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# Lewis & Knopf, CPAs, P.C.

Helping Our Clients Achieve Financial Success

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## Posts

- [Roundup of Individual Tax Changes For 2023 ](https://www.lkcpas.com/the-edge/roundup-of-individual-tax-changes-for-2023/) - Two recently passed pieces of tax legislation have brought about several tax changes for 2023 that may affect you. The legislation includes the Inflation Reduction Act and the Secure 2.0 Act. Here is a condensed summary of those changes. Check over the list and see if any of the new rules apply to you. Required
- [Understanding the Proposed Tax Legislation: A Cautionary Approach to Tax Planning](https://www.lkcpas.com/financial-sense-blog/understanding-the-proposed-tax-legislation-a-cautionary-approach-to-tax-planning-2/) - In recent months, legislative activity in Congress has spurred considerable discussion around the proposed One Big Beautiful Bill Act (OBBBA). This article explores the key components of the OBBBA House and Senate versions of the tax bill as deciphered from various Congressional documents and highlights the importance of cautious tax planning given the potential changes
- [Is Your Business Overpaying Taxes? 3 Mid-Year Moves That Could Lower Your 2025 Bill](https://www.lkcpas.com/financial-sense-blog/is-your-business-overpaying-taxes-3-mid-year-moves-that-could-lower-your-2025-bill/) - You know that moment in April when you look at your tax bill and think:“We could’ve done something about this... if we’d only planned earlier.” Well, this is earlier. And if you’re a business owner who’s having a good year so far (or even just a better-than-expected one), now’s the time to stop the silent tax creep.
- [What Is Advisory — And Is It Right for You?](https://www.lkcpas.com/financial-sense-blog/what-is-advisory-and-is-it-right-for-you/) - Most people think their financial professional focuses on the past: last year’s tax numbers, last quarter’s profit, last month’s expenses. That’s the compliance world. It’s essential, of course. But it’s focused on what has already happened. Advisory is something different.Advisory is about shaping what comes next. It’s a shift from “Here’s your report” to “Here’s
- [Lewis & Knopf Announces Appointment of Allen “AJ” Gamble to Partner Effective January 1, 2026](https://www.lkcpas.com/firm-news/lewis-knopf-announces-appointment-of-allen-aj-gamble-to-partner-effective-january-1-2026/) - Lewis & Knopf, CPA, P.C. is pleased to announce that Allen “AJ” Gamble, CPA, has been promoted to Partner, effective January 1, 2026. AJ has been an integral member of the firm, demonstrating exceptional leadership, technical expertise, and a strong commitment to client service. AJ joined Lewis & Knopf in 2019 and has built his
- [What To Do When You Get an IRS Notice (And Why You Don't Need to Panic)](https://www.lkcpas.com/financial-sense-blog/what-to-do-when-you-get-an-irs-notice-and-why-you-dont-need-to-panic/) - There's nothing quite like opening the mailbox, seeing an envelope with "Internal Revenue Service" printed on it, and feeling your stomach drop. Even people who are perfectly organized — even people who've done everything right — feel the same jolt of panic when they receive an IRS notice. But here's the truth:Most IRS notices are not
- [Beware of Social Media Tax Advice: The Risks and Consequences](https://www.lkcpas.com/financial-sense-blog/beware-of-social-media-tax-advice-the-risks-and-consequences/) - In today's digital age, social media serves as a hub of information on almost every topic imaginable, from cooking recipes to financial advice, including taxes. However, as accessible as these platforms are, they pose a significant risk when used as a source for tax advice. Misleading or just plain wrong tax advice on social media
- [Get Ready: Tax Season Is Closer Than You Think](https://www.lkcpas.com/the-edge/get-ready-tax-season-is-closer-than-you-think/) - Tax time is just around the corner, and if you are like most taxpayers, you are probably facing the ominous chore of compiling records in preparation for your tax appointment—whether in person, by videoconference or telephone. The difficulty of this task depends upon how well you maintained your tax records throughout the year. No matter
- [Last-Minute Year-End Tax Tactics: Maximize Your Business Savings Now!](https://www.lkcpas.com/the-edge/last-minute-year-end-tax-tactics-maximize-your-business-savings-now/) - As the year draws to a close, small business owners find themselves in a crucial period for financial organization and tax strategy optimization. With the potential to significantly reduce your 2025 tax bill, implementing effective tax strategies now becomes imperative. By maximizing savings, managing cash flow, and ensuring compliance with tax deadlines, you can position
- [Year-End Individual Tax Planning Opportunities](https://www.lkcpas.com/the-edge/year-end-individual-tax-planning-opportunities/) - Year-end is rapidly approaching, as are the holidays. So, before you become distracted with the seasonal celebrations, it may be in your best interest to consider year-end tax moves that can benefit you for your 2025 tax filing. Here are last-minute tax issues you might consider: Not Needing to File a 2025 Return? - If your income
- [Lewis & Knopf Named Best Accountant in Flint for 2025](https://www.lkcpas.com/firm-news/lewis-knopf-named-best-accountant-in-flint-for-2025/) - Lewis & Knopf is proud to announce that we have been recognized as the Best Accountant in Flint for 2025 by BusinessRate’s BEST of 2025 Flint Awards. This honor is based entirely on verified Google Review data—reflecting the authentic experiences and feedback of our clients. BusinessRate’s recognition highlights leaders in customer satisfaction, brand reputation, and
- [Community Leadership Spotlight: Josh Legant at Lewis & Knopf, CPAs](https://www.lkcpas.com/firm-news/community-leadership-spotlight-josh-legant-at-lewis-knopf-cpas/) - At Lewis & Knopf, CPAs, P.C., we believe leadership extends far beyond the work we do inside the firm—it reaches into the communities where we live, serve, and build relationships. One of our core values is investing in the places our clients and team members call home. Today, we are proud to spotlight Josh Legant,
- [Lewis & Knopf Welcomes New Advisor, Ken Rappuhn](https://www.lkcpas.com/firm-news/lewis-knopf-welcomes-new-advisor-ken-rappuhn/) - Flint, MI — The local public accounting firm of Lewis & Knopf, CPAs, P.C. is pleased to welcome Ken Rappuhn as a new Advisor with the firm. Ken brings more than 30 years of leadership experience in finance, operations, and executive management. He has held key roles including CFO at Mid-States Bolt & Screw and
- [Tax Advantages of Qualified Charitable Distributions (QCDs) ](https://www.lkcpas.com/financial-sense-blog/tax-advantages-of-qualified-charitable-distributions-qcds/) - Qualified Charitable Distributions (QCDs) are a highly effective tool in the tax planning toolkit, particularly for retirees who must take Required Minimum Distributions (RMDs) from their Individual Retirement Accounts (IRAs). By directing a portion or all of an RMD directly to a charity, taxpayers can potentially reduce their taxable income significantly, yielding multiple tax advantages. Understanding QCDs A QCD
- [IRS Shifts to Paperless Refunds: What This Might Mean for You ](https://www.lkcpas.com/financial-sense-blog/irs-shifts-to-paperless-refunds-what-this-might-mean-for-you/) - In a move set to redefine the refund process, the Internal Revenue Service (IRS), in collaboration with the U.S. Department of Treasury, has announced the gradual phasing out of paper tax refund checks starting September 30, 2025, as mandated by Executive Order 14247. This transition to electronic refunds marks a significant shift aimed at modernizing
- [Why Cash Flow Planning Gets Harder as You Grow ](https://www.lkcpas.com/financial-sense-blog/why-cash-flow-planning-gets-harder-as-you-grow/) - Growth Feels Great—Until It Doesn’t At first, running your business feels simple: money comes in, bills go out, and if there’s something left over, you’re doing fine. Then growth happens. More clients. Bigger projects. Higher payroll. Maybe even a second location. Suddenly, cash doesn’t flow the way it used to. You’re booking record sales, but your bank balance looks… thin. You’re working harder than ever, yet the pressure to
- [Occupations Qualified for Tip Deduction Released](https://www.lkcpas.com/financial-sense-blog/occupations-qualified-for-tip-deduction-released/) - On September 2, 2025, the Treasury Department released a draft list of 68 occupations eligible for the new "no tax on tips" deduction. This deduction is part of the "One Big Beautiful Bill Act," signed into law on July 4, 2025, and applies to federal income taxes for the 2025—2028 tax years. The deduction is
- [Uncertainty Is the New Normal: How Small Businesses Can Stay Steady](https://www.lkcpas.com/financial-sense-blog/uncertainty-is-the-new-normal-how-small-businesses-can-stay-steady/) - The Economy Feels Mixed — and That’s OkayIf you’ve read the headlines lately, you know the signals are…confusing. GDP is strong. Interest rates may be heading lower. Inflation is easing, but not “gone.” Tariffs are making imports more expensive. So is the economy strong? Slowing? Recovering? The truth is—it depends on who you ask. And
- [Vehicle Loan Interest Deduction A Restrained Tax Benefit](https://www.lkcpas.com/financial-sense-blog/vehicle-loan-interest-deduction-a-restrained-tax-benefit/) - In the swirling complexities of tax legislation, even well-intentioned provisions can seem like offers of relief that arrive weighed down with restrictions. The OBBBA provision, which allows taxpayers to deduct up to $10,000 of interest paid on passenger vehicle loans, is poised to be one such measure. On the surface, it beckons with the promise
- [IRS Transitioning to All-Electronic Payments — What You Need to Know](https://www.lkcpas.com/financial-sense-blog/irs-transitioning-to-all-electronic-payments-what-you-need-to-know/) - The IRS has announced that it will begin requiring all tax payments to be made electronically starting later this year. This move is part of a broader effort to modernize the agency’s systems, reduce processing times, and improve payment security. What This Means for You: The IRS will no longer accept paper checks or other
- [Unravelling Education Savings: Mastering 529 Plans to Maximize Tax Benefits ](https://www.lkcpas.com/the-edge/unravelling-education-savings-mastering-529-plans-to-maximize-tax-benefits/) - Section 529 plans are tax-advantaged savings plans designed to encourage saving for future education costs. They are legally known as "qualified tuition plans" and are sponsored by states, state agencies, or educational institutions. With rising education expenses, these plans offer a valuable option for families to invest in the future of a child's education. Let's
- [The 2025 Guide to Small Business Tax Deductions You Can’t Afford to Miss ](https://www.lkcpas.com/the-edge/the-2025-guide-to-small-business-tax-deductions-you-cant-afford-to-miss/) - When it comes to running a successful small business, every dollar counts. Yet every year, many owners miss out on valuable tax deductions — and with them, the chance to strengthen their cash flow and reinvest in growth. In 2025, smarter tax planning isn’t optional. It’s a financial strategy that can give your business a
- [Tax Break for Businesses: 100% Bonus Depreciation is Back Plus New Expensing of Qualified Production Property](https://www.lkcpas.com/the-edge/tax-break-for-businesses-100-bonus-depreciation-is-back-plus-new-expensing-of-qualified-production-property/) - The reinstatement of bonus depreciation is a critical component of recent U.S. tax legislation aimed at fostering economic growth. The 2017 Tax Cuts and Jobs Act (TCJA) had already put significant emphasis on bonus depreciation, but its permanent reinstatement under the "One Big Beautiful Bill Act" at 100% further emphasizes its importance, especially after considering
- [How to Keep Your Business in the Family - Tax Traps and Solutions ](https://www.lkcpas.com/the-edge/how-to-keep-your-business-in-the-family-tax-traps-and-solutions/) - So you built something real. A business. A legacy. A family-run thing that’s weathered recessions, pandemics, and probably more sleepless nights than you care to count. Maybe it’s a restaurant. A dental practice. A small farm. Maybe it’s a consulting firm that started at your kitchen table with a laptop and a dream. And now?
- [IRS Dirty Dozen Scams for 2025: What to Watch Out For (and How to Protect Yourself) ](https://www.lkcpas.com/the-edge/irs-dirty-dozen-scams-for-2025-what-to-watch-out-for-and-how-to-protect-yourself/) - Let’s get one thing straight: Scammers are not slowing down. They’re getting slicker, faster, and disturbingly good at sounding like someone you trust—especially now that AI can mimic voices, emails, and even your tax pro’s writing style. The IRS sees it too. That’s why, every year, they publish a list of the biggest, most dangerous
- [Navigating SALT Deduction Changes and Passthrough Entity Strategies for Maximum Benefit ](https://www.lkcpas.com/the-edge/navigating-salt-deduction-changes-and-passthrough-entity-strategies-for-maximum-benefit/) - The State and Local Tax (SALT) deduction allows taxpayers to deduct either their state and local income taxes or their state and local sales taxes, in addition to property taxes, on their federal income tax returns when they itemize deductions. This deduction has long been a staple in the tax code, designed primarily to mitigate
- [See How the “One Big Beautiful Bill” Act Will Impact Your 2025 Taxes and Transform Your Financial Landscape! ](https://www.lkcpas.com/the-edge/see-how-the-one-big-beautiful-bill-act-will-impact-your-2025-taxes-and-transform-your-financial-landscape/) - On July 4th, the President signed into law the so-called “One Big Beautiful Bill” Act (OBBBA), a significant piece of legislation that ushers in a plethora of tax provisions designed to impact taxpayers across the spectrum. Though the act introduces measures that stretch beyond this year, our focus here narrows to changes coming into effect
- [Stop Guessing, Start Tagging: How to Make QuickBooks® Online Work Smarter for You](https://www.lkcpas.com/financial-sense-blog/stop-guessing-start-tagging-how-to-make-quickbooks-online-work-smarter-for-you/) - If you’ve ever wanted to slice and dice your financial data in QuickBooks® Online without changing your chart of accounts or creating new classes or locations, you’re in luck. The Tags feature in QuickBooks® Online offers an intuitive, flexible way to track transactions across any category you choose—clients, events, sales channels, campaigns, or even employee
- [Navigating IRS Penalty Abatement](https://www.lkcpas.com/financial-sense-blog/navigating-irs-penalty-abatement/) - UNDERSTANDING REASONABLE CAUSE ABATEMENT Reasonable cause abatement is a provision that allows taxpayers to request the removal of certain penalties based on circumstances that prevented the taxpayer from complying with tax laws. This relief is grounded in the principle that, despite the taxpayer’s best efforts, compliance was not possible due to unforeseen events or circumstances
- [Spring Clean Your Business Finances: 7 Tips to Improve Cash Flow and Cut Costs ](https://www.lkcpas.com/the-edge/spring-clean-your-business-finances-7-tips-to-improve-cash-flow-and-cut-costs/) - Spring isn’t just for closets. It’s for your business finances too. And just like you wouldn’t leave last year’s mismatched socks sitting in your drawer, you shouldn’t let old subscriptions, bloated expenses, or outdated processes keep piling up in your books. Because here’s the truth: Small financial leaks turn into big problems over time. But the good news?
- [How to Choose the Perfect Business Entity for Your Venture ](https://www.lkcpas.com/the-edge/how-to-choose-the-perfect-business-entity-for-your-venture/) - Choosing the right business entity is a critical decision for entrepreneurs and business owners. The type of entity you select can have significant implications for liability, taxation, and the overall management of your business. In this article, we will explore the pros and cons of various business entities, including sole proprietorships, partnerships, limited partnerships, limited
- [How Installment Sales Can Benefit Both Property Sellers and Buyers ](https://www.lkcpas.com/the-edge/how-installment-sales-can-benefit-both-property-sellers-and-buyers/) - When selling a property, one of the options available to sellers is the installment sale. This method allows the seller to receive payments over time rather than a lump sum at the time of sale. This approach can be beneficial for both the seller and the buyer, offering flexibility and potential tax advantages. However, it
- [Discover How Millions Track Their Tax Refunds Online Instantly! ](https://www.lkcpas.com/the-edge/discover-how-millions-track-their-tax-refunds-online-instantly/) - The "Where’s My Refund" tool is accessible via the IRS website and the IRS2Go mobile app. It provides personalized refund information based on the processing of your tax return. To use the tool, you need to provide your Social Security number, filing status, and the exact whole dollar amount of your expected refund. This information
- [Maximizing Small Business Deductions: A Guide for Savvy SMB Owners ](https://www.lkcpas.com/the-edge/maximizing-small-business-deductions-a-guide-for-savvy-smb-owners/) - Running a small business is a round-the-clock hustle. You juggle employees, invoices, marketing, and a million other tasks that always demand your attention. The last thing you want is to overlook a perfectly legal tax deduction that could save you thousands—or worse, get stuck paying more than your fair share. Ready for a quick win?
