• Internal Audits and External Audits

    Internal Audits and External Audits

    Businesses use two types of audits to gauge financial results: internal and external. Here’s a closer look at how they measure up. Focus - Internal auditors go beyond traditional financial reporting. They focus on a company’s internal controls, accounting processes and ability to mitigate risk. Internal auditors also evaluate whether the company’s activities comply with its strategy, and they may consult on a variety of financial issues as they arise within the company.  Read More »
  • Payroll Cards

    Payroll Cards

    In the not-so-distant past, employers hand-delivered paychecks to employees. Employees then cashed their checks or deposited the money in checking accounts. Today, most employers use direct deposit, or, in a more recent development, payroll cards (or paycards). In January 2019, the Consumer Financial Protection Bureau (CFPB) finalized regulations governing prepaid accounts, including payroll cards. Notably, the CFPB has modified earlier regulations about error resolution and liability limits when financial institutions haven't successfully completed consumer identification and verification procedures. These new regulations take effect April 1, 2019.  Read More »
  • Records Retention Guidelines

    Records Retention Guidelines

    Warm weather and rainy days bring the urge to purge. But before you clean your file cabinets or declutter your computer files, it's important to review these guidelines. Federal Tax Records Most tax advisors recommend that you retain copies of your finished tax returns indefinitely to prove that you actually filed. Even if you don't keep the returns indefinitely, hold onto them for at least six years after they're due  or filed, whichever is later.  It's a good idea to keep records that support items shown on your individual tax return until the statute of limitations runs out — generally, three years from the due date of the return or the date you filed, whichever is later. Examples of supporting documents include …Read More »
  • College Financing and Estate Plans

    College Financing and Estate Plans

    The staggering cost of college makes it critical for families to plan carefully for this major expense, and in many cases grandparents want to play a role. As you examine the many financing options for your grandchildren, be sure to consider their impact on your estate plan.  Read More »
  • Financial Abuse of Elderly Americans

    Financial Abuse of Elderly Americans

    Financial exploitation of elderly Americans is on the rise, according to a federal government agency. Knowing the common tactics employed by perpetrators of this abusive, often criminal, behavior could keep your loved ones from adding to the grim statistics. Here are some proactive ways you can help. Every year, thousands of elderly Americans fall victim to elder abuse and financial exploitation scams, sometimes at the hand of their spouses or adult children. In fact, suspicious Activity Reports (SARs) related to elder financial exploitation have quadrupled the last four years, according to the Consumer Financial Protection Bureau (CFPB).  Read More »
  • Nonprofit Board Retreats

    Nonprofit Board Retreats

    If your not-for-profit’s board is like most, its members lead busy lives. They may not get to every board meeting or perhaps they’re able to attend meetings only via teleconference. That’s why it’s important to periodically bring everyone together in a relaxed setting. But to be successful, your retreat should be planned to the smallest detail.  Read More »
  • Business Meal Deductions

    Business Meal Deductions

    In the course of operating your business, you probably spend time and money “wining and dining” current or potential customers, vendors and employees. What can you deduct on your tax return for these expenses? The rules changed under the Tax Cuts and Jobs Act (TCJA), but you can still claim some valuable write-offs.  Read More »
  • Data Breach Recovery Steps

    Data Breach Recovery Steps

    It’s every business owner’s nightmare. Should hackers gain access to your customers’ or employees’ sensitive data, the very reputation of your company could be compromised. And lawsuits might soon follow. No business owner wants to think about such a crisis, yet it’s imperative that you do. Suffering a data breach without an emergency response plan leaves you vulnerable to not only the damage of the attack itself, but also the potential fallout from your own panicked decisions.  Read More »
  • Holding On To Your Nonprofit’s Exempt Status

