How to Identify When the Time Is Right to Bring an Accounting Pro Into the Fold
Running your own business is a complicated affair with a wide range of different “moving parts” to concern yourself with, but many people don’t realize how many of them ultimately lead back to your finances until it’s far too late. A large part of your ability to be successful in the long-term will ultimately come…
Don’t Take the Bait – Protecting Systems and Data From Breaches
Week nine of the 10-week IRS series “Don’t Take the Bait”, which discusses security risks and protection strategies for tax professionals, addresses the key role of daily security in protecting systems and data from breaches. The author recommends that “tax professionals should conduct ongoing education of office employees to combat daily threats.” Since 2001, the…
Preparing for Your Child’s Future Education
Figuring out how to pay for your child’s trade school or college education can be challenging, and the earlier you create your plan and begin executing it, the greater your chances are of having the needed money set aside to pay for it. The government provides a variety of tax incentives to help defray the…
Judge Issues Possible Death Blow to Overtime Changes
Last week, the same Texas judge who originally struck down the overtime rules proposed by the Obama Administration, upheld his ruling. Many experts see this as the final blow for the proposed increase in the number of workers who would be eligible for overtime compensation. In the article, author David O’Connor writes, “Federal District Court…
Don’t Take the Bait – Safeguarding Taxpayer Data
“How to Start Protecting Clients, Businesses from Cybersecurity Threats” is the title of the eighth installment of the IRS series “Don’t Take the Bait.” The 10-week series focuses on security updates for tax professionals. This week’s article, published on September 1st, offers a summary of the Internal Revenue Service’s Publication 4557, Safeguarding Taxpayer Data and…
Startups: Research Credit Can Offset Payroll Taxes
A little-known tax benefit for new, qualified small businesses is the ability to apply a portion of their research credit – no more than $250,000 – to pay the employer’s share of their employees’ FICA withholding requirement (the 6.2% payroll tax). This can be quite a benefit, as in their early years, start-up companies generally…
Bitcoin, Blockchain Splits And What It Means For Business
Blockchain technology is beginning to appear in every industry. At first glance, blockchain is a database that has a lot of potential in finance and business. With the recent and sudden growth of Bitcoin, blockchain technology could become even bigger. In an article from Forbes, author Bernard Marr writes, “Recent developments in the bitcoin economy…
Don’t Take the Bait – IRS e-Services and EFIN Security
The IRS is currently running a 10-week series on security updates for tax professionals called “Don’t Take the Bait”. The seventh installment, released August 25th, focuses on strategies for protecting access to IRS e-Services accounts and safeguarding Electronic Filing Identification Numbers (EFIN) from thieves. As discussed in previous installments of this series, cybercriminals often use…