How to minimize turnover in your accounting department
November 27, 2020 Knowledge Center
How to minimize turnover in your accounting department

The demand for qualified accounting and finance personnel has grown, as business owners struggle to manage unpredictable cash flows, increased costs, and new government policies and financial aid packages. Plus, the potential job market for these professionals has expanded, thanks to technological changes that now allow them to transcend geographic boundaries and work from virtually […]

Using footnotes to disclose your nonprofit’s financial information
November 25, 2020 Knowledge Center
Using footnotes to disclose your nonprofit’s financial information

Does anyone actually read footnotes? If they’re financial statement footnotes, the answer is usually “yes.” Footnotes can provide donors, governmental supporters and other stakeholders with critical information about your not-for-profit. So it’s important to work with your CPA to make sure your footnotes are accurate and thorough. Operations and accounting policy snapshot One important set […]

Taking distributions from a traditional IRA
November 24, 2020 Knowledge Center
Taking distributions from a traditional IRA

Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement vehicles. There are three areas where knowing the fine points of the IRA distribution rules can make a big difference in […]

Putting the finishing touches on next year’s budget
November 20, 2020 Knowledge Center
Putting the finishing touches on next year’s budget

By now, some businesses have completed their 2021 budgets while others are still crunching numbers and scrutinizing line items. As you put the finishing touches on your company’s spending plan for next year, be sure to cover the finer points of the process. This means not just creating a budget for the sake of doing […]

How Series EE savings bonds are taxed
November 20, 2020 Knowledge Center
How Series EE savings bonds are taxed

Many people have Series EE savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself and put them away in a file cabinet or safe deposit box. You may wonder: How is the interest you earn on EE bonds taxed? And if […]

Agencies issue final regs addressing a COVID-19 vaccine and more
November 19, 2020 COVID-19
Agencies issue final regs addressing a COVID-19 vaccine and more

The IRS, U.S. Department of Labor and Department of Health and Human Services recently issued interim final regulations addressing group health plan coverage of COVID-19 preventive services — including vaccinations — and testing. The regulations are effective immediately and will sunset at the end of the COVID-19 public health emergency. Qualifying preventive services The regulations […]

Don’t make computer and equipment theft easy
November 19, 2020 Knowledge Center
Don’t make computer and equipment theft easy

These days, many offices and other workspaces are nearly empty as employees work from home. This can make companies that don’t safeguard their computers, printers and other equipment vulnerable to theft from outsiders. Even during normal times, businesses often lose assets because crooked employees walk out with them. Here’s how to protect valuable property — […]

2021 dollar limits and thresholds for 401(k)s and similar plans
November 17, 2020 Knowledge Center
2021 dollar limits and thresholds for 401(k)s and similar plans

The IRS recently announced the 2021 dollar limits and thresholds for retirement plans, reflecting the latest cost-of-living adjustments. Here are some relevant amounts for 401(k)s and similar plans: Annual contributions. The limit on annual contributions to 401(k) and other defined contribution plans will increase to $58,000 (up from $57,000 for 2020). Compensation. The annual limit on compensation […]

Is your business vulnerable to identity theft?
November 17, 2020 Knowledge Center
Is your business vulnerable to identity theft?

According to data company Dun & Bradstreet, business identity theft increased more than 250% in the first half of 2020. You can thank the pandemic — and the government’s release of relief and recovery funds to qualified U.S. businesses — for this remarkable number. In a more typical year, crooks use stolen business identities to […]

Preparing for the possibility of a remote audit
November 13, 2020 Knowledge Center
Preparing for the possibility of a remote audit

The coming audit season might be much different than seasons of yore. As many companies continue to operate remotely during the COVID-19 pandemic, audit procedures are being adjusted accordingly. Here’s what might change as auditors work on your company’s 2020 year-end financial statements. Eye on technology Fortunately, when the pandemic hit, many accounting firms already […]

Disability income: How is it taxed?
November 13, 2020 Knowledge Center
Disability income: How is it taxed?

Many Americans receive disability income. You may wonder if — and how — it’s taxed. As is often the case with tax questions, the answer is … it depends. The key factor is who paid for the benefit. If the income is paid directly to you by your employer, it’s taxable to you as ordinary […]

Should you go phishing with your employees?
November 12, 2020 Knowledge Center
Should you go phishing with your employees?

Every business owner is aware of the threat posed by cybercriminals. If a hacker were to gain access to the sensitive data about your business, customers or employees, the damage to your reputation and profitability could be severe. You’re also probably aware of the specific danger of “phishing.” This is when a fraudster sends a […]