- [IRS Layoffs in Mid-Tax Season: Potential Impacts on Tax Filings and Refund Delays ](https://www.lkcpas.com/the-edge/irs-layoffs-in-mid-tax-season-potential-impacts-on-tax-filings-and-refund-delays/) - In a significant shift impacting the tax landscape, the Internal Revenue Service (IRS) is projected to lay off approximately 6,700 employees right in the middle of tax season. As of the announcement, the IRS had expanded its workforce to roughly 100,000 employees after hiring initiatives initiated by the Biden administration, which aimed to enhance enforcement,
- [Tax Time Has Arrived! Tips for Getting Ready for Your Tax Appointment](https://www.lkcpas.com/the-edge/tax-time-has-arrived-tips-for-getting-ready-for-your-tax-appointment/) - You, like most taxpayers, probably dread the task of pulling together your records to prepare for your tax preparation appointment, but the effort usually pays off in the extra tax you might save! When you arrive at your appointment fully prepared, you’ll have more time to: Consider every possible legal deduction; Evaluate which income reporting
- [Supreme Court Rules on Nationwide Injunction on BOI Reporting](https://www.lkcpas.com/the-edge/supreme-court-rules-on-nationwide-injunction-on-boi-reporting/) - On Thursday January 23, 2025, the Supreme Court issued a stay on a nationwide injunction that had previously halted the enforcement of beneficial ownership information (BOI) reporting requirements for businesses. The BOI requirements are part of the Corporate Transparency Act (CTA), P.L. 116-283. FinCEN has estimated that 32 million small businesses would be required to
- [You May Receive a Form 1099-K This Year: What It Means for Your Taxes](https://www.lkcpas.com/the-edge/you-may-receive-a-form-1099-k-this-year-what-it-means-for-your-taxes/) - The landscape of digital transactions has undergone a significant transformation over the past few decades, prompting the Internal Revenue Service (IRS) to introduce and adapt tax reporting mechanisms to keep pace with the evolving nature of online payments and e-commerce. One such adaptation is the Form 1099-K, "Payment Card and Third Party Network Transactions," a
- [The QuickBooks Desktop Phase Out: How QuickBooks Online Will Future-Proof Your Business](https://www.lkcpas.com/the-edge/the-quickbooks-desktop-phase-out-how-quickbooks-online-will-future-proof-your-business/) - As business owners barrel toward the quarter-century mark of the 21st century, so, too, do the tools we use to manage our finances. Recently, Intuit announced significant changes to its QuickBooks Desktop offerings, signaling a shift toward more innovative, cloud-based solutions. According to the brand, “After May 31, 2025, your QuickBooks Desktop 2022 software will
- [Surprising Tax Impact of Converting Your Traditional IRA to a Roth IRA](https://www.lkcpas.com/the-edge/surprising-tax-impact-of-converting-your-traditional-ira-to-a-roth-ira/) - Taxpayers are limited in the annual amount they can contribute to a Roth IRA. The maximum contribution for 2024 is $7,000 ($8,000 if age 50 or older), but the allowable 2024 contribution for joint-filing taxpayers phases out at an adjusted gross income (AGI) between $230,000 and $240,000 (or an AGI between $0 and $9,999 for
- [Making Home Improvements? You May Qualify for a Substantial Tax Credit.](https://www.lkcpas.com/uncategorized/making-home-improvements-you-may-qualify-for-a-substantial-tax-credit/) - The Internal Revenue Code Section 25C credit, also known as the Energy Efficient Home Improvement Credit, is a valuable tax incentive for homeowners who make qualifying energy-saving improvements to their existing homes. This credit has undergone several modifications since its inception in 2006, with significant changes introduced by the Inflation Reduction Act (IR Act). Don’t
- [IRS Highlights New Warning Signs for Businesses Regarding the Employee Retention Credit](https://www.lkcpas.com/the-edge/irs-highlights-new-warning-signs-for-businesses-regarding-the-employee-retention-credit/) - In the wake of the COVID-19 pandemic, the Employee Retention Credit (ERC) emerged as a vital financial lifeline for businesses. However, as the IRS intensifies its scrutiny of ERC claims, it has unveiled five new warning signs that businesses must heed to avoid costly mistakes. Understanding these red flags is crucial for maintaining compliance and
- [Navigating Potential Changes in Capital Gains Tax: What Business Owners and Boomers Need to Know](https://www.lkcpas.com/financial-sense-blog/navigating-potential-changes-in-capital-gains-tax-what-business-owners-and-boomers-need-to-know/) - As a business owner or a baby boomer planning to sell your business or a significant real estate asset, understanding potential changes in capital gains tax is crucial. President Biden's FY 2025 budget proposal includes significant tax reforms aimed at wealthier taxpayers, which could impact your financial planning. While these proposals are not yet law,
- [Gift and Estate Tax Primer ](https://www.lkcpas.com/financial-sense-blog/gift-and-estate-tax-primer-2/) - The tax code places limits on the amounts that individuals can gift to others (as money or property) without paying taxes. This is meant to keep an individual from using gifts to avoid the estate tax that is imposed upon the assets owned by the individual at their death. This can be a significant issue
- [Say Sayonara to Manual Transaction Entry in QuickBooks Online](https://www.lkcpas.com/the-edge/say-sayonara-to-manual-transaction-entry-in-quickbooks-online/) - Ditching manual transaction entry should be your number one priority now that QuickBooks Online streamlines the process of importing transactions from your bank. When you manually input transactions, you open the door to data transposition errors, potentially leading to inaccuracies in customer billing, reports, and taxes. Plus, it's a time-consuming task that eats into hours
- [Navigating the R&D Tax Credit Maze: What SMBs Need to Know Amid Legislative Uncertainty](https://www.lkcpas.com/uncategorized/navigating-the-rd-tax-credit-maze-what-smbs-need-to-know-amid-legislative-uncertainty/) - The landscape of tax legislation in the United States has been marked by constant evolution, with changes often reflecting the broader economic and political priorities of the time. One area that has seen significant shifts, and consequent uncertainty, involves the treatment of research and development (R&D) expenses. Historically, businesses could immediately deduct R&D expenses in
- [Maximizing Benefits and Navigating Pitfalls: Understanding the Tax Implications of Inheriting or Receiving a Home as a Gift](https://www.lkcpas.com/the-edge/volume-14-issue-6/maximizing-benefits-and-navigating-pitfalls-understanding-the-tax-implications-of-inheriting-or-receiving-a-home-as-a-gift/) - A frequent question, and a situation where taxpayers often make tax mistakes, is whether it is better to receive a home as a gift or as an inheritance. It is generally more advantageous tax-wise to inherit a home rather than to receive it as a gift before the owner's death. This article will explore the
- [Weather the Storm: How Small Businesses Can Thrive in a Tough Economy Flow](https://www.lkcpas.com/the-edge/volume-14-issue-6/weather-the-storm-how-small-businesses-can-thrive-in-a-tough-economy-flow/) - The current American economy is characterized by inflation, rising credit card debt, and the looming threat of a recession. As a result, small to medium-sized business owners face many challenges. A recent report indicating a GDP growth of 1.6% in the first quarter of 2024 – well below the expected 2.5% – alongside predictions of
- [June 17, 2024, Filing Extension: Essential Relief for Individuals and Businesses in Disaster Areas](https://www.lkcpas.com/financial-sense-blog/june-17-2024-filing-extension-essential-relief-for-individuals-and-businesses-in-disaster-areas/) - Considering recent natural disasters, the IRS extended the normal April 15 deadline for filing certain tax returns for some affected taxpayers until June 17, 2024. This extension aims to provide relief to individuals and businesses grappling with the aftermath of these events. Below, we outline the qualifying disaster areas, the types of returns that qualify
- [Can’t Pay Your Taxes? Here Are Some Payment Options](https://www.lkcpas.com/financial-sense-blog/cant-pay-your-taxes-here-are-some-payment-options-2/) - About 3 out of 4 American taxpayers receive a refund each year when they file their income tax returns, but there are those who for one reason or another end up owing. Of those who owe Uncle Sam, many don’t have the means to pay what they owe by the return due date (usually in
- [Navigating Economic Storms: 10 Strategies for Business Survival and Success](https://www.lkcpas.com/financial-sense-blog/navigating-economic-storms-10-strategies-for-business-survival-and-success/) - As the winds of economic uncertainty continue to blow, many businesses find themselves sailing through turbulent waters. With high-interest rates and mounting consumer debt, fears of an impending recession loom large. But amid these challenges lies an opportunity for businesses to not only survive but thrive. Here, we offer a compass to guide you through
- [Boomers, Taxes, and the Housing Puzzle](https://www.lkcpas.com/financial-sense-blog/boomers-taxes-and-the-housing-puzzle/) - As Baby Boomers approach retirement, many are considering downsizing their homes to simplify their lives and reduce expenses. However, what seems like a straightforward decision is often complicated by financial and tax implications, especially in today's volatile housing market. This guide aims to shed light on the challenges and opportunities that come with downsizing, offering
- [Navigating the SECURE 2.0 Act: Repurposing 529 Funds for Retirement Savings](https://www.lkcpas.com/financial-sense-blog/navigating-the-secure-2-0-act-repurposing-529-funds-for-retirement-savings/) - The SECURE 2.0 Act brings forth an intriguing opportunity for individuals with surplus funds in their 529 college savings accounts by allowing for a tax-free rollover of unused assets into the beneficiary's Roth IRA starting in 2024. While this provision offers a new dimension to retirement savings planning, it's essential to approach it with careful
- [The Importance of Separating Personal and Business Finances](https://www.lkcpas.com/uncategorized/the-importance-of-separating-personal-and-business-finances/) - One fundamental financial practice that often gets overlooked, yet holds immense importance, is the separation of personal and business finances. By maintaining distinct bank accounts and credit cards for business transactions, small business owners can streamline bookkeeping processes, ensure accurate expense tracking, and foster clarity in financial management. Importance of Separating Personal and Business Finances:
- [Employers Beware: ERC Voluntary Disclosure Program Ends Soon](https://www.lkcpas.com/the-edge/employers-beware-erc-voluntary-disclosure-program-ends-soon/) - The Employee Retention Credit (ERC) was a government-sponsored program to keep workers employed during the Covid-19 pandemic. It provided qualifying employers with a refundable credit against certain employment taxes equal to 70% (up from 50% prior to 2021) of the qualified wages that an eligible employer paid to employees after March 12, 2020, and before
- [New Employee vs Independent Contractor Rule Effective March 11](https://www.lkcpas.com/the-edge/new-employee-vs-independent-contractor-rule-effective-march-11/) - The U.S. Department of Labor (DOL) announced on Jan. 9, 2024, the issuance of its final rule regarding whether a worker is an employee or an independent contractor under the federal Fair Labor Standards Act (FLSA). The new rule, which becomes effective March 11, 2024, rescinds the 2021 independent contractor rule issued under former President Donald Trump
- [Mastering QuickBooks: 5 Essential Tips for Small Business Owners](https://www.lkcpas.com/the-edge/mastering-quickbooks-5-essential-tips-for-small-business-owners/) - Whether you just started using QuickBooks to manage your small business in 2024 or you have been muddling along for years with unanswered questions, diving into financial software can feel like swimming through uncharted territory. Your business's financial health depends on accurate bookkeeping and seamless transactions, which is where QuickBooks comes in. This accounting software
- [Offset Nursing Home Costs with Possible Tax Breaks](https://www.lkcpas.com/financial-sense-blog/offset-nursing-home-costs-with-possible-tax-breaks/) - If you have a parent entering a nursing home, taxes are probably the last thing on your mind. But you should know that several tax breaks may be available to help offset some of the costs. Medical expense deductions The costs of qualified long-term care (LTC), such as nursing home care, may be deductible as
- [Is it a repair or an improvement?](https://www.lkcpas.com/uncategorized/is-it-a-repair-or-an-improvement/) - How to nail down current deductions If your business completes minor repairs by December 31, you can deduct those costs on your 2023 tax return. But different tax rules apply to improvements. As opposed to repairs, improvements are capital expenditures that must be written off over time. Safe harbors How can you tell whether work
- [Planning for Net Investment Income Taxes](https://www.lkcpas.com/financial-sense-blog/planning-for-net-investment-income-taxes/) - The 3.8% net investment income tax (NIIT) is an additional tax that applies to some higher-income taxpayers on top of capital gains tax or ordinary income tax. Fortunately, there are strategies you can use to soften the blow of the NIIT. Are you subject to the NIIT? You’re potentially liable for the NIIT if your
- [Make the Most of the General Business Credit](https://www.lkcpas.com/uncategorized/make-the-most-of-the-general-business-credit/) - Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business’s taxable income, a credit reduces the business’s tax liability dollar for dollar. Tax credits aren’t unlimited, however. For businesses, the aggregate value of tax credits may be limited by the general business credit (GBC), found in Internal Revenue Code
- [Shield life insurance proceeds from estate tax with an ILIT](https://www.lkcpas.com/financial-sense-blog/shield-life-insurance-proceeds-from-estate-tax-with-an-ilit/) - Life insurance can provide peace of mind, but if your estate will be large enough that estate taxes will be a concern, it’s important to not own the policy at death. The policy’s proceeds will be included in your taxable estate and may be subject to estate tax. To avoid this result, a common estate
- [Planning an exit strategy for your business](https://www.lkcpas.com/financial-sense-blog/planning-an-exit-strategy-for-your-business/) - Tips to maximize value and minimize taxes Every business owner should have an exit strategy that helps recoup the maximum amount for his or her investment. Understanding the tax implications of a business sale will help you plan for — and, in some cases, reduce — the tax impact. One option is to sell your
- [Private Foundations vs. Donor-Advised Funds](https://www.lkcpas.com/financial-sense-blog/private-foundations-vs-donor-advised-funds/) - Weighing your charitable giving options If leaving a charitable legacy is important to you, you may be thinking about establishing a private foundation or other vehicle for managing your philanthropic activities. Private foundations can be highly effective, but they’re expensive to set up and operate. Donor-advised funds (DAFs) are popular alternatives, but they also have
- [Can you deduct 2024 bonuses this year?](https://www.lkcpas.com/financial-sense-blog/can-you-deduct-2024-bonuses-this-year/) - You may be familiar with the rule that permits a business to deduct employee bonuses this year if it pays them within 2½ months after the end of the tax year. It’s an attractive year-end planning technique that benefits your business and your employees: You enjoy a tax deduction this year, while your employees needn’t
- [Business Succession Planning ](https://www.lkcpas.com/the-edge/volume-14-issue-4-the-edge/business-succession-planning/) - The Importance of Business Succession Planning Every business – large and small – needs a business succession plan. Just like Warren Buffett and Jeff Bezos prepared for the day that they would step away from the C-suite, every small and mid-sized business owner should plan ahead so that the transfer of the leadership and/or ownership
- [Using the Home Sale Gain Exclusion for More than Just Your Home ](https://www.lkcpas.com/the-edge/volume-14-issue-4-the-edge/using-the-home-sale-gain-exclusion-for-more-than-just-your-home/) - With careful planning, and provided you follow the rules, the tax code allows you to use the home sale gain exclusion every two years. Let’s assume you own a home, perhaps a second (vacation) home, or maybe are even thinking about buying a fixer-upper and flipping it. With careful planning, it is possible to apply
- [Home Energy Audit Tax Benefits ](https://www.lkcpas.com/the-edge/volume-14-issue-4-the-edge/home-energy-audit-tax-benefits/) - Have you been thinking of making home improvements? If so, and they include energy saving improvements, you may qualify for some substantial income tax credits. Even if home improvements aren’t currently on your to-do list, with the increasing cost of energy you may find that energy saving home improvements, along with the tax credits that
- [Obscure and Overlooked Tax Deductions, Credits, and Benefits ](https://www.lkcpas.com/the-edge/volume-14-issue-4-the-edge/obscure-and-overlooked-tax-deductions-credits-and-benefits/) - As tax time approaches, here are some tax issues that taxpayers frequently overlook, ranging from obscure deductions to overlooked tax credits and benefits. Of course, not everything can be included since the tax law has grown significantly in complexity, and it would take a thick book to list everything. But besides what you are probably
- [Security Update for NetClient CS Portal Login](https://www.lkcpas.com/firm-news/security-update-for-netclient-cs-portal-login/) - Lewis & Knopf with the help of our software provider Thomson Reuters are implementing a security update to your Client Portal. Included with this security update, there will be several options available to verify your identity when you log in. These changes take effect on November 3, 2023. We have gathered resources below to ensure
- [Lewis & Knopf, CPAs, P.C. Recognized as One of ‘Flint & Genesee's Top 10 Employers’](https://www.lkcpas.com/firm-news/lewis-knopf-cpas-p-c-recognized-as-one-of-flint-genesees-top-10-employers/) - Lewis & Knopf, CPAs, P.C. is proud to announce that it has been named one of "Flint & Genesee's Top 10 Employers” in a new recognition program from the Flint & Genesee Group. Honorees were unveiled in the September/October edition of AND, the Group's bimonthly business magazine. "We are deeply honored to receive this recognition,”
- [Principal Spotlight: Joel Gibbons, CPA, ABV ](https://www.lkcpas.com/profession-focus/principal-spotlight-joel-gibbons-cpa-abv/) - Joel Gibbons joined the Lewis & Knopf team in 2007 and has spent his entire career in public accounting. He currently serves as a Principal working with tax and business valuation clients. He also leads the firm’s Fenton office. Read on to see what Joel says about his reason for pursuing a career in accounting,
- [What’s Best, FSA or HSA? ](https://www.lkcpas.com/uncategorized/whats-best-fsa-or-has/) - Many employers offer health flexible spending accounts (FSAs) and health savings accounts (HSAs) as part of their employee benefits packages. Both plans allow you to set aside money to pay medical expenses with pre-tax dollars, providing a significant tax benefit. But which is the better option? Although FSAs are only available through an employer, you may
- [Tax Changes coming after 2025 ](https://www.lkcpas.com/the-edge/tax-changes-coming-after-2025/) - By now you have probably gotten used to the provisions in the Tax Cuts and Jobs Act (TCJA) that became effective January 1, 2018. But don’t forget, most of the tax changes made by the TCJA are not permanent and will expire (sunset) after 2025. This will have an impact on long range tax planning
- [Relief for some 2023 IRA RMDs ](https://www.lkcpas.com/the-edge/relief-for-some-2023-ira-rmds/) - On July 14, 2023, the IRS issued Notice 2023-54 announcing that traditional IRA owners who will attain age 72 in 2023 (that is, individuals born in 1951) will have to take their first required minimum distribution (RMD) by April 1, 2025, rather than April 1, 2024. This delay in the required beginning date means that
- [Lewis & Knopf, CPA, P.C. Named a Top 500 Accounting Firm by INSIDE Public Accounting ](https://www.lkcpas.com/firm-news/lewis-knopf-cpa-p-c-named-a-top-500-accounting-firm-by-inside-public-accounting/) - Lewis & Knopf, CPA, P.C. is excited to share that the firm has been named one of the Top 500 Accounting Firms in the nation by INSIDE Public Accounting (IPA) – the leading public accounting publication of record. “We are so honored to be recognized by INSIDE Public Accounting,” said Greg Waller, CPA, CGMA, Managing
- [Introducing TaxCaddy](https://www.lkcpas.com/financial-sense-blog/introducing-taxcaddy/) - You've relied on the professionals at Lewis & Knopf for years to offer tax and accounting services and expert guidance. We also want to offer a software solution that makes tax season simpler and less stressful for you. That’s why we’re excited to introduce TaxCaddy. TaxCaddy makes it easier and more convenient to share important
- [Financial Analysis is Important to Your Business](https://www.lkcpas.com/uncategorized/financial-analysis-is-important-to-your-business/) - Check out our updated article on the benefits of financial analysis and the various metrics for analyzing financial statements. Many business owners and company managers have found that insight gained from their examination of company financial statements can be invaluable. Such insight can help businesses improve their profitability, cash flow, and value. Ratio Analysis is a
- [How to Maximize Personal Exemptions](https://www.lkcpas.com/uncategorized/how-to-maximize-personal-exemptions/) - Remember those generous personal and dependency exemptions you have claimed in the past? Under new rules taking effect on 2013 federal income tax returns, exemptions are reduced for certain high-income taxpayers. However, depending on your circumstances, you may still be in line for a significant tax break. Basic rules:For starters, every taxpayer is entitled to
- [Four Ways to Downsize the Kiddie Tax](https://www.lkcpas.com/uncategorized/four-ways-to-downsize-the-kiddie-tax1/) - Don’t be fooled by the term commonly used to describe an extra tax liability a family may have to pay. The so-called “kiddie tax” is not limited to children in diapers or even those in the lowest school grades. It may continue to apply to children well into their 20s. Fortunately, there are several ways
- [Interest Deductions: Divide and Conquer](https://www.lkcpas.com/uncategorized/interest-deductions-divide-and-conquer/) - How do you separate interest expenses on your 2013 tax return? There are four main categories for taxpayers to consider. (Technically, there are several other types of “interest” in the tax law.) Here is how it breaks down. 1. Personal interest: If an interest expense does not fall into one of the other three categories,
- [Facts and Figures](https://www.lkcpas.com/uncategorized/facts-and-figures3/) - Higher Wage Base—No surprise: The Social Security wage base has increased again to $117,000 in 2014 (up from $113,700 in 2013). At least the tax rate for employers and employees remains the same at 7.65% on amounts up to the base and 1.45% above that. Another payroll factor: A 0.9% Medicare surtax applies to single
- [Reap Rewards from 10 Midyear Tax Moves](https://www.lkcpas.com/uncategorized/reap-rewards-from-10-midyear-tax-moves/) - The middle of the year is often a good time to “make hay” for income tax purposes. Here are 10 popular strategies that may appeal to individuals and small-business owners: Offset capital gains and losses. Currently, the maximum tax rate for long-term capital gains is 15% for most taxpayers and 20% for those in the
- [Who Needs Key-Person Insurance?](https://www.lkcpas.com/uncategorized/who-needs-key-person-insurance/) - Practically every business owner will tell you that it takes more than one person to build a profitable business. It’s likely that several “key employees” will contribute to the success of an operation. However, while a business owner may be careful to make sure that he or she is adequately insured, the need to protect
- [Beware These “Dirty Dozen” Tax Scams](https://www.lkcpas.com/uncategorized/beware-these-dirty-dozen-tax-scams/) - The IRS recently released its “dirty dozen” tax scams to watch out for in 2014. Here is a rundown of this year’s list: Identity (ID) theft: This occurs when someone uses your personal information, such as your name, Social Security number (SSN) or other identifying information, without your permission, to commit fraud or other crimes.
