Focus
Showing 129–144 of 393 results
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How to prepare your business for a natural disaster
August / September 2018
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 414
Abstract: Natural disasters can strike any business. Companies with a plan for surviving one are more likely to make it through relatively unscathed. This article suggests some steps businesses can take to develop a disaster plan designed to safeguard employees and others, and to minimize property loss and the disruption to operations.
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What happens to taxes in the gig economy?
August / September 2018
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 609
Abstract: Gig workers accounted for 15.8% of workers in 2015, up from 10.1% in 2005, according to researchers at the National Bureau of Economic Research. And the percentage is only increasing. This article looks at the way gig workers pay taxes, which differs from the way they would as employees. Because an employer typically isn’t withholding money from paychecks to cover gig workers’ tax obligations, they’re responsible for making federal income tax payments and possibly for paying state income tax. This article looks at the ins and outs of gig workers’ tax responsibilities and emphasizes the importance of keeping accurate, timely records of revenue and expenses.
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Trust in a trust to keep assets secure
August / September 2018
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 651
Abstract: Whether the economic climate is stable or volatile, one thing never changes: the need to protect assets from risk. That risk may occur as a result of factors entirely outside of owner control, such as the stock market or the behavior of heirs and creditors. This article points out that it’s wise to consider taking steps to mitigate the potential peril, including setting up a trust. The article explains that a trust can be a great way to protect assets. But to ensure the funds are unavailable to satisfy claims against the owner, the trust must become the owner of the assets and be irrevocable.
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New TCJA tax break may benefit your small business pass-through
August / September 2018
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 867
Abstract: A small business that operates as a pass-through entity may benefit from significant tax savings under the Tax Cuts and Jobs Act (TCJA). This article details the qualified business income (QBI) deduction and explains its limits. It also points out that, as with any new legislation that is this massive, it will take time for all the consequences to be fully understood, and that the IRS will likely issue regulations and guidance, such as reporting requirements and the allocation of items and wages. A sidebar offers an example that illustrates how to calculate the QBI deduction.
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Use GAAP? New revenue recognition standards may apply
June / July 2018
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 461
Abstract: New revenue recognition standards, more formally known as Revenue from Contracts with Customers, will affect not just public companies, but also the many private companies whose lenders or investors require them to follow Generally Accepted Accounting Principles (GAAP). This article discusses the goals of the new standards, including the aim of shifting from a rules-based to a principles-based approach. The article points out that companies that use GAAP need to be aware of these new standards, which likely will affect their financial statements, tax obligations and loan agreements — and may require changes to accounting processes and IT systems.
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Make the most of IRA contributions and deductions
June / July 2018
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 608
Abstract: Individuals can both boost their retirement savings and cut their tax bills for 2018 by making additional contributions to traditional Individual Retirement Accounts (IRAs). This article explains that, if individuals make contributions during the year before their tax returns are due, they may be able to deduct some, or all, of the contributions from their taxable income. In addition, the article points out that deadlines and reporting are important in ensuring people make the most of any possible contributions and deductions.
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Independent or employed? Understanding the ins and outs of employee classification
June / July 2018
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 573
Abstract: The tax implications of employee misclassification can be significant, and the IRS, the U.S. Department of Labor (DOL) and even some states are weighing in. This article discusses some of the issues, including the importance of an “economic realities” test that attempts to distinguish workers who are economically dependent on an employer — and are thus employees — from those in business for themselves and therefore not economically dependent.
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Saving for education expenses – The Tax Cuts and Jobs Act changes some benefits
June / July 2018
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 823
Abstract: Those with children in private or religious elementary or secondary schools, or who are saving to send their kids to college, will want to be aware of tax-advantaged education-saving programs — including both Section 529 plans and Coverdell Education Savings Accounts (ESAs). This article explains the ins and outs of these plans and accounts and how to use them to help cover some of these costs. The article notes that, while these plans can help save taxes, it’s important to keep in mind that money in the account that’s not used for qualified educational expenses may be subject to taxes and penalties. A sidebar looks at the current status of the student loan deduction.
