IRS Audit Techniques Guides provide clues to what may come up if your business is audited
IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits, and small business owners can use them, too. Many ATGs target specific industries, such as construction. Others address issues that frequently arise in audits, such as executive compensation and fringe benefits. Although ATGs were created to enhance IRS examiner proficiency, they also can help small businesses ensure they aren’t engaging in practices that could raise red flags with the IRS. For more information on ATGs and red flags that may be relevant to your business, contact us.
Do you need to adjust your withholding?
If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But it also means you essentially made the government an interest-free loan. This would usually indicate that you should consider reducing your withholding. But 2018 is a little different: To reflect TCJA changes, the IRS updated the withholding tables, generally reducing the amount withheld. The new tables might cause some taxpayers to not have enough withheld. Contact us for help determining whether you should adjust your 2018 withholding.
Say, just how competitive is your business anyway?
To be successful, a business must be competitive. Is yours? Here are some ways to assess this: First, examine your operating environment. Anything from severe weather to a sudden change in buying trends could affect competitiveness. Next, identify important tangible and intangible resources. Technological obsolescence, for example, could change everything. Then look at the strength of your leadership team. Flagging employee morale could leave you struggling. Last, evaluate relationships with suppliers, customers and regulators. Make sure all are in good shape.
Get started on 2018 tax planning now!
With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next several months. But for maximum tax savings, now is the time to start tax planning for 2018. It’s especially critical to get an early start this year because the Tax Cuts and Jobs Act has substantially changed the tax environment. We can help you determine how the new law affects you and what strategies you should implement to minimize your tax liability.
A review of significant TCJA provisions affecting small businesses
Now that small businesses and their owners have filed their 2017 income tax returns (or extensions), it’s a good time to review the Tax Cuts and Jobs Act (TCJA) provisions that may significantly impact their taxes for 2018 and beyond. Depending on your entity type, either the new 21% corporate tax rate or the new 20% qualified business income deduction may substantially cut your taxes. And all businesses need to be aware of the breaks the TCJA enhances and the ones it limits or eliminates. The key to maximizing your tax savings is to begin 2018 tax planning now.
A Building Security Checklist for Crime Prevention
Surprising as it may seem, many experts believe that a well-maintained property can deter crime. Why? Because a poorly maintained building demonstrates that its owner is no longer able or willing to control his property. It thus becomes an invitation to any criminal who wants to seize control.
The Top Ten Reasons to Go Paperless
There are plenty of reasons why it’s a good idea to go paperless in the office—ranging from environmental to budgetary. Here are our top ten to keep in mind the next time you make the case to your boss.
Manage health benefits costs with a multipronged approach
For business owners, it may seem impossible to control health care benefits costs. The trick is taking a multipronged approach. For example, don’t rely on vendor-provided communications: Actively interact with employees. Use metrics to analyze benefits utilization and identify utilization gaps where you may be losing money. Engage an outside expert to conduct an ROI study of your plan. Also, audit claims payments and pharmacy services to catch mistakes and even fraud. Last, renegotiate pharmacy benefits contracts to get a better deal. Let us know how we can help.
Tax record retention guidelines for individuals
What 2017 tax records can you toss once you’ve filed your individual return? None. But it’s the perfect time to go through old tax records and see what you can discard. A common rule of thumb is to keep tax records for at least six years from filing, after which the IRS generally no longer can audit your return or assess additional taxes, even if your income was understated. But hang on to certain records longer. Examples include tax returns themselves, W-2 forms, and records related to real estate, investments or retirement accounts. Contact us with questions.
Tax document retention guidelines for small businesses
You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if you have years’ worth of receipts, canceled checks and other tax-related records for your small business, you probably want to get rid of what you can. A good rule of thumb is to hold on to tax-related documents for at least six years. But you should keep some records longer. For example, keep property-related records at least seven years after you dispose of the property. And keep copies of returns themselves permanently. Contact us for details.