- [When to Harvest Capital Gains or Losses](https://www.lkcpas.com/uncategorized/when-to-harvest-capital-gains-or-losses/) - As the summer draws to a close, it’s time to size up stocks in your portfolio that may be ripe for selling this year, especially when you factor in the tax consequences. It’s an annual ritual known as “harvesting” capital losses. However, due to recent tax law changes, you may be inclined to reap different
- [Danger Ahead! Heed Seven Fraud Signs](https://www.lkcpas.com/uncategorized/danger-ahead-heed-seven-fraud-signs/) - Workplace fraud is a legitimate threat around the country. Recent estimates of the cost of employee theft and fraud to U.S. businesses range from $20 billion to $50 billion a year. No business, regardless of size or nature, appears immune. Sound advice: Do not sit around waiting for fraud to endanger your small business. By
- [Hot Topic: Family Medical Leaves](https://www.lkcpas.com/uncategorized/hot-topic-family-medical-leaves/) - Earlier this year, an incident involving a major-league baseball player taking time off from “the job” after the birth of his son triggered a national debate. Absent collective bargaining agreements, like the one in place for major-league baseball, this issue remains a lightning rod for controversy. The major controlling federal law in this area is
- [Should Your Company Rehire Workers?](https://www.lkcpas.com/uncategorized/should-your-company-rehire-workers/) - It is difficult to find good workers and often even tougher to keep them. That is why you might entertain the idea of rehiring someone who left the business and is now hoping to return. However, this scenario is not without potential pitfalls, especially if you encountered problems with the worker the first time around.
- [IT Security: 4 Steps to Safeguard Information](https://www.lkcpas.com/uncategorized/it-security-4-steps-to-safeguard-information/) - In the wake of the Sony hacking incident, how can companies reduce the chance of their electronic and hard-copy records being compromised? Hackers can infiltrate your organization within the office or across the globe. Help your organization reduce the likelihood of an attack and its debilitating effects by taking both proven and emerging security steps.
- [Mortgage Interest Deduction – Not as Simple as it Seems](https://www.lkcpas.com/uncategorized/mortgage-interest-deduction-not-as-simple-as-it-seems/) - The mortgage interest deduction is one of the most popular in the whole tax code; however, it is more complicated than it first appears. Generally, you need to satisfy five factors before you can deduct mortgage interest. These factors are: Who paid the mortgage? Who is listed as the borrower? Is the property secured by
- [Add the New myRA to Retirement Savings Options](https://www.lkcpas.com/uncategorized/add-the-new-myra-to-retirement-savings-options/) - For millions of workers who don’t have access to an employer-sponsored retirement plan, the new myRA (which stands for My Retirement Account) enables them to save for retirement via paycheck deferrals. The account is free for employers to offer and employees pay no upfront or investment fees to participate. The plan was announced at last
- [Health Savings Account Strategies](https://www.lkcpas.com/uncategorized/health-savings-account-strategies1/) - While the growth in healthcare expenses has slowed in recent years (3.6 percent in 2013), it’s still growing substantially higher than the overall inflation rate (1.5 percent for 2013). For this reason, it’s a good idea to utilize saving, spending and investment options available with today’s popular health savings accounts. Health Care Flexible Spending Arrangement
- [The Obamacare Tax: What Happens When You Don’t Pay?](https://www.lkcpas.com/uncategorized/the-obamacare-tax-what-happens-when-you-dont-pay/) - Recently, the Obama administration announced that approximately three to six million households likely face a penalty for failing to obtain minimum essential healthcare coverage in compliance with the Affordable Care Act (ACA). This number might sound smaller than it should be because many of the 20 to 37.5 million people still without health insurance are
- [TIP: Tax Refund Fraud Schemes Proliferate Online](https://www.lkcpas.com/uncategorized/tip-tax-refund-fraud-schemes-proliferate-online1/) - Tax refund fraud is on the increase. Taxpayers caught in these scams often spend months trying to resolve the problem and get the refund they deserve. Authorities suspended some state electronic tax filings (federal returns were unaffected) at the beginning of February in response to a flurry of fraudulent returns. The FBI is involved in
- [Congress at Work: Extending / Expanding Tax Breaks and Protecting Americans in Peril](https://www.lkcpas.com/uncategorized/congress-at-work-extending-expanding-tax-breaks-and-protecting-americans-in/) - The Congress at Work series of articles is designed to give you a glimpse of various types of legislation currently under consideration. While either the Senate or the House of Representatives may initiate a bill proposal, be aware that many bills never become law; they may never make it out of committee, be blocked by
- [Congress at Work: Good News for Doctors, Credit Unions and NFL Teams](https://www.lkcpas.com/uncategorized/congress-at-work-good-news-for-doctors-credit-unions-and-nfl-teams1/) - The Congress at Work series of articles is designed to give you a glimpse of various types of legislation currently under consideration. While either the Senate or the House of Representatives may initiate a bill proposal, be aware that many bills never become law; they may never make it out of committee, be blocked by
- [Intellectual Property – Protecting What is Yours](https://www.lkcpas.com/uncategorized/intellectual-property-protecting-what-is-yours/) - According to the World Intellectual Property Organization, intellectual property rights allow the creators or owners of works that are patented, copyrighted or trademarked to benefit from their own work and/or their investment in a created work. They divide intellectual property into two categories: industrial property, which includes inventions and product and industrial designs; and copyright,
- [How a Fixed Index Annuity Works](https://www.lkcpas.com/uncategorized/how-a-fixed-index-annuity-works/) - One of the most popular vehicles to help supplement retirement income today is the annuity. An annuity is an insurance contract that you purchase from an insurance company; it is not an investment. Rather, the premium you pay offers a variety of guaranteed retirement income options depending on the terms of the contract. The guarantees
- [Things to Consider Before Using Your Roth IRA to Pay for College](https://www.lkcpas.com/the-edge/volume-6-issue-4-the-edge/things-to-consider-before-using-your-roth-ira-to-pay-for-college/) - Roth IRAs have a lot going for them – investment options and tax benefits are just two advantages. One area where Roth IRAs are not advantageous is when it comes to paying for college, especially when there are better options. Keep reading to see why using a Roth IRA to pay for college is a
- [Keep Employees Content Despite Longer Working Hours](https://www.lkcpas.com/uncategorized/keep-employees-content-despite-longer-working-hours/) - Most small business owners know that staying competitive means working longer hours. If you own or have an equity stake in the business, longer work days may not be such a burden because you hope to reap the rewards of your extra effort. But how do you keep employees motivated and happy during crunch times
- [Retiree Healthcare Plans](https://www.lkcpas.com/uncategorized/retiree-healthcare-plans/) - According to the Employee Benefits Research Institute, spouses retiring in 2014 who take prescription drugs and want a 90 percent chance of having enough money for medical expenses throughout retirement needed an extra $326,000 in savings to pay for it. Unfortunately, just as rich pension plans have fallen by the wayside, employer-sponsored retiree healthcare benefits
- [Stock Market: U.S. Monetary Policy Takes Center Stage](https://www.lkcpas.com/uncategorized/stock-market-u-s-monetary-policy-takes-center-stage/) - The markets continued to test investors’ mettle in September; however, the big questions remain the same. Is a bear market about to start, and will the Fed finally allow interest rates to creep out of the close-to-zero range? As September began, market pros and individual investors pondered the possibility that the bull market might be
- [Smarter Charitable Giving](https://www.lkcpas.com/uncategorized/smarter-charitable-giving/) - Many donors who give substantial sums regularly or on occasion often make the same mistake – not having a plan. Donor-advised funds offer a great way to give with a plan. Donor-advised funds are charitable giving vehicles administered by a public charity. They are created to manage charitable donations on behalf of organizations, families or
- [Technology: Ready or Not, Microchip Card Payment is Here to Stay](https://www.lkcpas.com/uncategorized/technology-ready-or-not-microchip-card-payment-is-here-to-stay/) - If you travel internationally for business or pleasure, you may already know that magnetic strip credit cards are consider something of an anachronism in many other countries. Offering a magnetic strip card when making a purchase in Europe or Canada frequently requires the business owner to take your card and input the data manually, or
- [How Behavioral Finance Impacts Personal Investing](https://www.lkcpas.com/uncategorized/how-behavioral-finance-impacts-personal-investing/) - Financial planning can be intimidating, but personal financial planning is more like a puzzle you have to work out. That’s because traditional finance assumes that markets are rational and that market participants always make unbiased decisions. Life doesn’t work that way, and neither does financial management. The reality is that every individual is a confluence
- [Continuing Education Alternatives: Is the Brick-and-Mortar University Obsolete?](https://www.lkcpas.com/uncategorized/continuing-education-alternatives-is-the-brick-and-mortar-university-obsole/) - With more than 4,700 institutions across the country granting two- and four-year degrees, according to the National Center for Education Statistics, the need for post-secondary education is in high demand. However, with the advent of the Internet, the need for the traditional brick-and-mortar institution to earn a degree is being questioned more and more. Whether
- [Noteworthy Tax Changes for the New Year](https://www.lkcpas.com/uncategorized/noteworthy-tax-changes-for-the-new-year/) - The tax extender bill has passed and been signed by the president, giving individuals and businesses resolution on many items that were set to expire. Unlike earlier tax extender bills, a number of provisions have been made permanent or extended for a number of years – giving a measure of certainty. Below is a summary
- [Tax Considerations When Delaying Social Security](https://www.lkcpas.com/uncategorized/tax-considerations-when-delaying-social-security/) - The timing of when you take your Social Security can have a potentially significant impact on your overall tax strategy during retirement. While each person’s case is unique, delaying Social Security often tends to be the best move. Generally, delaying Social Security gives you a better ability to manage tax brackets when you are no
- [Bond Strategies that Benefit Investors](https://www.lkcpas.com/uncategorized/bond-strategies-that-benefit-investors/) - A portfolio of individual bonds can provide constant, dependable income both now and in the future. Now that we’re in an environment of rising interest rates, it’s more important than ever to develop a bond portfolio with flexibility so investors can optimize their income stream. An overarching strategy for bonds is to stagger their durations
- [Most Common Startup Mistakes (and How to Avoid Them)](https://www.lkcpas.com/uncategorized/most-common-startup-mistakes-and-how-to-avoid-them/) - While there are many business successes, there are unfortunately many more business failures. Various factors, including the type of industry or the age of a business, can contribute to its chances of failure, according to the Statistic Brain Research Institute. The research found that the older a business is, the more likely it will fail.
- [Stock Market: Falling Oil Prices Depress Stock Prices](https://www.lkcpas.com/uncategorized/stock-market-falling-oil-prices-depress-stock-prices/) - Investors saw the market continue to slide throughout February, as stocks followed the downward trajectory of oil prices – a pattern which began in January. Not surprisingly, investment experts were puzzled, as well as unhappy, to see this unmistakable correlation between stock valuations and oil prices. This connection is a recent one; we have not
- [Tip: New Legislation Helps Tax Planning for Small Businesses](https://www.lkcpas.com/uncategorized/tip-new-legislation-helps-tax-planning-for-small-businesses/) - Perhaps one of the biggest headaches for owners of small businesses involves dealing with the yearly changes to the tax code and trying to leverage tax breaks that have an expiration date. Strategic tax planning can be difficult and is frequently complicated. Here’s an overview of some of the new rules that should simplify matters
- [Benefits for Retired Moms](https://www.lkcpas.com/uncategorized/benefits-for-retired-moms/) - The Congress at Work series of articles is designed to give you a glimpse of various types of legislation currently under consideration. While either the Senate or the House of Representatives may initiate a bill proposal, be aware that many bills never become law – they may never make it out of committee, be blocked
- [Investing in Big Ideas](https://www.lkcpas.com/uncategorized/investing-in-big-ideas/) - In the traditional sense of financial markets, they are cyclical. Sectors get hot, industries bank on trends, and companies ebb and flow on the whims of consumerism. But at the micro level, innovation always persists. Even during a decline across nearly every asset class, some cool concept is created and developed. For example, Airbnb was
- [Technology: 5 Ways to Safeguard Your Online Privacy](https://www.lkcpas.com/uncategorized/technology-5-ways-to-safeguard-your-online-privacy/) - There are no fast fixes that will guarantee your online security, but here is a simple checklist that can help keep your data and your identity secure. Stay current on all software and OS updates. Updates appear frequently—always in response to some new vulnerability or malware. If you use Windows 10, go to “Settings” and
- [Tip: Warning Signs of Identity Theft and What to Do](https://www.lkcpas.com/uncategorized/tip-warning-signs-of-identity-theft-and-what-to-do/) - Identity theft remains one of the most pervasive crimes in the United States. As technology gets smarter, so do the scammers. Here are the most common warning signs that your personal/confidential information may have been stolen. You see charges you don’t recognize (or companies you don’t know) on your credit card bill Withdrawals you haven’t
- [Congress at Work: 13 Post Offices Renamed, Native American Foster Children Get a Break, and More](https://www.lkcpas.com/the-edge/volume-7-issue-3-the-edge/congress-at-work-13-post-offices-renamed-native-american-foster-children-ge/) - The Congress at Work series of articles is designed to give you a glimpse of various types of legislation currently under consideration. While either the Senate or the House of Representatives may initiate a bill proposal, be aware that many bills never become law; they may never make it out of committee, be blocked by
- [How Morningstar Rates Mutual Funds](https://www.lkcpas.com/uncategorized/how-morningstar-rates-mutual-funds/) - Mutual funds started to become popular back in the 1980s. However, there was one problem. Lack of information. While stock investors could get information on individual companies, mutual funds were comprised of up to hundreds of companies in different allocations, so individual holding research was futile. Then along came Morningstar founder Joe Mansueto, who formed
- [Stock Market: Brexit Roils the Markets](https://www.lkcpas.com/uncategorized/stock-market-brexit-roils-the-markets/) - The biggest news in markets across the world was the British vote to pull out of the European Union after some 43 years as a participant in the EU (and the former Common Market). It’s estimated that global markets lost the equivalent of $2 trillion in value on June 24, when the results of the
- [401(k) Plans As Your Personal Piggy Bank](https://www.lkcpas.com/uncategorized/401k-plans-as-your-personal-piggy-bank/) - Short-sighted. Impulsive. Terrible idea. Robbing your own retirement. These are just some of the things you will hear in the financial media when it comes to borrowing money from your 401(k) plan. How much of this is reality and how much is myth? We are going to explore how 401(k) loans really work and when
- [Tip: IRS Aims to Boost Small Business Tax Compliance](https://www.lkcpas.com/uncategorized/tip-irs-aims-to-boost-small-business-tax-compliance/) - The Internal Revenue Service believes the small business sector is a major source of under-reported income.For the past four years, the agency has run a special independent office charged with finding how to encourage small business owners to report their earnings more accurately. The IRS finds sole proprietors especially challenging. Many operate on a cash
- [How the Stock Market Performs in Election Years](https://www.lkcpas.com/financial-rx/volume-9-issue-5-financial-rx/how-the-stock-market-performs-in-election-years/) - Whether it’s an election year or not, the stock market doesn’t like uncertainty. Unfortunately, in a highly charged election year like this one, uncertainty is the only sure thing we can count on. In the 22 election years since 1928, the United States has experienced 18 positive returns and only four negative returns. One interesting
- [Stock Market: Waiting for the Other Shoe to Drop](https://www.lkcpas.com/financial-rx/volume-9-issue-5-financial-rx/stock-market-waiting-for-the-other-shoe-to-drop/) - With stock indices hitting record highs and the bull market continuing its seven-and-a-half year run, you might expect investment gurus to be content and happy. But nothing is ever straightforward in the investment world. Some analysts are beginning to worry that things might just be too good to last much longer. Here are some of
- [Reviewing the Pros and Cons of Virtual Offices](https://www.lkcpas.com/financial-rx/volume-9-issue-5-financial-rx/reviewing-the-pros-and-cons-of-virtual-offices/) - As the name implies, a virtual office exists primarily, if not exclusively, through the use of the Internet, a web of computers and software that workers use to do their jobs. As Fortune magazine reports, two-thirds of major U.S. companies allow workers to telecommute infrequently and only one in three major American businesses permit workers
- [Technology: Update on Chip Card Technology](https://www.lkcpas.com/financial-rx/volume-9-issue-5-financial-rx/technology-update-on-chip-card-technology/) - Back in October 2015, retailers experienced a liability shift when the onus for absorbing the cost of counterfeit transactions shifted from the banks to the individual merchants if the retailers had not migrated from swipe card systems to the newer EVM technology. Those merchants who installed EMV (chip) technology in their cash register networks by
- [Congress at Work](https://www.lkcpas.com/the-edge/volume-6-issue-1-the-edge/congress-at-work/) - The Congress at Work series of articles is designed to give you a glimpse of various types of legislation currently under consideration. While either the Senate or the House of Representatives may initiate a bill proposal, be aware that many bills never become law; they may never make it out of committee, be blocked by
- [2015 Tax Deduction, Exemption and Credit Update](https://www.lkcpas.com/the-edge/volume-6-issue-1-the-edge/2015-tax-deduction-exemption-and-credit-update/) - It is that time of the year again. The Internal Revenue Service has announced its annual adjustments for 2015 tax provisions. Many are different than last year, but some remain unchanged. Remember, the amounts listed below have nothing to do with preparing your 2014 tax return this spring. These amounts are valuable now in budgeting
- [Tax Savings Tips](https://www.lkcpas.com/the-edge/volume-6-issue-1-the-edge/tax-savings-tip/) - Procrastinators rarely seize the opportunity to leverage tax breaks to the max. In order to fully benefit from the range of deductions available, small business owners must invest a little time in preparation and planning well ahead of filing deadlines. Here are some of the deductions most frequently overlooked by business owners and entrepreneurs: Business
- [Business Assessment Tips](https://www.lkcpas.com/the-edge/volume-6-issue-1-the-edge/tip-business-assessment/) - It’s a good idea to invest some time and effort to conduct a review to see where your business stands and what impact the changes you encountered in 2014 had on your bottom line. Here’s a checklist to get you started: 1. Profitability Starting with the most important first, how did your business do during
- [Add the New myRA to Retirement Savings Options](https://www.lkcpas.com/the-edge/volume-6-issue-2-the-edge/add-the-new-myra-to-retirement-savings-options1/) - For millions of workers who don’t have access to an employer-sponsored retirement plan, the new myRA (which stands for My Retirement Account) enables them to save for retirement via paycheck deferrals. The account is free for employers to offer and employees pay no upfront or investment fees to participate. The plan was announced at last
- [Health Savings Account Strategies](https://www.lkcpas.com/the-edge/volume-6-issue-2-the-edge/health-savings-account-strategies/) - While the growth in healthcare expenses has slowed in recent years (3.6 percent in 2013), it’s still growing substantially higher than the overall inflation rate (1.5 percent for 2013). For this reason, it’s a good idea to utilize saving, spending and investment options available with today’s popular health savings accounts. Health Care Flexible Spending Arrangement
- [Extending/Expanding Tax Breaks and Protecting Americans in Peril](https://www.lkcpas.com/the-edge/volume-6-issue-2-the-edge/extending-expanding-tax-breaks-and-protecting-americans-in/) - The Congress at Work series of articles is designed to give you a glimpse of various types of legislation currently under consideration. While either the Senate or the House of Representatives may initiate a bill proposal, be aware that many bills never become law; they may never make it out of committee, be blocked by
- [TIP: Tax Refund Fraud Schemes Proliferate Online](https://www.lkcpas.com/the-edge/volume-6-issue-2-the-edge/tip-tax-refund-fraud-schemes-proliferate-online/) - Tax refund fraud is on the increase. Taxpayers caught in these scams often spend months trying to resolve the problem and get the refund they deserve. Authorities suspended some state electronic tax filings (federal returns were unaffected) at the beginning of February in response to a flurry of fraudulent returns. The FBI is involved in
- [STOCK MARKET: Good News, Bad News](https://www.lkcpas.com/the-edge/volume-6-issue-3-the-edge/stock-market-good-news-bad-news/) - If you were looking for good news in March, you found it; and if you wanted to worry about bearish signs, they were there, too. The past few weeks have given investors plenty of information to absorb and provided contradictions aplenty. Here are some of the issues that made headlines. Volatility Investors have seen the
- [Benefits of Converting to a Trusteed IRA](https://www.lkcpas.com/the-edge/volume-6-issue-3-the-edge/benefits-of-converting-to-a-trusteed-ira/) - In the United States, approximately $7.3 trillion in assets are held in IRAs. Much of that money will not be spent during the lifetime of the account owners, but instead be passed on to their heirs. Unfortunately, beneficiaries have a way of squandering money when it comes to them in a large windfall. One traditional
- [Congress at Work: Good News for Doctors, Credit Unions and NFL Teams](https://www.lkcpas.com/the-edge/volume-6-issue-3-the-edge/congress-at-work-good-news-for-doctors-credit-unions-and-nfl-teams/) - The Congress at Work series of articles is designed to give you a glimpse of various types of legislation currently under consideration. While either the Senate or the House of Representatives may initiate a bill proposal, be aware that many bills never become law; they may never make it out of committee, be blocked by
- [Disability Insurance: How to Create Tax-Free Income Replacement](https://www.lkcpas.com/the-edge/volume-6-issue-3-the-edge/disability-insurance-how-to-create-tax-free-income-replacement/) - Disability insurance has traditionally been offered in two forms: short-term (typically from 90 days to a year) and long-term (beginning after 90 days/year). Some companies offer a base amount of disability coverage at no cost to employees, giving them the opportunity to purchase a higher level of coverage using their own salary or benefit dollars.
