Professional Accounting Blog

    Accounting For Your Prosperity

    Using Donor-Advised Funds to Recapture the Tax Savings of Charitable Giving

    Posted by Natalie Takacs on Nov 26, 2019 1:27:04 PM

    Topics: Tax Planning & Strategies

    As a result of the changes made by the Tax Cuts and Jobs Act, when they filed their 2018 tax returns, many taxpayers discovered that they are no longer itemizing their deductions.  This means that the tax savings that previously resulted from their charitable contributions has disappeared.  One way to recapture the tax benefits of charitable giving is to use a donor-advised fund to “bunch” charitable contributions.  Using the donor-advised fund strategy also makes it more efficient to capture the tax benefits of donating long-term appreciated stock and simplifies the recordkeeping requirements for charitable contributions.

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    Factor 2020 Cost-of-living adjustments into your year-end tax planning

    Posted by Jonathan Ciccotelli on Nov 21, 2019 1:40:22 PM

    Topics: Tax Planning & Strategies

    The IRS recently issued its 2020 cost-of-living adjustments. With inflation remaining largely in check, many amounts increased slightly, and some stayed at 2019 levels. As you implement 2019 year-end tax planning strategies, be sure to take these 2020 adjustments into account in your planning.

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    3 Best Practices for Your Annual Retirement Plan Review

    Posted by Carlo Berlingieri on Nov 19, 2019 11:02:00 AM

    Topics: Benefit Plan Advising & Auditing

    Retirement plan fiduciaries should meet on an annual basis (if not more frequently) to discuss the plan with outside service providers, including the investment advisor, custodian/trustee, and third-party administrator. In this blog, we’ll discuss the three best practices for your annual retirement plan review and what the focus of these meetings should include.

    1. Investment Performance of the Funds in the Plan

    The fiduciaries should determine if the funds in the plan are meeting the criteria outlined in the investment policy statement (IPS). Funds that are not meeting your stated criteria should be put on a watch list as outlined in the IPS or possibly removed from the plan, again depending on the IPS. In addition to reviewing fund performance, you’ll want to ensure that the group of funds that are offered in your plan are still meeting the requirements of the IPS. Read More

    IRS Announces 2020 Contribution and Benefit Limits

    Posted by Michelle Buckley on Nov 12, 2019 12:17:13 PM

    Topics: Benefit Plan Advising & Auditing

    The IRS announced on November 6, that several contribution limits in qualified retirement plans will increase next year.

    These limits cover cost of living adjustments to a variety of retirement plan limitations.  The chart below provides a summary of the amounts for your convenience.

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    Business Year-End Tax Planning in a TCJA World

    Posted by Jonathan Ciccotelli on Nov 6, 2019 4:32:56 PM

    Topics: Tax Planning & Strategies

    The first tax-filing season under the Tax Cuts and Jobs Act (TCJA) was a time of uncertainty for many businesses as they struggled with the implications of the law’s sweeping changes for their bottom lines. With the next filing season on the horizon, you can incorporate the lessons learned into your year-end tax planning. Several areas in particular are ripe with opportunities to reduce your 2019 federal tax liability. 

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    Warning: Expert Admissibility Standards May Vary

    Posted by Meaden & Moore on Nov 4, 2019 9:00:00 AM

    Topics: Investigative and Forensic Accounting

    In federal court, the admissibility of expert testimony is governed by the strict Daubert standard. The U.S. Supreme Court decided this landmark case in 1993.

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    It's Not too Late to Trim Your 2019 Tax Bill

    Posted by Karen McCarthy on Nov 1, 2019 2:10:33 PM

    Topics: Tax Planning & Strategies

    Autumn has arrived and that means it’s time to turn your attention to year-end tax planning. While several clear strategies and tactics emerged during the first tax filing season under the Tax Cuts and Jobs Act (TCJA), 2019 and subsequent years bring potential twists that must be considered, too. Let’s take a closer look at year-end tax planning strategies that can reduce your 2019 income tax liability.   

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    Data Analytics Roundup

    Posted by Meaden & Moore on Oct 30, 2019 9:00:00 AM

    Topics: Investigative and Forensic Accounting

    When it comes to fraud detection, the amount of available data in the company’s paper and electronic records can seem staggering. Fortunately, the field of data analytics continues to advance, arming qualified financial experts with the tools to mine massive mounds of data effectively and efficiently. Association analysis, outlier analysis, and cluster analysis are among the detection techniques that have rapidly gained footholds in today’s data-driven world.

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    Recognize the Typical Schemes of Subcontractor Fraud

    Posted by Meaden & Moore on Oct 29, 2019 9:00:00 AM

    Topics: Investigative and Forensic Accounting

    General contractors usually have good relationships with their subcontractors. But fraud happens in every industry. As a risk management measure, it’s important to recognize typical subcontractor fraud schemes so you can protect your construction company both financially and legally.

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    How Market Data Can Be Used to Calculate Reasonable Royalty Images

    Posted by Meaden & Moore on Oct 28, 2019 8:00:00 AM

    Topics: Investigative and Forensic Accounting

    In intellectual property infringement cases, business valuation experts often use the Georgia-Pacific model to determine reasonable royalty rates. This article lists the 15 factors that are considered under this model and describes a market-based alternative that’s gaining momentum.

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