Here We Go Again – The Death Tax Repeal Act of 2015

Is there a possibility the current estate tax will be repealed? This is a debate we have heard over and over again over the past several years, and as we head into the race for the White House, we are bound to continue to hear the pros and the cons for Estate Tax Reform. Co-sponsor …

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Four Key Facts about Unemployment Benefits

If you lose your job, you may qualify for unemployment benefits. The payments may serve as much needed relief. But did you know unemployment benefits are taxable? Here are four key facts about unemployment compensation: Unemployment is taxable. You must include all unemployment compensation as income for the year. You should receive a Form 1099-G, …

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GASB 68 Deferred Employer Contributions to Pensions

Last month I discussed the timing of specific pension related dates in valuing, measuring and reporting your pension related amounts for the full accrual basis statements in accordance with GASB Statement 68. This month I am discussing the employer contributions to the plan, and how they should be reported for the full accrual based statements. …

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Protecting Your Inventory and Customers from Employees

During the last year, I have received more phone calls than usual from business owners who believe employees are stealing inventory from them. Many of the concerns I hear from small business owners fall into two categories. The first scenario is the extremely popular and growing internet business, in which entrepreneurs keep inventory in warehouses, …

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Henry+Horne team members garden for community service at the Growhouse

This past Sunday employees and family members from Henry & Horne volunteered at the Growhouse in downtown Phoenix. We split into teams to accomplish a few tasks while we were there. One team prepped a garden bed and planted squash. Another team pulled weeds and helped clean up the grounds at the Growhouse. The staff …

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New cyber attack masquerading as IRS refund information

Now that your tax returns are completed, there is a new way for the bad guys to get after you. There is a new email-based ransomware attack, which involves receiving an email that looks like the item below. The bad part is that the attachment looks like a Word file attachment. If you open this …

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Taxable or Not? What You Need to Know about Income

All income is taxable unless the law excludes it. Here are some basic rules you should know to help you file an accurate tax return: Taxed income. Taxable income includes money you earn, like wages and tips. It also includes bartering, an exchange of property or services. The fair market value of property or services …

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Internal Control for Plan Management

Plan administrators are faced with numerous rules and restrictions put in place not only by those in charge of retirement plan regulation, but also as stipulated in the plan document itself. Strong internal controls are essential for the administration of any plan to ensure accurate financial reporting, protection of plan assets and compliance with all …

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Incorrect or Missing Forms W-2 and 1099

Employers/payers have until a certain date to issue Form W-2 (PDF), Wage and Tax Statement, and Form 1099-R (PDF), Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., for the current processing year. If you do not receive them by that date, or if your information is incorrect on these forms, contact your employer/payer. …

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Contributions Not Reported on the Form 990

There are quite a few differences between GAAP accounting and the rules for reporting on the Form 990. I was recently reviewing the rules on reporting contributions on the 990 and thought I would share a few that are often overlooked. Contributions that are not reported on the Form 990: Unreimbursed expenses of officers, employees, …

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