- [Tax Strategies for Selling Your Business – A Family Affair?](https://www.lkcpas.com/the-edge/volume-6-issue-4-the-edge/tax-strategies-for-selling-your-business-a-family-affair/) - When it comes to selling your business, finding an optimal tax strategy depends on the purchaser. Transferring a business inside a family requires very different tactics and treatment compared to a sale to an independent third party. There is no one-size-fits-all strategy; the best tax treatment is always determined by the unique circumstances of the
- [TECHNOLOGOY: Data Security is Everyone’s Business](https://www.lkcpas.com/the-edge/volume-6-issue-4-the-edge/technologoy-data-security-is-everyones-business/) - In today’s world, most people know a bit about cyber thieves and data breaches. This being the case, why do we continue to learn of major data breaches here and worldwide? A couple of years ago, a major technology provider conducted a survey of users and IT professionals in the United States and nine other
- [Congress at Work: Education Reform Takes Center Stage](https://www.lkcpas.com/the-edge/volume-6-issue-5-the-edge/congress-at-work-education-reform-takes-center-stage/) - The Congress at Work series of articles is designed to give you a glimpse of various types of legislation currently under consideration. While either the Senate or the House of Representatives may initiate a bill proposal, be aware that many bills never become law; they may never make it out of committee, be blocked by
- [Planning for Rising Interest Rates](https://www.lkcpas.com/the-edge/volume-6-issue-5-the-edge/planning-for-rising-interest-rates/) - For several months, the Federal Reserve Board has hinted that it will begin to raise the target range for the federal funds rate when it sees progress toward its objectives of maximum employment and 2 percent inflation. Many experts believe that rate hikes are likely to begin before the end of the year. Over the
- [Employee vs. Contractor: Is the Sharing Economy Here to Stay?](https://www.lkcpas.com/the-edge/volume-6-issue-5-the-edge/employee-vs-contractor-is-the-sharing-economy-here-to-stay/) - If one wonders whether the sharing economy is here to stay, one piece of data from “The Economist” will easily answer that question. In March 2015, more than 250,000 rooms were booked by 40,000 people in 192 countries across the globe through Airbnb. Airbnb provides individuals with the ability to rent or “share” their home,
- [Stock Market: It’s Back – Market Volatility Worldwide](https://www.lkcpas.com/the-edge/volume-6-issue-5-the-edge/stock-market-its-back-market-volatility-worldwide/) - After months of speculation as to when the party was about to end, everything changed on Aug. 21 with steep declines in U.S. markets, followed by a rollercoaster ride that saw the Dow Jones Industrial Average (DJIA) start the trading day on Monday, Aug. 24 off by more than 1,000 points. Major ups and downs,
- [Tip: Help for Small Businesses with Employee Retirement Plans](https://www.lkcpas.com/the-edge/volume-6-issue-5-the-edge/tip-help-for-small-businesses-with-employee-retirement-plans/) - Many small business owners are unable to offer their employees retirement savings plans because they are overwhelmed with concerns regarding current regulatory issues and fiduciary responsibilities. This situation has become more critical in the past decade. The Federal Reserve issued a report last year showing that less than half of all private sector employees are
- [Outside the Gift Box, Year-End Giving Strategies](https://www.lkcpas.com/the-edge/volume-6-issue-6-the-edge/outside-the-gift-box-year-end-giving-strategies/) - As we approach the end of the year, it’s a good time to consider making holiday charitable gifts – which might come in handy during tax season. In addition to the usual year-end strategies, you might look a bit outside the gift box for donation ideas. For example, approximately $16 billion dollars’ worth of credit
- [Make Your Moves Now for 2015 Year-End Tax Planning](https://www.lkcpas.com/the-edge/volume-6-issue-6-the-edge/make-your-moves-now-for-2015-year-end-tax-planning/) - The end of the year is approaching and now is the time to take action to lower your tax bill. Here are four moves you can make now so you can have a smile on your face when you do your 2015 tax return next year. 1) Reap What the Market Sowed Selling stocks or
- [Make the Most of a Minimum Wage](https://www.lkcpas.com/the-edge/volume-6-issue-6-the-edge/make-the-most-of-a-minimum-wage/) - Some states do not require a minimum wage while others are poised to mandate a minimum wage of $15 over the next few years. This makes the question of how to optimize the minimum wage a high priority for business owners. Labor costs make up a significant portion of a business’ expenses and, depending on
- [Tip: Energize Your Workplace](https://www.lkcpas.com/the-edge/volume-6-issue-6-the-edge/tip-energize-your-workplace/) - Business challenges and setbacks – or even long winter days and gloomy weather – can conspire to sap employee motivation and productivity. Frequently, there are many factors involved. Some require proactive approaches to motivating and encouraging staff, and some can be as simple as a reorganization of work spaces. Take a look at the following
- [Congress at Work: Attempting to Undermine Obamacare, Closing Bank Accounts and More!](https://www.lkcpas.com/the-edge/volume-7-issue-1-the-edge/congress-at-work-attempting-to-undermine-obamacare-closing-bank-accounts-an/) - The Congress at Work series of articles is designed to give you a glimpse of various types of legislation currently under consideration. While either the Senate or the House of Representatives may initiate a bill proposal, be aware that many bills never become law; they may never make it out of committee, be blocked by
- [Tax Basics – What All 20 and 30 Somethings Need to Know](https://www.lkcpas.com/the-edge/volume-7-issue-1-the-edge/tax-basics-what-all-20-and-30-somethings-need-to-know/) - Whether you prepare your tax return yourself or hire a professional, there are certain things you should know. Often it is not until a person reaches their mid- to late twenties that tax returns become more complex and they need to be more informed. Below are seven fundamental tax concepts that usually are not taught
- [Tip: Finding Small Business Loans in 2016](https://www.lkcpas.com/the-edge/volume-7-issue-1-the-edge/tip-finding-small-business-loans-in-2016/) - Following the Federal Reserve’s decision to approve a modest interest rate increase, banking insiders anticipate that larger banks will increase their lending to small businesses in 2016. Even before the Fed made its long-anticipated move, the percentage of loan applications approved by big banks already had increased to the highest level since the subprime mortgage
- [Congress at Work: Reducing Disaster-Related Expenses, Pensions and Prison Sentences](https://www.lkcpas.com/the-edge/volume-7-issue-2-the-edge/congress-at-work-reducing-disaster-related-expenses-pensions-and-prison-sen/) - The Congress at Work series of articles is designed to give you a glimpse of various types of legislation currently under consideration. While either the Senate or the House of Representatives may initiate a bill proposal, be aware that many bills never become law; they may never make it out of committee, be blocked by
- [The Perks and Pitfalls of Managing Your 401(k)](https://www.lkcpas.com/the-edge/volume-7-issue-2-the-edge/the-perks-and-pitfalls-of-managing-your-401k/) - If you have turned 50, by all means take advantage of the catch-up contribution to 401(k) plans, where you may defer an extra $6,000 for a total of $24,000 in tax-deferred dollars each year until you retire. Even if you don’t turn 50 until Dec. 31, you may add the extra $6,000 to your contributions
- [Tax Tactics to Help With College Costs](https://www.lkcpas.com/the-edge/volume-7-issue-2-the-edge/tax-tactics-to-help-with-college-costs/) - Now that we are in the midst of tax filing season, it is a great time for families and college students to re-familiarize themselves on the available tax benefits that could potentially lower higher education costs. According to research by Sallie Mae, the average family with higher education costs spends more than $24,000 a year
- [Stock Market: Spring Forward](https://www.lkcpas.com/the-edge/volume-7-issue-2-the-edge/stock-market-spring-forward/) - March was a milestone month for the stock market. On March 9, the bull run celebrated its seventh birthday – one for the record books. Starting its first uptick at the end of the recession in 2009, this bull market is the third longest in history and roughly two years longer than the average bull
- [Understanding Second-Stage Entrepreneurship](https://www.lkcpas.com/the-edge/volume-7-issue-3-the-edge/understanding-second-stage-entrepreneurship/) - For the 10 percent of startups that survive, according to Forbes, there is what’s called second-stage entrepreneurship. But what, exactly, defines second-stage entrepreneurship and how do businesses know when they’ve reached it? Recognizable Signs When it comes to identifying a second-stage entrepreneur, there are some general guidelines that experts cite to define this stage of
- [Stock Market: Spring Awakening](https://www.lkcpas.com/the-edge/volume-7-issue-3-the-edge/stock-market-spring-awakening/) - Undeterred by the possibility of a June interest rate hike, Wall Street continued its upward trend, buoyed by higher oil prices and the belief that investors were reconciled to interest rates increases – coming perhaps as early as June. During the last week before the Memorial Day holiday, Standard and Poor’s 500 index gained 2
- [How to Manage Spending in Retirement](https://www.lkcpas.com/the-edge/volume-7-issue-4-the-edge/how-to-manage-spending-in-retirement/) - One of the most difficult things to do is plan for the unknown. This holds true for retirement income planning. You don’t know how much income you’ll need once you stop earning a paycheck; you don’t know how long you’ll need it; you don’t know how many people you might need to provide for (such
- [Stock Market: Brexit Fallout Lingers](https://www.lkcpas.com/the-edge/volume-7-issue-4-the-edge/stock-market-brexit-fallout-lingers/) - As we approached the end of July, the stock market rallied following several weeks of volatility as markets here tried to adjust to Britain’s decision to leave the European Union. The Standard and Poor’s 500 index rose to reach a record high on July 24, posting a fourth straight week of gains; a 6.4 percent
- [New IRS Business Audit Campaigns](https://www.lkcpas.com/the-edge/volume-7-issue-4-the-edge/new-irs-business-audit-campaigns/) - Traditionally, the IRS subjects large corporate taxpayers to nearly continuous audits of their tax returns. In recent years however, IRS funding has been substantially reduced, making this strategy unsustainable. As a response, the agency is creating new approaches to how it audits businesses – and companies need to prepare. As part of its new approach
- [Technology: Biometrics = Better Banking Security?](https://www.lkcpas.com/the-edge/volume-7-issue-4-the-edge/technology-biometrics-better-banking-security/) - Earlier this year, one of the world’s largest banks, The Hong Kong Shanghai Banking Corp. (HSBC), announced the largest rollout of biometric security technology in the U.K. with a voice and fingerprint authentication system that will encompass some 15 million customers. The HSBC biometric security technology will give its customers access to fingerprint authentication using
- [Controlling Risk in Long-term Contracts](https://www.lkcpas.com/uncategorized/controlling-risk-in-long-term-contracts/) - Long-term contracts can be lucrative for contractors, but sureties can be nervous about the many risks associated with such commitments. Contractors can take a variety of steps to protect their businesses and reassure sureties when assuming the risks of long-term contracts. Subcontractor or Supplier Default What happens to your firm and to the project if
- [Tighter Standards on Storm-water Runoff Proposed](https://www.lkcpas.com/uncategorized/tighter-standards-on-storm-water-runoff-proposed/) - The Environmental Protection Agency (EPA) has proposed tighter controls on storm-water discharges on construction sites. If adopted, these proposed standards may end up costing the construction industry in excess of $2 billion annually to monitor and chemically treat and filter storm-water runoff from construction sites, according to an industry group. The Problem The EPA says
- [Fraud and the Sleeping Watchdog](https://www.lkcpas.com/uncategorized/fraud-and-the-sleeping-watchdog/) - Thirty–fifty years of age, married with a stable family situation, above average education, professional or managerial staff level… who does this describe? According to recent research, it describes the profile of most fraud perpetrators—those most likely to misappropriate assets from their employers, also known as occupational fraud. White-collar crime appears to be the crime of
- [How to Value a Medical Practice—Art or Science?](https://www.lkcpas.com/uncategorized/how-to-value-a-medical-practiceart-or-science/) - What is medical practice worth? IT DEPENDS! And once you understand this sole fact, you can then begin to concentrate on how to get to the answer. There is a great misunderstanding in the medical community as to what constitutes the value of a medical practice. Purchasers often think it is valued based on what
- [Repair or Improvement? Know the Tax Rules—Critical difference for owners of business buildings](https://www.lkcpas.com/uncategorized/repair-or-improvement-know-the-tax-rulescritical-difference-for-owners-of-b/) - For tax purposes, the difference between a “repair” and an “improvement” is more than just semantics. Generally speaking, the cost of an improvement to business property must be capitalized and written off over a period of years. In contrast, if you simply repair a business asset, you may currently deduct the entire cost. Some expenses
- [President Obama’s Healthcare Reform Plan](https://www.lkcpas.com/uncategorized/president-obamas-healthcare-reform-plan/) - Despite the current state of the economy, healthcare costs are continuing to rise. According to national reports, health insurance premiums have doubled in the last eight years and increasing co-pays and deductibles make it hard for some Americans to have access to the proper care. In response, President Barak Obama has introduced a new healthcare
- [Seize Tax-Planning Opportunities at Year-end](https://www.lkcpas.com/uncategorized/seize-tax-planning-opportunities-at-year-end/) - The end of the year is usually an optimal time for tax planning. This year offers several new tax breaks under the 2009 economic stimulus law, as well as other time-tested techniques. Here are a few prime examples. Individual Tax Strategies Capital gains and losses: Depending on your situation, you may realize capital gains to
- [Taking a Fast Payout From an Annuity—Immediate annuities provide current income](https://www.lkcpas.com/uncategorized/taking-a-fast-payout-from-an-annuity-immediate-annuities-provide-current-in/) - Do you need retirement money sooner or later? It can make a big difference in the way you manage your finances. Take annuities, for example. If you are far away from retirement, you may decide to invest in a deferred annuity. As the name implies, distributions are not made until sometime in the future. The
- [Seven Cost-cutting Moves in Tough Times](https://www.lkcpas.com/uncategorized/seven-cost-cutting-moves-in-tough-times/) - Drastic times may call for drastic measures. For some entrepreneurs facing a dwindling revenue stream and escalating costs for supplies and materials, it may be necessary to take some preemptive action. This might be the only way for the company to stay afloat until the economy turns around. Naturally, you should consider any cost-cutting measures
- [Should You Change Section 529 Plan Investments?](https://www.lkcpas.com/uncategorized/should-you-change-section-529-plan-investments/) - A growing legion of parents have invested in Section 529 plans for college. According to a spokesperson for the College Savings Plan Network, in 2008 about 11 million account investors held more than $129 billion in such plans. However, stock market volatility has caused the value of many accounts to plummet during the past year.
