Prevent expense reimbursement abuse

Dishonest employees can see an opportunity to steal from the company through expense reimbursements. If you don’t have a strong travel and expenses policy that is routinely monitored and enforced, you open yourself up for the risk of expense reimbursement fraud. Some common examples of fraud schemes that impact everyday companies are: Double billing: seeking …

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Is the value of your business about to increase 12.5%?

Recent discussions by the new administration regarding changing corporate and individual tax rates got me thinking about how different income tax rates can affect the value of a company. For example, I ran some numbers with the following assumptions. The current effective tax rate on a pass-through company’s earnings at the individual level is 38 …

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My CPA says to file an extension. Should I?

Filing for an extension of time to file your tax return can be an important strategy for you to implement as we move closer to the April 18th due date for individuals. An extension is a form filed with the IRS to request additional time to file your federal tax return. The extension period is …

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New Form 5472 requirements for foreign-owned disregarded entities

Under the proposed Internal Revenue Code Section 6038A regulations issued on May 6, 2016, U.S. disregarded entities owned by foreign persons would be treated as domestic corporations for purposes of filing Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business. The new regulations …

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3 Tips to increase productivity in your daily routine

Do you ever feel that there are not enough hours in the day to complete what you wanted? How about feeling stressed at what seems like a mountain of work you need to finish by a certain deadline? While you can’t avoid stress entirely, here are 3 simple, yet effective, ways at maximizing your productivity …

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Energy credits save you tax with home improvements

Did you make energy efficient improvements to your home last year? Purchase an energy efficient air-conditioner or water heater? If so, you may qualify for energy credits on your 2016 tax return. The Energy Star website details the credits available for energy efficient purchases made in 2016 and how to qualify. Prior year credit information …

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International tax reporting in a nutshell

HAHA! Got you! There is no way to fit international tax reporting requirements in a nutshell or even fit it into one blog. I can, however, give you a brief run down on who must file what forms. (This list does not represent all forms for international reporting.) Let’s start with the basics. (I use …

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Why do you need my driver’s license for my tax return?

You probably asked this question when you met with your tax return preparer this year. How could your tax return and your driver’s license possibly be connected? Well, several states have added a request or a requirement for a driver’s license number (or other state identification number) to be entered into the tax software system …

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AZ minimum wage law, DOL overtime rules update

After several months of waiting, Arizona business owners finally have their answer on whether Prop. 206, which raises the minimum wage, will stand; meanwhile, we’re also closer to knowing what will happen with the new overtime rules that were delayed late last year. AZ minimum wage law Arizona’s minimum wage law will stand after the …

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