    Holding On To Your Nonprofit’s Exempt Status

    f you think that, once your not-for-profit receives its official tax-exempt status from the IRS, you don’t have to revisit it again, think again. Whether your organization is a Section 501(c)(3), Sec. 501(c)(7) or other type, be careful. The activities you conduct, the ways you generate revenue and how you use that revenue could potentially threaten your exempt status. It’s worth reviewing the IRS’s exempt-status rules to make sure your organization is operating within them.  Read More »
  • The New Dependent Tax Credit

    The New Dependent Tax Credit

    If you’re the parent of a child who is age 17 to 23, and you pay all (or most) of his or her expenses, you may be surprised to learn you’re not eligible for the child tax credit. But there’s a dependent tax credit that may be available to you. It’s not as valuable as the child tax credit, but when you’re saving for college or paying tuition, every dollar counts!  Read More »
  • Estate Plan Tips

    Estate Plan Tips

    No matter how much effort you’ve invested in designing your estate plan, your will, trusts and other official documents may not be enough. Consider creating a “road map” — an informal letter or other document that guides your family in understanding and executing your plan and ensuring that your wishes are carried out.  Read More »
  • Tax Credit for Family and Medical Leave

    Tax Credit for Family and Medical Leave

    The Tax Cuts and Jobs Act created a new federal tax credit for employers that provide qualified paid family and medical leave to their employees. It’s subject to numerous rules and restrictions and the credit is only available for two tax years — those beginning between January 1, 2018, and December 31, 2019. However, it may be worthwhile for some businesses.  Read More »
  • SEP Retirement Plans for Small Businesses

    SEP Retirement Plans for Small Businesses

    If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and reduce your 2018 tax bill. A Simplified Employee Pension (SEP) can still be set up for 2018, and you can make contributions to it that you can deduct on your 2018 income tax return.  Read More »
  • Cybersecurity Audits

    Cybersecurity Audits

    In 2018, U.S. organizations that suffered a data breach lost an average of $7.91 million as a result. That’s the highest average organizational cost of all the countries and regions covered in the 2018 Cost of a Data Breach Study by IBM and independent research firm Ponemon Institute. Malicious or criminal attacks were the source of more than half of those breaches, rather than system glitches and human errors.  Read More »
  • Scope Creep and IT Projects

    Scope Creep and IT Projects

    Today’s business technology is both powerful and restive. No matter how “feature rich” a software solution or hardware asset may be, there’s always another upgrade around the corner. In other words, it’s just a matter of time before your company’s next IT project. When that day arrives, watch out for “scope creep.” This term refers to the tendency of a project’s objective (or “scope”) to gradually expand while the job is underway. As a result, the schedule may drag and dollars may go to waste. &nnbsp;Read More »
  • Charitable Donations

    Charitable Donations

    Donating to charity is a key estate planning strategy for many people. It reduces the size of your taxable estate and it can help you leave a lasting legacy with organizations you care about. The benefit of making such gifts during life rather than at death is that you may be eligible for an income tax deduction. Qualifying for a charitable deduction is, in some respects, a matter of form over substance. The IRS could disallow a deduction, even if it’s otherwise legitimate, if you fail to follow the substantiation requirements to the letter.   Read More »
  • C Corporation Double Taxation

    C Corporation Double Taxation

    The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities and their owners. But some fundamental tax truths for C corporations largely remain the same:  Read More »
  • New 2019 Tax-Related Limits

    New 2019 Tax-Related Limits

    A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Additional rules apply to these tax-related limits, and they are only some of the limits that may affect your business. Consult with your Maloney Novotny representative for information concerning your specific situation.  Read More »
  • M&A Due Diligence

    M&A Due Diligence

    The M&A market was hot last year, and that momentum is expected to continue in 2019. Before acquiring another business, however, it’s important to do your homework. Conducting comprehensive due diligence can be a daunting task, especially if you’ve never negotiated a deal before. So, consider seeking input from an experienced accounting professional.  Read More »
  • Estate Plan Checkup

    Estate Plan Checkup

    Have you had your annual estate plan checkup? An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction amounts are adjusted for inflation, they can change from year to year, impacting your plan.  Read More »
  • Tax Brackets