- [Combining a Business Trip with a Vacation](https://www.lkcpas.com/uncategorized/combining-a-business-trip-with-a-vacation/) - With the warmer weather approaching, you may be looking to spend some time at the beach, on the golf course or just relaxing by the pool. If you can add a few days of vacation onto a business trip, so much the better. Besides saving money, you may qualify for some generous tax breaks. The
- [What Are the Benefits of Buy–sell Agreements?](https://www.lkcpas.com/uncategorized/what-are-the-benefits-of-buysell-agreements/) - If you are a small-business owner, you don’t have to sell your business to benefit from a buy–sell agreement. In fact, having a buy–sell agreement may be required under state law for certain companies. Whether mandated or not, having a buy–sell agreement in place is a fundamentally sound business practice. It can protect your family’s
- [Eight Key Requirements for 401(k) Loans](https://www.lkcpas.com/uncategorized/eight-key-requirements-for-401k-loans/) - A 401(k) plan is a well-established retirement savings vehicle. But can an employee tap into the 401(k) plan account if he or she needs to do so before retirement? It depends. A typical plan may permit employees to make hardship withdrawals. However, IRS regulations allow hardship withdrawals only if a participant has an immediate and
- [Six Tax-planning Moves for Midyear](https://www.lkcpas.com/uncategorized/six-tax-planning-moves-for-midyear/) - Now that your 2011 tax return has been wrapped up, or you have at least obtained a filing extension, you can enjoy some “time off” from taxes … right? Wrong. Tax planning is a year-round proposition. The tax moves you make—or don’t make—throughout the year can have a substantial impact on your tax bill. Here
- [Can You Prove That You’re Innocent?](https://www.lkcpas.com/uncategorized/can-you-prove-that-youre-innocent/) - A new IRS Notice provides some more leeway for taxpayers seeking relief under the “innocent spouse” rules. This change of heart continues a recent trend. Background: Although filing a joint tax return may provide other tax benefits, each spouse is “jointly and severally liable” for any tax, interest and penalties attributable to the return. In
- [Mining Three Sources of Retirement Income](https://www.lkcpas.com/uncategorized/mining-three-sources-of-retirement-income1/) - Where is the income you need to sustain you through retirement going to come from? If you are like most people, there are three primary resources you will have to dig into. 1. Social Security benefits: Generally, the size of your retirement benefit is based on your earnings throughout your working years and the age
- [Six Tax-planning Moves for Midyear](https://www.lkcpas.com/uncategorized/six-tax-planning-moves-for-midyear1/) - Now that your 2011 tax return has been wrapped up, or you have at least obtained a filing extension, you can enjoy some “time off” from taxes … right? Wrong. Tax planning is a year-round proposition. The tax moves you make—or don’t make—throughout the year can have a substantial impact on your tax bill. Here
- [Facts and Figures](https://www.lkcpas.com/uncategorized/facts-and-figures2/) - Credit Card Reporting—Initially, the IRS imposed a separate reporting rule for business receipts from merchant credit card and debit cards, and third-party network payments, beginning in 2011. But then it postponed this requirement for 2011 returns, and now it says the rule will be completely eliminated. Thus, a small business will not have to deal
- [Keeping Records to Protect T&E Deductions](https://www.lkcpas.com/uncategorized/keeping-records-to-protect-te-deductions/) - Typically, a small-business owner can realize tax benefits for travel and entertainment (T&E) expenses incurred during the year. But this remains a prime audit target for IRS examiners, so be careful to observe the letter of the tax law. Keeping that in mind, here is an overview of some of the key tax rules for
- [Donations of Stock: Give the Right Stuff](https://www.lkcpas.com/uncategorized/donations-of-stock-give-the-right-stuff/) - Do you want to give a large gift to your favorite charity without hurting your cash flow? You do not necessarily have to donate money. For instance, if you hold shares of stock that have appreciated in value, you may decide to give the securities to a nonprofit organization. With some astute tax planning, you
- [IRS Issues New Tax Blueprint for Buildings](https://www.lkcpas.com/uncategorized/irs-issues-new-tax-blueprint-for-buildings/) - The IRS recently issued lengthy and complex temporary regulations relating to business repairs and capital improvements. These new regulations cover expenses paid to acquire, produce or improve tangible property. They are generally effective for tax years beginning after 2011. Basic premise: In general, repairs incurred by a business operation are currently deductible, while improvements must
- [Entering a Roth via the Back Door](https://www.lkcpas.com/uncategorized/entering-a-roth-via-the-back-door/) - For some high-income taxpayers, the door to Roth IRA contributions has been slammed shut due to annual limits imposed by the tax law. But an innovative strategy can enable you to contribute to a Roth through “the back door.” Consider this technique as a means of building up your retirement nest egg. Background: With a
- [Seven Warning Signs of Fraud](https://www.lkcpas.com/uncategorized/seven-warning-signs-of-fraud/) - According to recent reports by the Association of Certified Fraud Examiners (ACFE), an estimated 5% of revenue is lost to fraud and embezzlement every year. Surprisingly, small companies with fewer than 100 employees appear to be more at risk than the corporate heavyweights. The ACFE says that the median loss for businesses with fewer than 100
- [New Wrinkles for Wash Sale Rule](https://www.lkcpas.com/uncategorized/new-wrinkles-for-wash-sale-rule/) - Tax planning for securities is especially tricky this year. Barring any legislative action, tax rates are scheduled to increase in 2013. Nevertheless, if your circumstances dictate it, you may want to preserve a loss from a securities sale in 2012. That means you must pay close attention to the “wash sale” rule as the year
- [Entering a Roth via the Back Door](https://www.lkcpas.com/uncategorized/entering-a-roth-via-the-back-door1/) - For some high-income taxpayers, the door to Roth IRA contributions has been slammed shut due to annual limits imposed by the tax law. But an innovative strategy can enable you to contribute to a Roth through “the back door.” Consider this technique as a means of building up your retirement nest egg. Background: With a
- [Tax Court Sharpens Tax Edge for FLPs](https://www.lkcpas.com/uncategorized/tax-court-sharpens-tax-edge-for-flps/) - For years, the family limited partnership (FLP) has been used by affluent individuals as a way to transfer business interests. Now a new Tax Court case gives this valuable estate-planning tool a distinct edge. Background: An FLP resembles other limited partnerships except that the shareholders are generally family members. Typically, one family member serves as
- [What’s Next Under the Health Care Law?](https://www.lkcpas.com/uncategorized/whats-next-under-the-health-care-law/) - In a historic decision, the U.S. Supreme Court has upheld virtually all of the Affordable Care Act, the massive health care law enacted in 2010. Now that the dust has settled, what’s in store for individuals and small-business owners? Here’s a roundup of several key provisions. Individual mandate: Beginning in 2014, individuals are generally required
- [Is the New HARP Music to Your Ears?](https://www.lkcpas.com/uncategorized/is-the-new-harp-music-to-your-ears/) - The federal government has improved and extended the Home Affordable Refinance Program (HARP). The latest version, known as HARP 2.0, is now available through the end of 2013. Without the extension, the program would have expired on June 30, 2012. Background: HARP is intended mainly to help out homeowners with Fannie Mae- or Freddie Mac-owned
- [Fall in Line on Required Minimum Distributions](https://www.lkcpas.com/uncategorized/fall-in-line-on-required-minimum-distributions/) - The IRS not only limits the amount you can contribute to qualified retirement plans and IRAs while you are working, it tells how much you must withdraw when you’re retired. Under the rules for “required minimum distributions” (RMDs), you may have to take distributions before the end of the year—whether you want to or not.
- [What’s Next Under the Health Care Law?](https://www.lkcpas.com/uncategorized/whats-next-under-the-health-care-law1/) - In a historic decision, the U.S. Supreme Court has upheld virtually all of the Affordable Care Act, the massive health care law enacted in 2010. Now that the dust has settled, what’s in store for individuals and small-business owners? Here’s a roundup of several key provisions. Individual mandate: Beginning in 2014, individuals are generally required
- [The View on Year-End Tax Planning](https://www.lkcpas.com/uncategorized/the-view-on-year-end-tax-planning/) - The stars are aligned to make 2012 a truly memorable year-end from a tax-planning perspective. Just consider the following points: Tax rates are scheduled to increase in 2013. All brackets will be adjusted upward, and the two top rates of 33% and 35% will be replaced by top rates of 36% and 39.6%, respectively. Beginning
- [Plugging in Tax Breaks for Home Computers](https://www.lkcpas.com/uncategorized/plugging-in-tax-breaks-for-home-computers/) - It is well-established that your business can deduct the full cost of computer equipment it keeps on the business premises, as well as related fees. But can you deduct any part or all of the costs for desktops, laptops or tablets you use at home? The answer is not so simple. Starting point: Computers and
- [Five Steps to Improve Employee Reviews](https://www.lkcpas.com/uncategorized/five-steps-to-improve-employee-reviews/) - The end of the year is the traditional time for supervisors to sit down with employees to conduct performance reviews. But is anyone getting much out of this tried-and-true technique? Probably not if the manager is merely doing reviews by rote. Consequently, whatever input the employees provide in these sessions is likely to fall on
- [Seven Warning Signs of Fraud](https://www.lkcpas.com/uncategorized/seven-warning-signs-of-fraud1/) - According to recent reports by the Association of Certified Fraud Examiners (ACFE), an estimated 5% of revenue is lost to fraud and embezzlement every year. Surprisingly, small companies with fewer than 100 employees appear to be more at risk than the corporate heavyweights. The ACFE says that the median loss for businesses with fewer than 100
- [The View on Year-End Tax Planning](https://www.lkcpas.com/uncategorized/the-view-on-year-end-tax-planning1/) - The stars are aligned to make 2012 a truly memorable year-end from a tax-planning perspective. Just consider the following points: Tax rates are scheduled to increase in 2013. All brackets will be adjusted upward, and the two top rates of 33% and 35% will be replaced by top rates of 36% and 39.6%, respectively. Beginning
- [Plugging in Tax Breaks for Home Computers](https://www.lkcpas.com/uncategorized/plugging-in-tax-breaks-for-home-computers1/) - It is well-established that your business can deduct the full cost of computer equipment it keeps on the business premises, as well as related fees. But can you deduct any part or all of the costs for desktops, laptops or tablets you use at home? The answer is not so simple. Starting point: Computers and
- [2013 Social Security Wage Base and COLA Increases](https://www.lkcpas.com/uncategorized/2013-social-security-wage-base-and-cola-increases/) - The Social Security Administration has announced that the wage base for computing Social Security tax will be $113,700 for 2013 (an increase from $110,100 in 2012). Additionally, cost-of-living adjustment (COLA) increases have been released for Social Security benefits. SS Wage Base Increases for 2013 The Social Security Wage Base is the maximum amount of wages
- [Coping with the New 3.8% Medicare Surtax](https://www.lkcpas.com/uncategorized/coping-with-the-new-3-8-medicare-surtax/) - Beginning in 2013, a new 3.8% Medicare surtax will apply to investment income received by certain high-income taxpayers. The tax law provision authorizing this surtax was included in the Patient Protection and Affordable Care Act of 2010 recently upheld by the U.S. Supreme Court. Here’s how it works:Based on a tax return calculation, a 3.8%
- [Glad Tidings for Year-end Gifts](https://www.lkcpas.com/uncategorized/glad-tidings-for-year-end-gifts/) - Due to recent tax law changes, you may want to give generous gifts to family members this holiday season. The gifts can reduce the size of your taxable estate. Here is a brief overview of the basic tax rules. Annual gift-tax exclusion:Under the annual gift-tax exclusion, you can give away a specified amount each year
- [Five Steps to Improve Employee Reviews](https://www.lkcpas.com/uncategorized/five-steps-to-improve-employee-reviews1/) - The end of the year is the traditional time for supervisors to sit down with employees to conduct performance reviews. But is anyone getting much out of this tried-and-true technique? Probably not if the manager is merely doing reviews by rote. Consequently, whatever input the employees provide in these sessions is likely to fall on
- [Can the Corporate Veil Be Pierced?](https://www.lkcpas.com/uncategorized/can-the-corporate-veil-be-pierced/) - There are several possible reasons why you might incorporate a business. One of the main advantages unrelated to taxes is the protection of the “corporate veil” (also known as the “corporate shield”). Under this basic principle of law, a business owner cannot be held personally liable for the debts and obligations of the corporation. Nevertheless,
- [IRS Adjusts Retirement Plan Limits](https://www.lkcpas.com/uncategorized/irs-adjusts-retirement-plan-limits/) - The IRS recently released its annual cost-of-living adjustments for certain retirement plan thresholds in 2013. Although inflation has remained on the low side, several key limits have been bumped up, as shown below. However, note that other limits did not change. The contribution limit for IRAs also increases to $5,500 for 2013 from $5,000 for
- [Coping with the New 3.8% Medicare Surtax](https://www.lkcpas.com/uncategorized/coping-with-the-new-3-8-medicare-surtax1/) - Beginning in 2013, a new 3.8% Medicare surtax will apply to investment income received by certain high-income taxpayers. The tax law provision authorizing this surtax was included in the Patient Protection and Affordable Care Act of 2010 recently upheld by the U.S. Supreme Court. Here’s how it works: Based on a tax return calculation, a
- [Overview of New “Fiscal Cliff” Law](https://www.lkcpas.com/uncategorized/overview-of-new-fiscal-cliff-law/) - The new American Taxpayer Relief Act—officially signed on January 2, 2013—averted a drastic plunge off the “fiscal cliff.” Here is a summary of the main tax provisions of interest to individual and business taxpayers. Individual Tax Provisions Income tax rates: The new law permanently retains the 10%, 15%, 25%, 28%, 33% and 35% individual income
- [Compare the Two Types of IRAs](https://www.lkcpas.com/uncategorized/compare-the-two-types-of-iras/) - When you hear the word “IRA,” what comes to mind? There are two basic types: the traditional IRA and the Roth IRA. It is important to know the similarities and distinctions. For starters, the annual limit for contributions to all IRAs for the 2012 tax year, in any combination, is $5,000 (increasing to $5,500 in
- [Putting Work Into the Business Budget](https://www.lkcpas.com/uncategorized/putting-work-into-the-business-budget/) - Do you sit down regularly, perhaps monthly, to develop a budget reflecting your personal income and expenses? The same basic principles that apply to a household budget may be extended to your small business. In fact, it can be argued that business budgeting is now more important than ever. Here are several practical suggestions: Be
- [IRS Announces 2013 Optional Standard Mileage Rates](https://www.lkcpas.com/uncategorized/irs-announces-2013-optional-standard-mileage-rates/) - The IRS has issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or job-related moving purposes. Effective January 1, 2013, the various standard mileage rates for the operation of a car, van, pickup, or panel truck are as follows: 56.5 cents per mile
- [Medical Deductions: No Sugar Coating](https://www.lkcpas.com/uncategorized/medical-deductions-no-sugar-coating/) - Just a spoonful of sugar helps the medicine go down. Unfortunately, the tax rules for medical and dental expenses are getting even tougher to swallow. Reason: For 2012, unreimbursed expenses are deductible only to the extent the total for the year exceeds 7.5% of your adjusted gross income (AGI). What’s more, the AGI floor will
- [Meet Your Family’s Long-term Needs](https://www.lkcpas.com/uncategorized/meet-your-familys-long-term-needs/) - According to the Centers for Disease Control and Prevention, a government agency, the current life expectancy of Americans is 78.5 years. It has been going up, and that, of course, is good news. Nevertheless, an elderly relative who needs expensive long-term care could cause financial and emotional problems for the rest of the family. Because
- [Coping with the New 3.8% Medicare Surtax](https://www.lkcpas.com/uncategorized/coping-with-the-new-3-8-medicare-surtax2/) - Some high-income investors face a “tax increase” this year that has nothing to do with the new American Taxpayer Relief Act (ATRA). Under the Patient Protection and Affordable Care Act of 2010 (PPACA), you may be liable for a 3.8% Medicare surtax on a portion of your income, beginning in 2013. The IRS recently issued
- [Don’t Commit the Seven Financial Sins](https://www.lkcpas.com/uncategorized/dont-commit-the-seven-financial-sins/) - The “seven deadly sins” often referred to in religious literature are wrath, greed, sloth, pride, lust, envy and gluttony. Although it usually does not involve the same soul-searching, you may be guilty of some other “financial sins” in the way you handle your personal affairs, particularly as it relates to your investments. Fortunately, redemption does
- [Seven Tips for Delegating Work](https://www.lkcpas.com/uncategorized/seven-tips-for-delegating-work/) - If you are a small-business owner, hopefully you have come to the realization that you cannot do all the work yourself all the time. That means delegating some of the tasks—especially those time-consuming jobs that are not the top priority—to others in your employ. But this is often easier said than done. Delegating is more
- [Don’t Commit the Seven Financial Sins](https://www.lkcpas.com/uncategorized/dont-commit-the-seven-financial-sins1/) - The “seven deadly sins” often referred to in religious literature are wrath, greed, sloth, pride, lust, envy and gluttony. Although it usually does not involve the same soul-searching, you may be guilty of some other “financial sins” in the way you handle your personal affairs, particularly as it relates to your investments. Fortunately, redemption does
- [The Tax Verdict on Legal Fees](https://www.lkcpas.com/uncategorized/the-tax-verdict-on-legal-fees/) - Is there any justice when it comes to deducting legal expenses? It depends upon your point of view. Certain legal fees are currently deductible, others must be capitalized and still others provide no tax benefit whatsoever. Let’s take a closer look at the tax treatment of the different types of legal expenses. Is it business
- [Seven Tips for Delegating Work](https://www.lkcpas.com/uncategorized/seven-tips-for-delegating-work1/) - If you are a small-business owner, hopefully you have come to the realization that you cannot do all the work yourself all the time. That means delegating some of the tasks—especially those time-consuming jobs that are not the top priority—to others in your employ. But this is often easier said than done. Delegating is more
- [IRS Postpones New Tax Rules for Repairs](https://www.lkcpas.com/uncategorized/irs-postpones-new-tax-rules-for-repairs/) - After the IRS issued new temporary regulations in 2011 distinguishing “repairs” from “capitalized expenses,” many questions remained about these complex rules. Now the IRS has announced a brief reprieve: The temporary regulations, as well as upcoming final regulations, will not take effect for business taxpayers until tax years beginning after 2013 (although business taxpayers may
- [Ten Mid-year Tax Strategies for 2013](https://www.lkcpas.com/uncategorized/ten-mid-year-tax-strategies-for-2013/) - The summer is typically a time for individual taxpayers and small-business owners to take a deep breath while catching up on some recreational pursuits or other pleasurable activities. But there is precious little time to relax in the tax world. With that in mind, here are 10 mid-year tax strategies that may prove to be
- [Tick, Tick, Tick … Count on Corporate Minutes](https://www.lkcpas.com/uncategorized/tick-tick-tick-count-on-corporate-minutes/) - Naturally, it takes some time to create “corporate minutes” in a business setting. But it is usually time well spent. Plus, it is easier than it was years ago to have minutes prepared, due to improvements in computer software. Significantly, corporate minutes can serve as the proof you need to back up your position if
- [Golden Opportunity for Small-business Owners](https://www.lkcpas.com/uncategorized/golden-opportunity-for-small-business-owners/) - Are you contemplating the purchase of new equipment or other assets for your small business? It’s a good time for many business owners to “spin straw into tax gold.” Reason: Under the new tax law signed earlier this year—the American Taxpayer Relief Act of 2012 (ATRA)—you can claim a generous current deduction of up to
- [Uncover Key Change for Roth 401(k)s](https://www.lkcpas.com/uncategorized/uncover-key-change-for-roth-401ks/) - It has not received much attention in the media, but a “hidden” provision in the new American Taxpayer Relief Act of 2012 (ATRA) creates a new tax-saving opportunity for retirement-savers. As a result, you may be encouraged to transfer funds to the Roth version of a traditional 401(k), if it is offered by your employer.
