S Corporation Officers Payroll Considerations

The Internal Revenue Service (IRS) is continuing to scrutinize S corporations for reasonable compensation of salary paid to its officers/shareholders and it is now also considering the timing of such compensation (see below).  Read more

Surviving Spouse IRA Options

Surviving spouses who are designated beneficiaries of a deceased spouse's IRAs must decide whether to roll them over into their own IRAs, or leave the IRAs in the deceased spouse's name. Read more

Discharging Taxes in Bankruptcy 

With the downturn in the economy and massive job losses, personal bankruptcy filings have exploded.Some individuals seeking bankruptcy protection may benefit from including federal tax debts in their petition.Unfortunately, not all tax debts are dischargeable in bankruptcy. Read more

HIRE Act 

The Hiring Incentives to Restore Employment Act (HIRE Act, P.L. 111-147) encourages companies to hire unemployed workers from Feb. 4, 2010 to Dec. 31, 2010, by exempting certain wages received by the workers from the employer portion of Social Security taxes (payroll tax exemption), and by providing employers with a business tax credit if new hires are retained for at least 52 consecutive weeks (also known as the new hire retention credit).  Read more

Top 16 Tips for Avoiding Fraud

The most common method of fraud detection (almost 1/2 of all cases) is a tip or complaint from an employee, vendor, customer or anonymous informant. About 1/5 of all cases are detected by accident, another 1/5 by internal audit, and about 1/8 by external audit. Here is a list of tips to consider that may help avoid fraud in your business.    Read more

Independent Contractor vs. Employee

It is critical that the employer correctly determine whether an individual providing a service should be classified as an employee or independent contractor. This topic has undergone close scrutiny by the IRS due to its significant tax impact. Although there are some individuals that are defined by law as an employee or independent contractor, there are many cases where common law tests must be considered. For more information on how to determine whether an individual is an employee or independent contractor,  Read more

Health Care Act 2010 Summary  

Do you have questions regarding how the health care reform legislation will affect you or your business? The following summary provides a timeline of the health care reform provisions for individuals and corporations beginning this year and running through 2018.  Read more

Record Retention Guidelines 

How long should I keep this document? The answer is: It depends. The decision of how long you should retain your financial information can be a daunting task. Here is a list of some basic guidelines for your reference. This list is meant only as a guide and is not intended to be a list of legal requirements.  Read more

Roth IRA Conversions    Read more