    Tax Brackets

    What will your income tax bracket be? While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could see their taxes go up due to reductions or eliminations of certain tax breaks — and, in some cases, due to their filing status. But some may see additional tax savings due to their filing status.  Read More »
  • Pay Discrimination

    Pay Discrimination

    Recent Equal Employment Opportunity Commission (EEOC) gender-based discrimination allegations suggest that many employers are unclear about what constitutes pay discrimination in the eyes of courts and regulators. While it can be a gray area, it's important to know the basics to help you assess your risk of an EEOC equal pay claim — and take preventive measures to protect your company and its employees.  Read More »
  • New Revenue Recognition Rules

    New Revenue Recognition Rules

    Private companies that follow U.S. Generally Accepted Accounting Principles (GAAP) are running out of time to implement the new revenue recognition rules. Are your accounting systems and personnel ready for this fundamental shift in financial reporting? The effects will likely be more far-reaching than expected, based on feedback from public companies that implemented the changes in 2018. Read More »
  • Year-end Tax Planning

    Year-end Tax Planning

    With the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should address as part of your 2018 year-end tax planning: Check your FSA balance: If you have a Flexible Spending Account (FSA) for health care expenses, you need to incur qualifying expenses by December 31 to use up these funds or you’ll potentially lose them.  Read More »
  • PTO Contribution Strategies

    PTO Contribution Strategies

    Can a PTO contribution arrangement help your employees and your business? As the year winds to a close, most businesses see employees taking a lot of vacation time. After all, it’s the holiday season, and workers want to enjoy it. Some businesses, however, find themselves particularly short-staffed in December because they don’t allow unused paid time off (PTO) to be rolled over to the new year, or they allow only very limited rollovers.  Read More »
  • Deducting Holiday Gifts and Parties

    Deducting Holiday Gifts and Parties

    When holiday gifts and parties are deductible or taxable - The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the expense is tax deductible and whether it’s taxable to the recipient.  Read More »
  • 2018 Retirement Plan Last Minute Strategies

    2018 Retirement Plan Last Minute Strategies

    It’s not too late: You can still set up a retirement plan for 2018 - If most of your money is tied up in your business, retirement can be a challenge. So if you haven’t already set up a tax-advantaged retirement plan, consider doing so this year. There’s still time to set one up and make contributions that will be deductible on your 2018 tax return!  Read More »
  • Year End Mutual Fund Tips

    Year End Mutual Fund Tips

    Mutual funds: Handle with care at year end - As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. Here are some tips. Avoid surprise capital gains - Unlike with stocks, you can’t avoid capital gains on mutual funds simply by holding on to the shares. Near the end of the year, funds typically distribute all or most of their net realized capital gains to investors.  Read More »
  • Tax Reform and Your Vacation Rental Home

    Tax Reform and Your Vacation Rental Home

    Vacation Homes Classified as Rentals See Little Impact from Tax Reform There's good news if you own a vacation home that you rent out: The Tax Cuts and Jobs Act (TCJA) didn't have much effect on how your rental income and related expenses are treated under the tax rules. But those rules are still complicated. Here's what you should know. Classifying Your Property - Under the Internal Revenue Code and IRS regulations, there are two classifications for vacation homes.  Read More »
  • Year-End Tax Planning Tips

    Year-End Tax Planning Tips

    7 Year-End Tax Planning Moves for Small Businesses Business owners still have time to significantly reduce their tax bills for 2018. Here are seven year-end moves to consider, taking into account changes included in the Tax Cuts and Jobs Act (TCJA). 1. Claim 100% Bonus Depreciation for Asset Additions - Thanks to the TCJA, 100% first-year bonus depreciation is available for qualified new and used property that's acquired and placed in service in calendar year 2018. That means your business might be able to write off the entire cost of some (or all) of your 2018 asset additions on this year's return.  Read More »