- [Seven Tips for Bright Business Ideas](https://www.lkcpas.com/uncategorized/seven-tips-for-bright-business-ideas/) - Are you looking for the next great business idea? It could be staring you in the face, or it might be lurking right around the corner. If you need some inspiration, here are seven suggestions that should help get the creative juices flowing: Move ahead of the curve. Ask yourself what could be the next
- [Estate Planning in 2013: Clouds Have Lifted](https://www.lkcpas.com/uncategorized/estate-planning-in-2013-clouds-have-lifted/) - After years of a cloudy outlook, the forecast for estate planning has finally improved, thanks to the new American Taxpayer Relief Act of 2012 (ATRA). But you will still face challenges as you plan ahead. Problem: Estate planning has been shrouded in uncertainty ever since the monumental Economic Growth and Tax Relief Reconciliation Act of
- [Ten Mid-year Tax Strategies for 2013](https://www.lkcpas.com/uncategorized/ten-mid-year-tax-strategies-for-20131/) - The summer is typically a time for individual taxpayers and small-business owners to take a deep breath while catching up on some recreational pursuits or other pleasurable activities. But there is precious little time to relax in the tax world. With that in mind, here are 10 mid-year tax strategies that may prove to be
- [Five Ways to Defray New Medicare Surtax](https://www.lkcpas.com/uncategorized/five-ways-to-defray-new-medicare-surtax/) - Beginning this year, certain high-income individuals may be liable for a new 3.8% surtax on investment income. Unlike other tax changes for 2013 included in the American Taxpayer Relief Act of 2012 (ATRA), this provision was part of the Patient Protection and Affordable Care Act of 2010 (PPACA). How it works: The 3.8% Medicare surtax
- [Small Businesses: Prepare for Health Care Reforms](https://www.lkcpas.com/uncategorized/small-businesses-prepare-for-health-care-reforms/) - Ready or not, many key provisions in the massive health care law—the Patient Protection and Affordable Care Act of 2010 (PPACA)—take effect next year. In fact, employers must meet certain notification requirements by October 1, 2013. However, the government recently announced that enforcement of the “pay or play” penalty for employers will be postponed for
- [How to Overcome a Retirement Shortfall](https://www.lkcpas.com/uncategorized/how-to-overcome-a-retirement-shortfall/) - People are living longer these days. That is good news, of course, but it also means that you may have to provide yourself with a bigger cushion in retirement than you had initially intended. What’s more, uncertainty over future Social Security benefits as Baby Boomers continue to swell the rolls adds to the concerns. As
- [IRS Offers Nine Tips for Charitable Gifts](https://www.lkcpas.com/uncategorized/irs-offers-nine-tips-for-charitable-gifts/) - The IRS rewards the generosity of taxpayers who bestow charitable gifts on those who are less fortunate than they are. But there are plenty of “ins” and “outs” to the charitable deduction rules. To provide assistance to taxpayers, the IRS recently posted these nine tips to facilitate gift-giving. If you want a tax deduction, you
- [Keys to a Home Office Deduction](https://www.lkcpas.com/uncategorized/keys-to-a-home-office-deduction/) - Generally, you can claim home office deductions if you use the place regularly and use the place exclusively as your principal place of business or to meet or deal with customers, clients or patients during the normal course of business. New case: An attorney used the first floor of his house for his law practice
- [How to Overcome a Retirement Shortfall](https://www.lkcpas.com/uncategorized/how-to-overcome-a-retirement-shortfall1/) - People are living longer these days. That is good news, of course, but it also means that you may have to provide yourself with a bigger cushion in retirement than you had initially intended. What’s more, uncertainty over future Social Security benefits as Baby Boomers continue to swell the rolls adds to the concerns. As
- [IRS Offers Nine Tips for Charitable Gifts](https://www.lkcpas.com/uncategorized/irs-offers-nine-tips-for-charitable-gifts1/) - The IRS rewards the generosity of taxpayers who bestow charitable gifts on those who are less fortunate than they are. But there are plenty of “ins” and “outs” to the charitable deduction rules. To provide assistance to taxpayers, the IRS recently posted these nine tips to facilitate gift-giving. If you want a tax deduction, you
- [Keys to a Home Office Deduction](https://www.lkcpas.com/uncategorized/keys-to-a-home-office-deduction1/) - Generally, you can claim home office deductions if you use the place regularly and use the place exclusively as your principal place of business or to meet or deal with customers, clients or patients during the normal course of business. New case: An attorney used the first floor of his house for his law practice
- [Seven Year-end Tax Moves for Individuals](https://www.lkcpas.com/uncategorized/seven-year-end-tax-moves-for-individuals/) - No one is sure what Congress will do before 2014, but major tax reform remains a possibility. Nevertheless, with some astute planning, you may be able to maximize existing tax benefits—including those available under the new American Taxpayer Relief Act of 2012 (ATRA)—while staying flexible. Here are seven year-end strategies to consider. Offset capital gains
- [Five Year-end Tax Moves for Small Businesses](https://www.lkcpas.com/uncategorized/five-year-end-tax-moves-for-small-businesses/) - Similar to individual taxpayers (see “Seven Year-end Tax Moves for Individuals”), a small business may take advantage of tax-saving opportunities at the end of the year, as well as avoiding potential pitfalls. Some of the tax breaks result from extensions authorized by the American Taxpayer Relief Act of 2012 (ATRA). Here are five year-end tax
- [Nine Ways for Business Leaders to Help](https://www.lkcpas.com/uncategorized/nine-ways-for-business-leaders-to-help/) - As the owner or manager of a business, one of your main responsibilities is to be a leader. But leading is about more than just taking charge and exerting authority. Giving valuable help to others is also an important leadership quality. Here are nine ways you may be able to lend a helping hand to
- [Seven Year-end Tax Moves for Individuals](https://www.lkcpas.com/uncategorized/seven-year-end-tax-moves-for-individuals1/) - No one is sure what Congress will do before 2014, but major tax reform remains a possibility. Nevertheless, with some astute planning, you may be able to maximize existing tax benefits—including those available under the new American Taxpayer Relief Act of 2012 (ATRA)—while staying flexible. Here are seven year-end strategies to consider. Offset capital gains
- [Five Year-end Tax Moves for Small Businesses](https://www.lkcpas.com/uncategorized/five-year-end-tax-moves-for-small-businesses1/) - Similar to individual taxpayers (see “Seven Year-end Tax Moves for Individuals”), a small business may take advantage of tax-saving opportunities at the end of the year, as well as avoiding potential pitfalls. Some of the tax breaks result from extensions authorized by the American Taxpayer Relief Act of 2012 (ATRA). Here are five year-end tax
- [A Roth for Your Child?](https://www.lkcpas.com/uncategorized/a-roth-for-your-child/) - If your child worked part-time this year, he or she might benefit from a Roth IRA. There is no age limit on contributions as long as the child has earned income (even if you actually provide the cash in a gift equal to the same amount). Although tax-free distributions from the Roth generally are not
- [Tax Primer on Higher Education Expenses](https://www.lkcpas.com/uncategorized/tax-primer-on-higher-education-expenses/) - Is your child preparing to start the next semester of college in January? It can be a costly proposition for many parents, but at least you may be able to salvage some tax benefits. In particular, there are three main tax breaks for higher education expenses. The catch: You can claim only one of them
- [Tips for Avoiding Investment Mistakes](https://www.lkcpas.com/uncategorized/tips-for-avoiding-investment-mistakes/) - Of course, everyone makes mistakes, but some are worse than others. For instance, the types of errors you might commit when investing in equities could haunt you for years, dramatically affecting your lifestyle. Here are a few tips for avoiding several common mishaps. Show some patience. You cannot expect “instant gratification” whenever you invest. Adopt
- [Three Tax Changes for Investors in 2013](https://www.lkcpas.com/uncategorized/three-tax-changes-for-investors-in-2013/) - The top tax rate on ordinary income (including short-term capital gains) increases from 35% to 39.6% for single filers with taxable income above $400,000 and joint filers above $450,000. The maximum tax rate on long-term capital gains increases from 15% to 20% for investors in the top income tax bracket. A 3.8% surtax applies to
- [Working on a Better Budget in 2014](https://www.lkcpas.com/uncategorized/working-on-a-better-budget-in-2014/) - Another year, another time to put together a business budget. However, if your business operation has been struggling the last few years, you might do things a little differently this go-round. In the past, the budget may have hindered managers from doing their jobs and discouraged them from taking risks. This could compromise integrity, distort
- [Four Ways to Downsize the Kiddie Tax](https://www.lkcpas.com/uncategorized/four-ways-to-downsize-the-kiddie-tax/) - Don’t be fooled by the term commonly used to describe an extra tax liability a family may have to pay. The so-called “kiddie tax” is not limited to children in diapers or even those in the lowest school grades. It may continue to apply to children well into their 20s. Fortunately, there are several ways
- [Flying Solo? Navigate 401(k) Rules](https://www.lkcpas.com/uncategorized/flying-solo-navigate-401k-rules/) - If you are a sole proprietor, you have more retirement plan options now than you did in the not-so-distant past. For example, you can participate in a 401(k) plan much like the CEO of a major corporation. Many of the obstacles to this arrangement, including high costs for administering this type of plan, no longer
- [How Long to Keep Tax Records?](https://www.lkcpas.com/uncategorized/how-long-to-keep-tax-records/) - With another tax season approaching, you may be wondering how long you need to hold on to your tax records. The standard answer is a minimum of three years, but maybe longer, especially if you are risk-aversive. Reason: The usual statute of limitations is three years. So the IRS has three years to review the
- [New Tax Choice on Home Office Deductions](https://www.lkcpas.com/uncategorized/new-tax-choice-on-home-office-deductions/) - For a qualified small-business owner, a home office deduction can result in significant annual tax savings. But there’s a new twist on 2013 returns: A taxpayer may use a simplified method for deducting home office expenses, although this is not always the best choice. Background: To qualify, you must use the office regularly and exclusively as
- [Interest Deductions: Divide and Conquer](https://www.lkcpas.com/uncategorized/interest-deductions-divide-and-conquer1/) - How do you separate interest expenses on your 2013 tax return? There are four main categories for taxpayers to consider. (Technically, there are several other types of “interest” in the tax law.) Here is how it breaks down. 1. Personal interest: If an interest expense does not fall into one of the other three categories,
- [Time for an S Corp Election?](https://www.lkcpas.com/uncategorized/time-for-an-s-corp-election/) - The benefits of shifting to S corporation status are well known. Shareholders are taxed like partners in a partnership, and there is no corporate-level tax. Alert: The date for electing S corp status for 2014 is March 15, 2014. After that, the election generally will not take effect until 2015. Special criteria must be met
- [How to Maximize Personal Exemptions](https://www.lkcpas.com/uncategorized/how-to-maximize-personal-exemptions1/) - Remember those generous personal and dependency exemptions you have claimed in the past? Under new rules taking effect on 2013 federal income tax returns, exemptions are reduced for certain high-income taxpayers. However, depending on your circumstances, you may still be in line for a significant tax break. Basic rules: For starters, every taxpayer is entitled
- [Who Needs a Buy–Sell Agreement?](https://www.lkcpas.com/uncategorized/who-needs-a-buysell-agreement/) - The answer to the question posed in the headline is an easy one: A buy–sell agreement can be immediately beneficial to a business owner contemplating a sale of the operation. What’s more, it can provide significant benefits even if you plan to keep a business interest and eventually pass it to the younger generation. Basic
- [Use It or Lose It? Not So Fast](https://www.lkcpas.com/uncategorized/use-it-or-lose-it-not-so-fast/) - Be aware of recent changes in the use-it-or-lose-it rule for flexible spending accounts (FSAs). Generally, if there is a balance in a health care FSA at the end of the year, the funds are forfeited by the FSA participant. Due to a recent change, the IRS authorized employers to grant a grace period of up
- [New Twists for Employer Health Care Mandate](https://www.lkcpas.com/uncategorized/new-twists-for-employer-health-care-mandate/) - The mandate for some employers to provide affordable health insurance coverage to workers will take effect in the near future. However, for some firms, it will be a case of later rather than sooner. Background: Under the Patient Protection and Affordable Care Act of 2010 (the PPACA), an employer with 50 or more full-time employees
- [Five Ways to Boost Productivity](https://www.lkcpas.com/uncategorized/five-ways-to-boost-productivity/) - Are you having trouble motivating the troops? Keeping the workplace energy level high—while continuing to churn out the merchandise or provide valuable services—remains a constant struggle for many employers. Of course, it starts at the top because business managers generally set the tone for the workplace. Look inward at yourself first before looking outward. Here
- [IRS Guides for Roth 401(k) Rollovers](https://www.lkcpas.com/uncategorized/irs-guides-for-roth-401k-rollovers/) - The federal government continues to tout the Roth 401(k) plan that combines some of the benefits of a traditional 401(k) plan with a Roth IRA. Typically, an employer will add this feature to an existing 401(k) plan. Now the IRS has issued a new notice governing in-house rollovers to a Roth 401(k). Background: As with
- [Who Needs Key-Person Insurance?](https://www.lkcpas.com/uncategorized/who-needs-key-person-insurance1/) - Practically every business owner will tell you that it takes more than one person to build a profitable business. It’s likely that several “key employees” will contribute to the success of an operation. However, while a business owner may be careful to make sure that he or she is adequately insured, the need to protect
- [Beware These “Dirty Dozen” Tax Scams](https://www.lkcpas.com/uncategorized/beware-these-dirty-dozen-tax-scams1/) - The IRS recently released its “dirty dozen” tax scams to watch out for in 2014. Here is a rundown of this year’s list: 1. Identity (ID) theft: This occurs when someone uses your personal information, such as your name, Social Security number (SSN) or other identifying information, without your permission, to commit fraud or other
- [Retirement Planning: Age Before Beauty](https://www.lkcpas.com/uncategorized/retirement-planning-age-before-beauty/) - There is more to look forward to than just senior citizen discounts as you approach the end of your working career. When you cross certain thresholds, you may benefit from special provisions affecting retirement savers. Here is a brief rundown of these age-based mileposts. Social Security benefits: Generally, you must wait until a specified age
- [Seven Smart Year-End Strategies for Individuals](https://www.lkcpas.com/uncategorized/seven-smart-year-end-strategies-for-individuals/) - Year-end tax planning is rarely, if ever, simple. This year is certainly no exception. As we approach the end of 2014, certain tax provisions have remained in limbo, perhaps depending on the results of the midterm elections. Nevertheless, this does not mean you should stand idly by. Here are seven timely tax strategies that may
- [Five Year-End Moves for a Small Business](https://www.lkcpas.com/uncategorized/five-year-end-moves-for-a-small-business/) - Year-end tax planning is not restricted to individual taxpayers. Some astute moves by the owners or managers of a small business can also shave dollars off your tax bill. As it does with individual tax planning, uncertainty exists, but here are five practical ideas to consider in any event. Wait and see on equipment purchases.
