Archive for November, 2012

What Changes Do Pension Plans Need by Year-end?

Thursday, November 29th, 2012

In the midst of the publicity surrounding the new ERISA fee disclosures requirements, it is important not to lose sight of the fact that other recently enacted legislation may impact your retirement plan.  Changes to IRS regulations may require plan’s to adopt amendments before the end of the year.  (more…)

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How Do You Get a Handle on Your Inventory?

Wednesday, November 28th, 2012

Inventory management can have a very direct impact not only on your profit but also the cash flow of your business. Inaccurate inventory will directly affect your business profit. If the inventory is too high, you may be paying tax on higher profits than you actually have. If it is too low, you run the risk of understating taxable income and, if audited, the IRS can hit you with back taxes and penalties. (more…)

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How Does the IRS Treat Property Repair Expenses?

Wednesday, November 21st, 2012

Tax treatment of property repairs has long frustrated business owners and accountants alike. The system has been confusing, hard to follow and seemingly eternally inconsistent. Recent changes to the Internal Revenue Code have streamlined the treatments of property repairs, but not all the changes are as taxpayer-friendly as you may have hoped. (more…)

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Which 990 Policies Do Non-Profits Need?

Thursday, November 15th, 2012

It’s been 4 years since the IRS redesigned the 990 Form. Part of the change was the addition of a list of questions on various policies your organization may have adopted. Since that time, the IRS has conducted a study to determine which policies organizations have and how the existence of those policies correlates to both good governance and IRS compliance. The study found that those organizations that have polices – and follow them – generally have better tax compliance and governance. (more…)

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How Do You Prepare for Uncertain 2013 Tax Rates?

Wednesday, November 7th, 2012

As we approach the end of 2012, there is much uncertainty regarding tax legislation. Tax rates, exemptions, credits and deductions are likely to change for both businesses and individuals, but no one yet knows which of the predicted changes will really come to pass. How do you prepare for this uncertain future? Take advantage of the 2012 rates while you still can and plan for contingencies in 2013 and beyond. (more…)

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