Payroll Fraud Threats Inside and Outside Your Company
Payroll fraud schemes can be costly. According to a 2024 Association of Certified Fraud Examiners (ACFE) study, the median loss generated by payroll fraud incidents is $50,000. It’s essential to know the payroll schemes making the rounds and how to prevent them or at least catch them before they go on very long. Common Threats […]
Next-Level Growth: Unlocking Your Business’s Full Potential
After successfully navigating the start-up phase, your business has a strong foundation for growth. At the growth stage, business and financial advisory services become essential. Focus on these two key areas to elevate your company to the next level. 1. Financial and Tax Reporting Businesses in the growth stage usually have more sophisticated financial reporting […]
Depreciation and Expensing: Sec. 179
Tax-saving benefits are generally available when your business puts newly acquired qualifying assets into service. Under Section 179 of the tax code, companies can take substantial depreciation deductions, subject to various limits adjusted annually for inflation. Another potential write-off is for first-year bonus depreciation. Like the Sec. 179 deduction, bonus depreciation is subject to limits […]
Moving Out of State? Learn All the Tax Implications First
With so many people working remotely, it’s become more common to think about moving to another state, perhaps for better weather, to be closer to family or to reduce living expenses. Retirees also look at out-of-state moves for many of the same reasons. If you’re thinking about such a move, consider taxes before packing up […]
Send Automated Invoice Reminders in QuickBooks
Collecting unpaid invoices is probably one of the most unpleasant tasks you must complete to keep your company’s finances going. No one likes contacting a customer and requesting that an outstanding bill be settled. But you know your cash flow will suffer if you don’t do this when needed. Putting it off leads to an […]
Deductions for Charitable Giving? Be Sure You Can Substantiate Your Gifts
As the end of the year approaches, many people give more thought to supporting charities they favor. To avoid losing valuable charitable deductions if you itemize, you’ll need specific documentation, depending on the type and size of your gift. Here’s a breakdown of the rules: Cash gifts under $250. A canceled check, bank statement or […]
Unlocking Tax Savings: The Benefits of a Cost Segregation Study
A cost segregation study allows a business property owner to accelerate depreciation deductions. That, in turn, enables the owner to reduce current taxable income and increase cash flow. A cost segregation study combines accounting and engineering techniques to identify building costs that are properly allocable to tangible personal property rather than real property. It then […]
Find Out What IRS Auditors Know About Your Industry
To prepare for a business audit, an IRS examiner generally researches the specific industry and issues on the taxpayer’s return. Examiners may use IRS Audit Techniques Guides (ATGs). A little-known secret is that these guides are available to the public on the IRS website. In other words, your business can use the same guides to […]