- [Congress at Work: Patriotic Bisons, Anonymous Funding, Faulty Airbags, Right for Ex-Felons to Vote](https://www.lkcpas.com/uncategorized/congress-at-work-patriotic-bisons-anonymous-funding-faulty-airbags-right-fo/) - The Congress at Work series of articles is designed to give you a glimpse of various types of legislation currently under consideration. While either the Senate or the House of Representatives may initiate a bill proposal, be aware that many bills never become law; they may never make it out of committee, be blocked by
- [Managing Benefit Risks and Costs](https://www.lkcpas.com/financial-sense-blog/managing-benefit-risks-and-costs/) - A new study examined finance executives’ current views on retirement and benefits issues. Read some of the highlights from this new research. The comprehensive new study evaluates finance executives’ outlooks on a number of topics regarding defined benefit retirement programs. Overwhelmingly, they believe their ability to manage benefit risks and costs is essential to their
- [Leadership Strategies: Focus on Strengths](https://www.lkcpas.com/financial-sense-blog/leadership-strategies-focus-on-strengths/) - There’s no such thing as a perfect employee. Everyone has something to contribute, and hopefully you have a solid team of dedicated professionals you can count on. However, all employees have areas they could improve. As the leader of your team, what is your approach? Do you focus more on developing their strengths or helping
- [Should You Expand internationally?](https://www.lkcpas.com/financial-sense-blog/should-you-expand-internationally/) - Do you have a thriving business which is secure and ready for growth opportunities? Have you thought about expanding internationally? The U.S. government has resources for American businesses who are looking to get started internationally. The Department of Commerce has a site dedicated to this. Check out Export.gov for more information. There are both business
- [Did You Miss Your Rollover Period? IRS Will Grant More Waivers](https://www.lkcpas.com/financial-sense-blog/did-you-miss-your-rollover-period-irs-will-grant-more-waivers/) - Just last week, the IRS announced that it could be easier to get a waiver for missing the 60-day deadline on retirement plan rollovers. This is great news for anyone who may have missed that deadline and would have incurred early distribution penalty taxes. Taxpayers can now apply for a one-time waiver – repeat requests
- [Technology is Giving Business Owners Back Their Time](https://www.lkcpas.com/financial-sense-blog/technology-is-giving-business-owners-back-their-time/) - As a business owner, you have numerous demands on your time. The 40-hour workweek doesn’t exist for you. Even if there’s not a crisis, there is a constant stream of issues requiring your attention. Time is money, and no one knows that better than you. A recent study found that small business owners valued their
- [Local Accounting Firm Celebrates 80 Years in the Community](https://www.lkcpas.com/firm-news/local-accounting-firm-celebrates-80-years-in-the-community/) - The local public accounting firm of Lewis & Knopf is pleased to announce the celebration of 80 years of service. “Eighty years is an exceptional accomplishment for our firm,” said Greg Waller, CPA, CGMA, Managing Principal of Lewis & Knopf. “Our long term success is a direct result of the value we place on client
- [IRS Examining Businesses](https://www.lkcpas.com/financial-sense-blog/irs-examining-businesses/) - According to the IRS, 83% of U.S. taxpayers accurately report their income and pay their taxes. That figure isn’t so bad when you compare it with Germany at 68%, Italy at 62%, or Greece at a startling 50%. Nonetheless, the IRS audits around 0.8% of tax returns each year. If you receive notice that you’re
- [Do You Need a Logo Refresh?](https://www.lkcpas.com/financial-sense-blog/do-you-need-a-logo-refresh/) - If you think about the most iconic brands, their logos are instantly recognizable. Some marketing experts say a logo is the most important visual representation of your business. Your logo is the face of your brand. What do you want your logo to convey about your business? Marketing is about fresh and new. You don’t
- [Tax Issues for Retirement](https://www.lkcpas.com/financial-sense-blog/tax-issues-for-retirement/) - Whether you’re still building your business or you’re firmly established and looking ahead to the next phase, it’s a good idea to be informed about retirement so you can best prepare. Social Security benefits Social Security benefits can begin between the ages of 62 and 67, depending on several factors. Benefits may be available to
- [Delegate, Don’t Micromanage](https://www.lkcpas.com/financial-sense-blog/delegate-dont-micromanage/) - As business owners, there are numerous tasks demanding your time and attention. Hopefully you’ve got a great team to help you manage the workload. However, it can be hard for business owners to let go and share the responsibility with anyone else. When you first established your business, chances are, you did everything yourself. Your
- [Fraud Files: Older Consumers at Higher Risk](https://www.lkcpas.com/financial-sense-blog/fraud-files-older-consumers-at-higher-risk/) - Fraud has been a hot topic this year, between fake IRS scams and retailer data breaches. However, one segment of the population may be especially at risk. Millions of seniors are being taken advantage of financially – in the form of inappropriate investment, unreasonably high fees for financial services, or other forms of fraud. It’s
- [Staying in Compliance with Overtime Pay Regulations](https://www.lkcpas.com/financial-sense-blog/staying-in-compliance-with-overtime-pay-regulations/) - As you know, the Department of Labor announced new regulations in May regarding overtime pay for full time employees. Tammy McCutchen, the DOL’s former Wage and Hour Division administrator, spoke recently at a conference to address employers’ issues with implementation of the final rule. She had some advice for employers trying to comply with these
- [Do You Have an Exit Strategy?](https://www.lkcpas.com/financial-sense-blog/do-you-have-an-exit-strategy/) - Have you thought about planning for the day you sell your company? Maybe you’re still growing your business, or you’re still heavily involved in the day-to-day operations, and you haven’t thought about leaving anytime soon. Even if it hasn’t crossed your mind, it’s not too early to get a plan in place for that transition.
- [Benefits and Perks that Matter](https://www.lkcpas.com/financial-sense-blog/benefits-and-perks-that-matter/) - Industry experts have determined that benefits are growing in importance to job searchers. A new study suggests that 57% of prospective employees rate perks and benefits as major considerations when accepting or declining a job offer. Workplace trends have gotten lots of media attention, with more employers feeling the need to get creative with perks
- [Cybercriminals Shift Their Tactics](https://www.lkcpas.com/financial-sense-blog/cybercriminals-shift-their-tactics/) - As we build greater protections against cyberattacks, criminals find ways to adapt. They adjust their strategies to stay ahead of the law and avoid detection. Their newest tactic is to send individually targeted emails – they aren’t as easy to catch as those that flood email servers by the hundreds. The attacks are not as
- [What to Expect from the PATH Act](https://www.lkcpas.com/financial-sense-blog/what-to-expect-from-the-path-act/) - Have you sat down with your CPA to discuss the tax provisions resulting from the passage of the Protecting Americans from Tax Hikes (PATH) Act in 2015? This includes many business deductions that had expired, and it extends others until 2019. The PATH Act contains over 100 tax provisions, so your CPA will be able
- [Employee vs. Independent Contractor: Do You Know the Difference?](https://www.lkcpas.com/financial-sense-blog/employee-vs-independent-contractor-do-you-know-the-difference/) - Whether your workers are considered employees or independent contractors will carry significant legal ramifications. With respect to the IRS, ACA (Affordable Care Act), and Department of Labor, it is necessary that you classify your workers accurately. Why it matters Business owners with 50 or more full-time employees have responsibilities under the ACA to offer insurance,
- [Lessons in Leadership: Active Listening](https://www.lkcpas.com/financial-sense-blog/lessons-in-leadership-active-listening/) - Are you getting the most out of your interactions with others? Are you hearing what’s being said, or just preparing your response as the other person speaks? Active listening creates an environment that invites an open exchange of ideas. However, we need to cultivate skills for the most effective listening and lead by example in
- [Are There Flaws in Your Business Plan?](https://www.lkcpas.com/financial-sense-blog/are-there-flaws-in-your-business-plan/) - Entrepreneurs are driven and passionate about what they do. Starting a new business requires an intense degree of energy and commitment. Business owners can be so eager to build their new companies that they rush through their business plans. This can lead to vague, nonspecific descriptions. Did you get feedback from someone outside your organization
- [Breaking News From the U.S. Department of Labor](https://www.lkcpas.com/financial-sense-blog/breaking-news-from-the-u-s-department-of-labor/) - The Department of Labor has just announced a Final Rule on overtime pay, which means 4.2 million more workers must be paid for overtime work. This Final Rule defines which white collar workers are protected by the Fair Labor Standards Act’s minimum wage and overtime laws. Employers must comply with these new regulations by December
- [Are You Looking for a Lost Pension?](https://www.lkcpas.com/financial-sense-blog/are-you-looking-for-a-lost-pension/) - It’s estimated that Americans have $8 billion in unclaimed pension benefits each year. How is that figure so high? As it turns out, getting your hands on an old pension can be a frustrating process. Most businesses opt to offer the 401(k) as a retirement option, rather than the traditional pension plan. However, many baby
- [Don’t Let These Misconceptions Stop You From Networking](https://www.lkcpas.com/financial-sense-blog/dont-let-these-misconceptions-stop-you-from-networking/) - When you think about networking, do you look forward to the chance to meet new people? Or are you filled with dread? Often, it’s the way we approach networking that colors the experience. Perhaps the biggest misconception about networking is that either you get it or you don’t. In reality, it takes some practice, but
- [Three Questions You Need to Ask Your 401(k) Provider](https://www.lkcpas.com/financial-sense-blog/three-questions-you-need-to-ask-your-401k-provider/) - As a business owner, it’s your job to find the right 401(k) provider to fit your company’s needs. How do you start that process? Here are three questions to ask a prospective 401(k) provider. How would this provider help your employees? Will they be able to retire on time? Numerous employees don’t take advantage of
- [Cash or Card for Small Purchases?](https://www.lkcpas.com/financial-sense-blog/cash-or-card-for-small-purchases/) - Do you remember how you paid last time you got a cup of coffee? Did you unfold a five-dollar bill and hand it to the cashier or give a quick swipe of your card? How would you pay for a pack of gum at the gas station? Do you fish around for spare change or
- [IRS Extends Filing Deadline for Work Opportunity Tax Credit](https://www.lkcpas.com/financial-sense-blog/irs-extends-filing-deadline-for-work-opportunity-tax-credit/) - Employers wishing to take advantage of the work opportunity tax credit (WOTC) will be pleased to know they have more time to file the necessary paperwork. Earlier this month, the IRS announced an extension for employers filing paperwork to claim the WOTC for targeted employees. This credit was extended retroactively to January 2015, but there
- [Promoting from Within and Other Smart Moves](https://www.lkcpas.com/financial-sense-blog/promoting-from-within-and-other-smart-moves/) - Business owners need to maintain not only clients but employees to keep operations running smoothly. One big mistake employers make is not promoting from within. Some positions won’t be able to be filled by your existing employee pool, but when they are not considered for vacant or new positions, loyal employees can feel underappreciated. This
- [Will Mobile Visitors Skip Your Site?](https://www.lkcpas.com/financial-sense-blog/will-mobile-visitors-skip-your-site/) - Mobile search and internet usage has surpassed desktop activity in recent years and continues to grow. However, many businesses create media and marketing campaigns on desktop computers and don’t take into account that mobile visitors will interact with this media differently than desktop users. To stay competitive, businesses need to address the different needs of
- [Best Ways to Save in Retirement](https://www.lkcpas.com/financial-sense-blog/best-ways-to-save-in-retirement/) - Best Ways to Save in Retirement No retiree wants to relinquish their hard earned money to the government. Though paying taxes is inevitable, there are several advantages available that can lower the amount going to Uncle Sam. An important first step is to get the standard deductions out of the way. By getting the obvious
- [How to Keep Your Refund and Identity Safe During Tax Season](https://www.lkcpas.com/financial-sense-blog/how-to-keep-your-refund-and-identity-safe-during-tax-season/) - Every year people are being robbed of millions of dollars, they aren’t being held up at gun point, and they often don’t even know it’s happening. Though federal agencies are ramping up security measures, identity theft is still a major issue plaguing consumers and it is up to those consumers to keep their identities safe.
- [Beware of Bogus IRS Phone Calls and Emails](https://www.lkcpas.com/financial-sense-blog/beware-of-bogus-irs-phone-calls-and-emails/) - Tax season is here, and unfortunately that means more email and phone scams from criminals claiming to be from the IRS. The IRS is aware of this particular scam. But we must beware! Lewis & Knopf would like to remind you that the IRS will NEVER randomly call or email you regarding your tax information.
- [Making Your Business and You Stand Out](https://www.lkcpas.com/financial-sense-blog/making-your-business-and-you-stand-out/) - For businesses to succeed, they need to stand out. Whether companies are courting investors or customers, years of hard work mean nothing without a good first impression. Below are a few easy ways that business owners can illuminate their brands. Choose a Good Story Over Listing Facts Telling a story is one of
- [New Social Security Rules Changes](https://www.lkcpas.com/financial-sense-blog/new-social-security-rules-changes/) - Recent major changes made to the rules of Social Security come as a big surprise to much of the industry. President Obama signed into law a new budget bill that included restrictions on the file and suspend and spousal only strategies. What makes this bill unique is it came through with no public
- [Why Smart Money is Not Worried About Market Drops](https://www.lkcpas.com/financial-sense-blog/why-smart-money-is-not-worried-about-market-drops/) - A lot of people have watched the recent fluctuations in the market and began having flashbacks of the great recession. Have no fear, if you are invested in long term, stay put. The current chaos is driven by short term gains and fear. Banks are still lending, houses are still being bought, and credit markets
- [Telephone Phishing Scam Hits Michigan](https://www.lkcpas.com/financial-sense-blog/telephone-phishing-scam-hits-michigan/) - The Michigan Department of Treasury has a warning for tax payers. Fraudulent phone phishing is targeting residents this tax season. Tax payers are called from a number that registers as the Department of Treasury and are informed that they have committed tax fraud. The impersonators then threaten that if the resident does not pay the
- [Lewis & Knopf Announces New Managing Principal](https://www.lkcpas.com/firm-news/lewis-knopf-announces-new-managing-principal/) - Lewis & Knopf, CPAs, P.C. is pleased to announce the promotion of Gregory G. Waller, CPA to Managing Principal effective January 1, 2016. “Over the years, Greg has demonstrated the leadership, motivation, understanding and financial expertise necessary to be a strong firm leader,” said Thomas Shade, CPA, current Managing Principal of Lewis & Knopf. “These
- [Tips 2016: Easy Steps to Master Content Promotion](https://www.lkcpas.com/financial-sense-blog/tips-2016-easy-steps-to-master-content-promotion/) - This year, like previous years, businesses face the challenge of staying on top of new trends, being present in the minds of consumers, increasing leads and intensifying brand recognition efforts. Businesses exist on a constantly changing plain where there is no one-best-way to build a marketing strategy. People who have years of experience can still
- [Encourage Millennials to be Innovative](https://www.lkcpas.com/financial-sense-blog/encourage-millennials-to-be-innovative/) - Millennial employees have the potential to be great sources of new ideas and innovation for your company. All it takes is a little guidance to help get their creative juices flowing. Here are a few ways to encourage this workforce demographic to get creative: Simplify it. Can the voices of your employees be heard? In
- [Background Check Services](https://www.lkcpas.com/financial-sense-blog/background-check-services/) - Different types of businesses have different needs when preforming employee background checks. Because of this, we thought it was a good idea to investigate which vendors have the best services to suite diverse business needs. Based on a number of factors like cost, ease of use, type of criminal search conducted, and timeliness among other
- [Time and Attendance Systems](https://www.lkcpas.com/financial-sense-blog/time-and-attendance-systems/) - There are as many types of businesses as there are time-and-attendance systems. While different businesses have different needs for tracking time-and-attendance, we thought it would be helpful to put together a list of systems that might work best for a variety of business types. In order to determine the best of the best, we interviewed
- [New Identity Theft Pin](https://www.lkcpas.com/financial-sense-blog/new-identity-theft-pin/) - The IRS sent a letter to taxpayers which states a new Identity Theft PIN is in place. The letter was dated January 4, 2016 and it mistakenly states the PIN is good for the 2014 Federal tax return filing, but it should state that it is good for the 2015 tax return year. This was
- [Revised Standard Mileage Rates for 2016](https://www.lkcpas.com/financial-sense-blog/revised-standard-mileage-rates-for-2016/) - Recently, the Internal Revenue Service (IRS) released the standard mileage rates for use in 2016. Taxpayers can use these rates to calculate the deductible costs of operating an automobile. The rate for business use of an automobile is 54 cents per mile. For medical or moving expenses, the rate is 19 cents per mile, and
- [Tax Tips for Deducting Charity Gifts](https://www.lkcpas.com/financial-sense-blog/tax-tips-for-deducting-charity-gifts/) - Holiday season encourages charitable giving. If you give a gift to your favorite charity and want to claim it as a tax deduction, consider these tips before you make a donation. 1. Give to qualified charities. Gifts that are given to charities that aren’t qualified cannot be deducted from your taxes. Gifts that are given
- [Information on Important New Tax Legislation](https://www.lkcpas.com/financial-sense-blog/information-on-important-new-tax-legislation/) - On Friday last week, the Consolidated Appropriations Act of 2016 was passed through Congress. Shortly after, President Obama signed the bill into law, making a wide range of tax extenders permanent. This legislation makes the Research and Development (R&D) Tax Credit permanent, along with 50 other periodically expiring tax breaks. Some of the tax credits
- [Lewis & Knopf, CPAs, P.C.’s Director Named as Board Member and Treasurer of the Flint Institut](https://www.lkcpas.com/firm-news/lewis-knopf-cpas-p-c-s-director-named-as-board-member-and-treasurer-of-the/) - Thomas Lillie, CPA, CFP®, Director at Lewis & Knopf CPAs, P.C., was recently named board member and treasurer of the Flint Institute of Music. “The Flint Institute of Music plays an important role in the success of the Flint community,” said Lillie. “I look forward to carrying out my term on the board and helping
- [IRS Raises Tangible Property Expensing Threshold](https://www.lkcpas.com/financial-sense-blog/irs-raises-tangible-property-expensing-threshold/) - A recent IRS announcement stated that it will raise the deductible amount from $500 to $2,500 for purchases of tangible property by taxpayers without applicable financial statements. After receiving more than 150 comments advocating that the limit on deductions for purchases of property should be raised to anywhere between $750 and $100,000, the IRS made
- [Fact or Fiction: 2015 W2 & 1099 Wage Reporting Season](https://www.lkcpas.com/financial-sense-blog/fact-or-fiction-2015-w2-1099-wage-reporting-season/) - Much confusion has been brought about with the impending tax reporting season. This can be a hectic time for businesses and tax payers alike, as many regulations are implemented throughout the year. One great way to avoid falling victim to misinformation is to know exactly what changes have been made and how they can (or
- [Tax Tips for Retirees](https://www.lkcpas.com/financial-sense-blog/tax-tip/) - When you turn 65, the way you file taxes changes. Consequently, it may not be a bad idea to brush up tax policy to see how you can benefit from tax issues brought on from Social Security and IRA withdraws Here are some tax filing basics that are increasingly important the closer you get to
- [New SRETT Rule in Michigan for State Real Estate Transfer Tax](https://www.lkcpas.com/financial-sense-blog/new-srett-rule-in-michigan-for-state-real-estate-transfer-tax/) - If you have sold your principle residence in Michigan in the last four years, you may be eligible for a significant tax refund from the State. This past July, the Michigan Supreme Court released a detailed opinion that would allow many more Michigan homeowners, whose tax assessed value at the time of sale was less
- [Which Browser Works Best with QBO?](https://www.lkcpas.com/financial-sense-blog/which-browser-works-best-with-qbo/) - We know not all browsers are the same due to changes and updates that are constantly made. Luckily, Intuit specifies that Google Chrome (41, or later), Firefox (36, or later), Internet Explorer 10 (or later) and Safari 6.2(or later) are compatible with QuickBooks Online. Although most users report fewer problems and better performance on Google
- [Budget Deal Could Cost Couples Big Money in Social Security Benefits](https://www.lkcpas.com/financial-sense-blog/budget-deal-could-cost-couples-big-money-in-social-security-benefits/) - There is a budget deal moving quickly through Congress that would put an end to a monetarily successful strategy for couples known as “file-and-suspend”. This strategy is a loop-hole of sorts that can boost lifetime Social Security retirement benefits by hundreds of thousands of dollars. The tactic is executed when the higher-earning spouse files for
- [A Guide to DOL Proposed Overtime Rule Changes](https://www.lkcpas.com/financial-sense-blog/a-guide-to-dol-proposed-overtime-rule-changes/) - By now, you have probably heard some piece of information surrounding the Department of Labor’s (DOL) proposed overtime rule changes. While the DOL’s comment period ended on September 4, several sources seem to indicate a high likelihood that a final rule could be issued either late this year, or very early in 2016. To help
- [Mastering Any Conference](https://www.lkcpas.com/financial-sense-blog/mastering-any-conference/) - Participating in industry conferences can either feel energizing or exhausting, depending on your approach. Conferences present an exciting opportunity to meet new people, keep up with hot topics, and find out about new ideas within your field. To get the most out of conferences, try some of these practical tips. By taking on a new
- [2016’s Top Tax Issues](https://www.lkcpas.com/financial-sense-blog/2016s-top-tax-issues/) - Fall is officially here, which means the next tax season is just around the corner! Keeping that in mind, here’s a list of regulatory and legislative developments, tax issues, and other concerns that we’ll be sure to see in the upcoming year. Supreme Court ruling
- [Lewis and Knopf Manager Elected to Fenton Regional Chamber of Commerce Board of Directors](https://www.lkcpas.com/firm-news/lewis-and-knopf-manager-elected-to-fenton-regional-chamber-of-commerce-boar/) - The CPA and advisory firm of Lewis and Knopf, CPAs and P.C. is pleased to announce Joel Gibbons, CPA has been elected for a three year appointment with the Fenton Regional Chamber of Commerce (FRCC) Board of Directors. “I am truly honored to have the opportunity to support such a great organization,” said Gibbons.
