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1st Quarter Estimated Tax Payments

2019 – 04/04 Self-employed? A key deadline is approaching. The IRS is reminding self-employed individuals, retirees, investors and others who pay their taxes quarterly that the first estimated tax payment for tax year 2019 is due 4/15/19 for most of these taxpayers. The Tax Cuts and Jobs Act changed the way tax is calculated for…

Reporting of Foreign Bank and Financial Accounts

2019 – 04/05 Do you have a foreign bank account or financial account? The IRS is reminding U.S. citizens and resident aliens that an important deadline is approaching. Form 114 (“Report of Foreign Bank and Financial Accounts,” or FBAR) must be filed by 4/15/19. Holders of foreign assets should check to see if they have…

Five Myths About Tax Refunds

2019 – 04/08 Mythbusters: The IRS is dispelling five myths about tax refunds. With the tax filing deadline looming, the IRS has provided an information sheet that helps taxpayers better understand the refund process and debunks tax refund myths circulating on social media. According to the IRS, the easiest way to check on a refund…

Every Number Tells a Story

2019 – 04/09   Accounts receivable (AR) data measures how effectively a business collects the money it is owed. This is meaningful information in all businesses, but holds special importance for healthcare practices where billing can be complex and involves both private and insurance payers. Analysis of AR data provides key performance indicators (KPI) that can…

Present yet unaccounted for: The problem of presenteeism

Absenteeism has typically been a thorn in the side of many companies. But there’s a flip side to employees failing to show up to work: “presenteeism.” This is when employees come in to work unwell or put in excessive overtime. Now you probably appreciate and respect workers who are team players and go the extra…

Your Rights as a Taxpayer

2019 – 03/28 Every taxpayer has rights when dealing with the IRS. Taken from the tax code, those rights are presented in IRS Pub. 1, “Your Rights as a Taxpayer.” They include the right to be informed, with clear explanations so that you know how to comply with the tax code. Also, you have the…

IRS revises EIN process

2019 – 03/28 The IRS is revising the Employer Identification Number (EIN) process. Anyone filing a tax return or other documents with the IRS must provide a taxpayer ID number. One way that employers, estates, and certain others do so is with an EIN. The IRS has announced that, as of 5/13/19, to obtain a…

Tax credit for electric vehicles begins phaseout

2019 – 03/27 The tax credit for buying certain plug-in electric vehicles begins a phaseout on April 1. The IRS announced that General Motors (GM) has sold more than 200,000 vehicles eligible for the credit in the 4th quarter of 2018, which has triggered the phaseout. Qualifying GM vehicles are eligible for a $7,500 credit…

Is a loss tax deductible when selling a home?

2019 – 03/27 When a taxpayer sells a personal residence, a loss isn’t tax deductible. A loss is deductible if a property is converted to income-producing purposes before a sale. In one case, a couple claimed a loss deduction on their tax return for a home that they’d allegedly renovated to sell as an income-producing…

Understanding how taxes factor into an M&A transaction

Merger and acquisition activity has been brisk in recent years. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law. Stocks vs. assets From a tax standpoint, a transaction can basically be structured in two ways: 1. Stock (or ownership interest)….

Be vigilant about your business credit score

  As an individual, you’ve no doubt been urged to regularly check your credit score. Most people nowadays know that, with a subpar personal credit score, they’ll have trouble buying a home or car, or just getting a reasonable-rate credit card. But how about your business credit score? It’s important for much the same reason…

An implementation plan is key to making strategic goals a reality

In the broadest sense, strategic planning comprises two primary tasks: establishing goals and achieving them. Many business owners would probably say the first part, coming up with objectives, is relatively easy. It’s that second part — accomplishing those goals — that can really challenge a company. The key to turning your strategic objectives into a…

Tax Withholding Calculator

2019 – 03/14 IRS: Use our calculator now to review your tax withholding. The tax agency says that such a review will allow taxpayers to make any needed adjustments to their withholding decisions early in 2019. “This is especially true for taxpayers who adjusted their withholdings in 2018, specifically in the middle or later parts…

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