Transfer tax and foreign items adjust for inflation in 2021

Transfer tax and foreign tax figures are among those that are adjusted annually for cost-of-living increases. Thomson Reuters Checkpoint has calculated these figures for the year 2021 using the chained Consumer Price Index from August 2020. Don’t miss: Reasonable compensation for S-Corporation shareholder employees The annual gift tax exclusion will remain at $15,000 and the …

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Reasonable compensation for S-Corporation shareholder employees

S-Corporations have long been popular due to their single level of taxation as a pass-through entity and the shareholder’s share of the corporation’s net income is not considered self-employment earnings, and therefore, not subject to self-employment tax (15.3% in 2020). However, if the shareholder provides services to the S-Corp, he or she must receive reasonable …

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How to report identity theft to the IRS

In the United States, approximately 33% of adults have experienced some form of identity theft, which is more than twice the global average. One of the most common forms of identity theft occurs through tax fraud. It is estimated that tax identity theft costs US taxpayers $5.2 billion annually. To combat this growing issue, the …

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Dashboards and visuals to see your data by

While accountants are used to viewing data in a multitude of rows, columns and pivot tables, most people struggle with seeing any patterns in rows of numbers. The implementation of visualizations through data analytic dashboards allow for you to view data in a user-friendly environment in easy to understand visuals. In addition, the creation of …

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Which 401(k) plan makes the most sense for your restaurant?

In order to remain competitive in the industry and retain quality employees, many restaurant companies choose to offer a 401(k) plan. While this is one of the greatest benefits you can offer your employees, it is important to consider the costs and other implications associated with this. Are we required to have an external audit …

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Mutual funds – a common investment for employee benefit plans

Most 401(k) plans offer their participants a variety of investments and most of these line ups include mutual funds. The risk associated with mutual funds range from conservative to aggressive. They are comprised of pools of money collected from investors that is then invested in a variety of securities (such as stocks, bonds or cash). …

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Issuing options and warrants to your customers?

Everyone knows issuing stock options and warrants is a great way to compensate employees and contractors for a job well done. These methods of compensation have been embraced by the startup community as a way to reward others without using up their much-needed cash. Issuing options and warrants to customers is a less common practice …

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Predictive Analytics – What will happen?

Predictive analytics is the utilization of analytics to forecast what will happen in a business. Predictive analytics is the usage of everything gathered in descriptive and diagnostic analytics along with the continued use of modeling, machine learning and risk assessments to make predictions about future events/trends by scoring data and forecasting. Predictive analytics are generated …

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Diagnostic Analytics – Why did it happen?

Diagnostic analytics uses analytics to describe why something happened. Diagnostic analytics takes the development of descriptive analytics a step further and is generating a root cause analysis to see: What caused the company’s sales last month, last quarter, last year to increase or decrease? Why were there changes in the company’s largest customer? Why were …

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