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7 steps for preventing elder financial abuse
April / May 2018
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 451
Abstract: Older adults can be particularly vulnerable to financial exploitation. Many have assets that make them a target for the criminally minded. They may depend on a family member or caregiver for help remaining independent, and fear retaliation if they report misdeeds. This article offers seven steps that can help reduce the likelihood that an older person will be targeted, including writing checks to a legitimate financial institution rather than to a person and being alert to phone calls from imposters.
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Advise and consent – How can an advisory board help your family business?
April / May 2018
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 659
Abstract: A family business can produce income and provide economic security for a family. But what happens when issues arise? The most successful family businesses know the importance of setting up an outside advisory board to help them navigate difficult times. This article explains how an advisory board functions and looks at some factors to consider when setting one up — such as the need to define the board’s purpose and goals. It also notes the importance of obtaining a mix of professionals from varying fields, demographics and backgrounds.
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FSAs, HRAs, HSAs: The alphabet soup of health care plans
April / May 2018
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 663
Abstract: While tax-advantaged health care plans won’t make getting sick any easier, they can ease the sting of paying for medical expenses. Among the more common plans are Flexible Spending Arrangements (FSAs), Health Reimbursement Arrangements (HRAs), and Health Savings Accounts (HSAs). This article provides a brief rundown on these plans and how they can help offset some health care costs, depending on the circumstances.
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Understanding asset depreciation and tax breaks
April / May 2018
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 887
Abstract: The cost of business assets with a useful life of more than one year generally can’t be immediately deducted; instead it must be depreciated over a period of years. But tax breaks are available that allow you to accelerate depreciation-related deductions. The Tax Cuts and Jobs Act, signed into law at the end of 2017, significantly enhances some of these breaks. This article provides an overview of these changes. A brief sidebar covers the enhanced deductions for business passenger vehicles.
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Preventive strategies: Cybersecurity guidelines for businesses
February / March 2018
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 430
Abstract: Cybercrime — criminal activity that occurs through computer technology or the Internet — often involves theft of sensitive data such as intellectual property or financial information. Most security experts agree it’s impossible to eradicate all risk. But organizations can reduce the chances of being victimized. This article suggests some steps companies can take to limit cybercrime damage, such as knowing and protecting their networks, practicing safe online banking habits and fostering a culture of security.
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Claiming your parent as a dependent
February / March 2018
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 865
Abstract: A 2016 AARP study found that caregivers spend an average of $7,000 in out-of-pocket costs related to caregiving. To reduce their tax bills and offset some of the costs incurred, some caregivers can claim an exemption for parents or relatives for whom they’re providing care as dependents. This article looks at some of the ins and outs of how to qualify for an exemption and notes that there are many technical nuances involved in determining how much caregivers can claim. A sidebar explains another tax benefit available for someone caring for a parent or other individual — the dependent care credit.
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Businesses’ bottom lines to benefit from new tax law
February / March 2018
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 647
Abstract: The December 2017 passage of the largest overhaul of the federal income tax system since 1986 promises to bring many U.S. businesses some dramatic savings. Much has been made of the savings for corporations. The TCJA doesn’t overlook businesses that operate as partnerships, limited liability companies, S corporations and sole proprietorships, though. This article reviews several provisions of the new tax law and explains how it will affect businesses going forward.
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The new tax law: How will it affect individual taxpayers?
February / March 2018
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 784
Abstract: The Tax Cuts and Jobs Act, which was signed into law on December 22, 2017, contains some dramatic changes to the rules for individual taxpayers. Among other things, it drops or modifies many popular deductions and exclusions in favor of larger standard deductions. It also retains some unpopular taxes that had been on the chopping block. This article explains some of the provisions that will be most significant for individual taxpayers. A sidebar discusses the alternative minimum tax and estate tax.