Home Office Deduction

Del YounglasLatest News

Latest accounting related news from Maloney+Novotny, CPA's and Business Advisors

Working from home has its perks. Not only can you skip the commute, but you also might be eligible to deduct home office expenses on your tax return. Deductions for these expenses can save you a bundle, if you meet the tax law qualifications. Under the Tax Cuts and Jobs Act, employees can no longer claim the home office deduction. If, however, you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the home office deduction may still be available to you.  

Mobile Phone Fraud

Del YounglasLatest News

Latest accounting related news from Maloney+Novotny, CPA's and Business Advisors

Mobile phone fraud schemes in which thieves open a phone account in your name and use it to access your bank account, sign up for credit cards and gain access to personal information are only some of the recent fraud trends. Fraudsters have plenty of ways to defraud consumers through their phones.  

Retirement Plans for Small Business

Del YounglasLatest News

Latest accounting related news from Maloney+Novotny, CPA's and Business Advisors

The U.S. Department of Labor (DOL) has released a final rule which should make it easier for smaller businesses to provide retirement plans to their employees. According to the DOL, the rule will enable more small and midsize unrelated businesses to join forces in multiple employer plans (MEPs) that provide their employees a defined contribution plan such as a 401(k) plan or a SIMPLE IRA plan. Certain self-employed individuals also can participate in MEPs.  

Accounting Rule Delays

Del YounglasLatest News

Latest accounting related news from Maloney+Novotny, CPA's and Business Advisors

On July 17, the Financial Accounting Standards Board (FASB) voted to issue a proposal that would delay several landmark accounting rules for certain companies. If finalized, these accounting rule delays would apply to new guidance for reporting leases, hedging transactions, credit losses and long-term insurance contracts.  

Power of Attorney ABCs

Del YounglasLatest News

Latest accounting related news from Maloney+Novotny, CPA's and Business Advisors

When drafting your estate plan, you and your attorney must account for what happens to your children and your assets after you die. But your plan must also spell out your wishes for making financial and medical decisions if you’re unable to make those decisions yourself. A crucial component of this plan is the power of attorney (POA). 

Reviewing Your Investments

Randy ChmLatest News

Latest accounting related news from Maloney+Novotny, CPA's and Business Advisors

You may have heard about a proposal in Washington to cut the taxes paid on investments by indexing capital gains to inflation. Under the proposal, the purchase price of assets would be adjusted so that no tax is paid on the appreciation due to inflation.  

Corporate Governance

Randy ChmLatest News

Latest accounting related news from Maloney+Novotny, CPA's and Business Advisors

The Securities and Exchange Commission (SEC) doesn’t monitor just publicly traded companies. It also looks at the dealings of some private companies, often to the surprise of their owners and executives. Corporate governance is one area to which you need to pay attention.  

Generation Z

Randy ChmLatest News

Latest accounting related news from Maloney+Novotny, CPA's and Business Advisors

By now, most employers have read up on, hired and gotten to know Millennials. Well, guess what? A whole new demographic is here: Generation Z. Whereas Millennials are generally those who came of age around the Millennium, Gen Z are typically regarded as those born just before, on or relatively soon after the year 2000.  

Calculating Fraud Damages

Randy ChmLatest News

Latest accounting related news from Maloney+Novotny, CPA's and Business Advisors

Calculating fraud damages isn’t as simple as it may seem. When businesses are defrauded, courts can — and in some states must — order restitution. But it isn’t always easy for judges to decide how much a company has lost. That’s where fraud experts can help.  

Midyear KPIs

Randy ChmLatest News

Latest accounting related news from Maloney+Novotny, CPA's and Business Advisors

We’ve reached the middle of the calendar year. So how are things going for your business? Conversationally you might say, “Pretty good.” But, analytically, can you put a number on how well you’re doing — or several numbers for that matter? You can if you choose and calculate the right key performance indicators (KPIs).