2010

IRS Form 990 causes anxiety for many trustees of tax-exempt organizations. The form, expanded and revised beginning in the 2008 tax year, was designed to help organizations communicate their business operations more transparently to the IRS, members and the general public. (more…)

Have you included a business valuation in your succession plan?

Friday, November 5th, 2010

In an earlier post we discussed the important step of making the decision to begin the succession planning process. Once you have made the decision to begin the process, knowing the value of your business is the second crucial step in the transition plan. (more…)

How does the Small Business Jobs Bill Impact 401(k) Plans?

Wednesday, November 3rd, 2010

The Small Business Jobs Bill, which was recently signed into law by President Obama, includes a provision that will add some additional planning opportunities for participants of 401(k) plans with Roth provisions.  Roth IRA accounts are after-tax monies that grow tax-free.  Distributions from the accounts can be made without any tax consequence.  This provides additional flexibility to taxpayers when planning for retirement or death transfers.  One of the main estate planning benefits of Roth IRA accounts is that the minimum required distribution provisions do not apply to them. (more…)

Why can’t federal agencies communicate with us more clearly?

Monday, November 1st, 2010

Actually, federal agencies will soon be required to communicate more clearly with us. Earlier this month, President Obama signed the Plain Writing Act, which will require federal government agencies, including the IRS, to write public documents in easy-to-understand language. This means items such as tax forms, federal student aid applications, Veteran’s Administration forms and even form letters from the IRS will receive a makeover. (more…)

PKV

Monday, November 1st, 2010

the useful ideas u provided do help the investigation for my company, thanks.

- Lucas