General News

Succession Planning Requires Smart Strategies

Succession Planning Requires Smart Strategies Succession planning is important in any business, but it’s sometimes overlooked in family-owned operations. This is a big mistake. There are numerous former family-run companies that no longer exist due to poor or no succession plan. The plan needs to be well thought out and discussed with everyone affected. Don’t…

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The IRS on Underpaying Income Tax

The IRS Expands the Penalty Waiver for Underpaying Income Tax The IRS announced that it is providing expanded penalty relief to certain individuals whose 2018 federal income tax withholding and estimated payments fell short of their total tax liability for the year. (Notice 2019-25) The IRS is now lowering to 80% the threshold required to…

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Revenue Recognition for Private Companies

Revenue Recognition: New Rules Go Live for Private Companies Private companies that follow U.S. Generally Accepted Accounting Principles (GAAP) must implement new revenue recognition rules in fiscal years that start after December 15, 2018. Are your accounting systems and personnel ready for this fundamental shift in financial reporting? The effects will likely be more far-reaching…

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Overtime Pay Rules May Expand

If Adopted, Overtime Pay Rules May Expand to More Employees Today (and since 2004) salaried employees who earn at least $455 per week aren’t eligible for overtime pay under the Fair Labor Standards Act, if their job duties are executive, administrative or professional (EAP) in nature. That’s true no matter how many hours these employees…

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Some Business Owners Can Still Lower Their 2018 Taxes

It’s Not Too Late for Some Business Owners to Lower Their 2018 Taxes Most businesses will owe less tax for the 2018 tax year than they would have under prior law, thanks to changes brought by the Tax Cuts and Jobs Act (TCJA). But have you done everything possible to lower your business tax bill…

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