- [IRS Issues Special Per-Diem Rates For 2015-16 Travel](https://www.lkcpas.com/financial-sense-blog/irs-issues-special-per-diem-rates-for-2015-16-travel/) - The IRS issued its annual update of special per-diem rates, to be used in substantiating certain business expenses taxpayers incur when traveling away from him in 2015 and 2016. Provided in the notice are transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and the rates and list of high-cost localities
- [Give More at Your Next Networking Event](https://www.lkcpas.com/financial-sense-blog/give-more-at-your-next-networking-event/) - When you think about your motives for attending a networking event, it often comes down to selling. However, it doesn’t – and shouldn’t, always be about the sale. Remember that in the end, people choose to do business with people they know, like, and trust. Here are ways to build a more giving relationship with
- [Keep Track of Your Miscellaneous Deductions](https://www.lkcpas.com/financial-sense-blog/keep-track-of-your-miscellaneous-deductions/) - Miscellaneous deductions can reduce your tax liability. These may include certain expenses you incurred at your job if you are an employee. You must itemize deductions when you file to claim these costs. So if you usually claim the standard deduction, consider itemizing instead. You might pay less tax if you itemize. Here are some
- [Deducting Financial Market Losses](https://www.lkcpas.com/financial-sense-blog/deducting-financial-market-losses/) - Everyone knows that it’s impossible to predict the stock market, making it essential to learn the best way to write off any losses. So, while some investors are on the lookout for buying opportunities, others are more cautious this time around – and don’t want to catch a falling knife. Here we break down some
- [FBAR Deadline Now April 15th](https://www.lkcpas.com/financial-sense-blog/fbar-deadline-now-april-15th/) - On July 31st, President Obama signed a bill into law that included language changing the filing due dates for certain tax returns. The modifications were proposed originally by members of the American Institute of CPA’s frustrated by existing deadlines that resulted in late arrival of necessary information. Included are the Report of Foreign Bank and
- [Money Lessons For New College Students](https://www.lkcpas.com/financial-sense-blog/money-lessons-for-new-college-students/) - Across the country, new college students are heading off to campus, preparing to live away from their parents for the first time. While many parents are still supporting their student offspring, these young people will be embarking on their first experiences into managing their own finances. This can present a challenge for students and their
- [BDO Alliance USA - Quarterly Insights Newsletter - Summer 2015](https://www.lkcpas.com/firm-news/bdo-alliance-usa-quarterly-insights-newsletter-summer-2015/) - Below is a link to download a copy of BDO Alliance USA's Summer Issue of Quarterly Insights newsletter. The newsletter issue covers the following topics: Section 2704 Proposed Regulation Coming Possibly in Fall 2015 U.S. IPOs to Maintain Pace Over Remainder of the Year A Slice of the Fast Casual Pizza Revolution Millennial Shopping Habits
- [Financial Tips for Newly Employed Young People](https://www.lkcpas.com/financial-sense-blog/financial-tips-for-newly-employed-young-people/) - Last month, the AICPAissued a listing of five financial tips, released specifically with newly-employed young people in mind. Listed below are some of those financial savvy tips for young consumers. Save, Save, Save! Consider putting 10 percent of your income into a savings account. You can also utilize an auto-pay service through your bank provider,
- [Information About Fraudulent Unemployment Claims](https://www.lkcpas.com/financial-sense-blog/information-about-fraudulent-unemployment-claims/) - In our constant strive to bring you the most current information that we are receiving, it has been brought to Lewis & Knopf’s attention that there is now identity theft occurring at the State Unemployment level. We recently received information that there are fraudulent unemployment claims being made with stolen social security numbers. To best
- [This Summer – Review Your Taxes Now To Prevent Surprises Next Spring](https://www.lkcpas.com/financial-sense-blog/this-summer-review-your-taxes-now-to-prevent-surprises-next-spring/) - Every year, many people end up with a larger refund than expected, and others find they owe a lot more tax than they thought they would. If this has happened to you in the past, consider reviewing your tax situation now to prevent any surprises next year. Have you had a change in income? Did
- [ACA Reporting Requirements: What does it all mean?](https://www.lkcpas.com/financial-sense-blog/aca-reporting-requirements-what-does-it-all-mean/) - The Affordable Care Act is in full motion and employers are already preparing for the changes to come next year. Starting in early 2016, employers subject to the employer shared responsibility (ESR) provisions will have to file complex information reporting forms to stay compliant. Many employers will need close coordination of their payroll, human resources
- [Boost Your Productivity](https://www.lkcpas.com/financial-sense-blog/boost-your-productivity/) - Having the best attitude and strong skill set can’t make up for a lack in strong work habits. Boost your overall productivity by implementing planning and organizational elements into your schedule. Work habits can be developed and honed over time, and are comprised of the following components: 1. The Plan Everyone’s time is limited, and
- [Key Imperatives for Internal Audits](https://www.lkcpas.com/financial-sense-blog/key-imperatives-for-internal-audits/) - Internal audits are playing an ever more important role in helping businesses succeed. In an environment where technological innovation and global interconnectedness presents rapidly moving challenges and opportunities for business owners, more and more organizations are relying on internal auditors for insight. There are key areas where internal auditors can specifically excel, to meet new
- [Help Your Employees After a Big Technology Change](https://www.lkcpas.com/financial-sense-blog/help-your-employees-after-a-big-technology-change/) - For your business to grow and maintain its agility, the technology you use must stay current and up-to-date. This process of switching to new systems can be intimidating and even frustrating to those using it – your employees. By carefully training your employees, you can make sure that your new technology doesn’t alienate, but excites
- [Lewis & Knopf, CPAs, P.C.’s Managing Principal Named as Treasurer of the  Flint & Genesee Cham](https://www.lkcpas.com/firm-news/lewis-knopf-cpas-p-c-s-managing-principal-named-as-treasurer-of-the-flint-g/) - Thomas Shade, CPA, Managing Principal at Lewis & Knopf CPAs, P.C., was recently named as treasurer of the Flint & Genesee Chamber of Commerce. “I am honored to be named the Chamber’s new treasurer. I strongly believe in the work of the Chamber and the great support it provides to the local business community,” said
- [Summer Activities to Improve Your Career](https://www.lkcpas.com/financial-sense-blog/summer-activities-to-improve-your-career/) - In the midst of summer, most of us want to take a break from our careers by vacationing and taking some time off. Yet, there are some ways to make some time for yourself and your career goals while enjoying the summer season, by proactively engaging in some meaningful professional development at the same time.
- [Make Efficiency a Healthy Habit](https://www.lkcpas.com/financial-sense-blog/make-efficiency-a-healthy-habit/) - Sometimes it can seem like regular habits can become rigid and boring. However, regular habits can help you become more efficient because you are creating a regular daily flow – which involves work, self-care, downtime, and even daydreaming. Maximize the time you have by creating habits that are a part of a regular routine. To
- [Turn Employees into FANS!](https://www.lkcpas.com/financial-sense-blog/turn-employees-into-fans/) - All companies want not only the best people to work for them, but also people who are truly fans of the company and its product or services. So, how can companies get their employees to be some of their biggest fans? Believe in your company’s mission. If you’re not demonstrating and reinforcing your company’s mission,
- [Take Advantage of Summer’s Arrival!](https://www.lkcpas.com/financial-sense-blog/take-advantage-of-summers-arrival/) - With summer tapping us on the shoulder just after Memorial Day, it’s time to take advantage of the increase in business that warmer temperatures can bring. This year holds a particular advantage over last year, as national gas prices are nearly a dollar cheaper than they were just a year ago. This means that consumers
- [Seriously Improve Your Networking Skills](https://www.lkcpas.com/financial-sense-blog/seriously-improve-your-networking-skills/) - One of the great ways to stay up-to-date within your market is by attending industry-specific conferences. While attending your next upcoming conference event, don’t overlook the networking opportunities present. Effectively engage your target audience by using some of the following tips to become an awesome networker. Create a list of prospects before the event. Generate a
- [QuickBooks Tip - May 2015](https://www.lkcpas.com/firm-news/quickbooks-tip-may-2015/) - If you are experiencing slow speeds with QBO, we recommend trying to clear your web browsing history, cache and cookies. As always, your Small Business Services team is here to help. If you have any QuickBooks related questions, please feel free to contact us at 810-238-4617.
- [Build a More Cohesive Team](https://www.lkcpas.com/financial-sense-blog/build-a-more-cohesive-team/) - A cohesive team of employees that work well together means that your team is productive and efficient. By developing and working through team-building activities, your team can work together to develop trust and establish stronger bonds, promoting collaboration and communication. Proactively build a cohesive team utilizing some (or all!) of the following measures: Organize a
- [Protect Your Business Before A Crisis Hits](https://www.lkcpas.com/financial-sense-blog/protect-your-business-before-a-crisis-hits/) - Oftentimes, many small and even mid-sized businesses become so focused on growing the business itself that we never stop to consider the impact of a key personnel loss. Personnel issues with key people can have a huge impact on your company’s success. As your company grows, it’s important to think about things that could jeopardize
- [Get the Most Out Of Your Partnerships](https://www.lkcpas.com/financial-sense-blog/get-the-most-out-of-your-partnerships/) - Whether we’re talking about money, information, technology, or vendors, all business leaders need something from someone else. Keeping a close connection with your network helps keep those resources close at hand. Your professional partnerships can also be effective in optimizing your time and energy, often with mutual benefits. To build stronger and smarter partnerships, consider
- [Email Subject Lines Subscribers Can’t Resist!](https://www.lkcpas.com/financial-sense-blog/email-subject-lines-subscribers-cant-resist/) - Your list of contacts in your email list are a hugely valuable business asset. The ability to send valuable content to your target audience, all the while building long-term relationships plays a big role in your online marketing efforts. But, how can you strengthen these relationships if your emails aren’t being opened?
- [What to Check after an IT Security Incident](https://www.lkcpas.com/financial-sense-blog/what-to-check-after-an-it-security-incident/) - The IT world is changing – with new technology, mobile capabilities, applications and social media, businesses are finding it more and more difficult to protect their important data and comply with ever changing regulations. Coming up with an effective Incident Response Plan (IRP) can enable Security Operations Centers (SOCs) to reduce the negative impacts of
- [Project Close Out – 4 Crucial Steps](https://www.lkcpas.com/financial-sense-blog/project-close-out-4-crucial-steps/) - While often overlooked, the project close out step is one of the key learning experiences and process improvement activities that can be performed during a projects life cycle. By actively closing out a project, you are actively evaluating the success and missteps of a project, as well as ensuring stakeholders are happy and an appropriate
- [Successfully Grow Your Business](https://www.lkcpas.com/financial-sense-blog/successfully-grow-your-business/) - Chaotic and unencumbered business growth has the potential to lead many organizations, both large and small, into a ‘crash and burn’ reality that, without organized structure, can inhibit sustainable growth. Consider the following three essentials for successful business growth: 1. Developing an Organization Chart Keeping an accurate and up-to-date Organization Chart is essential for businesses
- [IRS is Sending out Identity Verification Letters to Possible Identity Theft Victims](https://www.lkcpas.com/financial-sense-blog/irs-is-sending-out-identity-verification-letters-to-possible-identity-theft/) - In its efforts to combat identity theft, the IRS is stopping suspicious tax returns that have indications of being identity theft, but contain a real taxpayer's name and/or social security number and sending out (by US Postal Service) Letter 5071C to request that the taxpayer verify his or her identity. (The IRS will not email
- [Reward Employees – Without Spending a Dime](https://www.lkcpas.com/financial-sense-blog/reward-employees-without-spending-a-dime/) - Making your employees feel appreciated doesn’t have to be expensive. In fact, there are ways to reward your team that don’t cost any money. Regular recognition and praise given to employees has been shown to increase productivity, engagement among coworkers, loyalty and career satisfaction. Here are 20 ways to reward your employees, all without cost:
- [LinkedIn Networking – The Dos and Don’ts](https://www.lkcpas.com/financial-sense-blog/linkedin-networking-the-dos-and-donts/) - Social recruiting is on the rise, and your online profile says a lot about you and your professional image. Using an inappropriate profile picture or to many “!!!” can be a turn-off to anyone visiting your profile. The list below outlines some of the deal breakers and major faux pas on LinkedIn: 1. Don’t collect
- [Boost Workplace Collaboration](https://www.lkcpas.com/financial-sense-blog/boost-workplace-collaboration/) - Collaboration in the workplace is an often discussed topic in any office environment, and for good reason. To increase productivity, resource sharing and keep your customers happy, collaboration is key. But where should you start? Here are three easy ways to boost collaboration in your workplace: 1. Communicate and Reinforce Expectations Create and follow through
- [Marketing to Seniors](https://www.lkcpas.com/financial-sense-blog/marketing-to-seniors/) - Do you know which demographic controls 85% of the country’s wealth, and are now the fastest growing user group of social media? Surprisingly enough, it’s seniors. The over 50 population in the U.S. reached 108 million last year, and in the next 20 years more than 75 million more Americans will turn 60. Despite their
- [Bogus IRS Calls and Emails](https://www.lkcpas.com/financial-sense-blog/bogus-irs-calls-and-emails/) - Topping the IRS list of “Dirty Dozen” tax scams this year are fraudulent calls from phone scammers posing as IRS agents. With the tax season in full swing, phone scams have been surging, with the Treasury Inspector General for Tax Administration (TIGTA), which oversees the IRS, reporting 290,000 scam calls since October 2013 and nearly
- [Anthem’s Major Data Breach – What to do next](https://www.lkcpas.com/financial-sense-blog/anthems-major-data-breach-what-to-do-next/) - In a recent major security breach, hackers gained unauthorized access to Anthem Health’s IT system. Hackers obtained personal data such as names, addresses, Social Security numbers, birthdays, email and employment information on up to 80 million current and former customers and Anthem employees. Anthem says that attackers didn’t get any medical records, however, they did
- [Radically Improve Your Business with These 10 Mindsets](https://www.lkcpas.com/financial-sense-blog/radically-improve-your-business-with-these-10-mindsets/) - What makes some businesspeople successful, and others not? It has everything to do with having the right frame of mind. Below are the top 5 mindsets: 1. Choose courage over fear You have to have courage to be successful, and to become courageous, be courageous. Much of being successful is about venturing into the unknown. Whether you
- [IRS Fact Sheets Describe Ways to Combat Taxpayer Identity Theft](https://www.lkcpas.com/financial-sense-blog/irs-fact-sheets-describe-ways-to-combat-taxpayer-identity-theft/) - In two Fact Sheets, IRS has listed numerous ways that taxpayers can protect themselves from identity theft and the steps they should take if they find they have become victims of such fraud. Background. IRS continues to increase its efforts against refund fraud, which includes identity theft. As a result of these aggressive efforts to combat
- [Attract Millennial Employees via Strong Corporate Values](https://www.lkcpas.com/financial-sense-blog/attract-millennial-employees-via-strong-corporate-values/) - What types of organizations do Millennials want to work for? Those that are focused on their people and purpose, not just what they’re selling and how much money is being made. This data comes from Deloitte Touche Tohmatsu Limited’s (Deloitte Global) fourth annual Millennial Survey. The research revealed that 75 percent of millennials think businesses
- [Information on the IRS’ Identity Protection Personal Identification Number (IP PIN)](https://www.lkcpas.com/financial-sense-blog/information-on-the-irs-identity-protection-personal-identification-number-i/) - In today's day and age, you're hearing more news stories about identity theft. To help protect taxpayers this year, the IRS is offering the opportunity to receive an Identity Protection Personal Identification Number (IP PIN). If you would like to an IP PIN, we invite you to follow the below "What you need to know"
- [Michigan Personal Property Tax Reform](https://www.lkcpas.com/financial-sense-blog/michigan-personal-property-tax-reform/) - Michigan is phasing out its Personal Property Tax (PPT) for most businesses, beginning last year. It will substantially reduce compliance and administrative costs for businesses. This is especially pertinent for manufacturers who rely on capital investments in tools and other equipment. Eligible Manufacturing Personal Property (EMPP) could include both commercial and personal property, and industrial
- [Avoiding Business Risks Can Cost You](https://www.lkcpas.com/financial-sense-blog/avoiding-business-risks-can-cost-you/) - Avoiding risk means passing on opportunity and that can be costly. Often, we rationalize that avoiding risk is a “no cost” option and something that is perfectly acceptable. The reality is that risk avoidance is the greatest impediment to progress, personally and professionally. Opportunity, like time, is perishable. Miss an opportunity to move your business
- [How to Make Your Customers Love You](https://www.lkcpas.com/financial-sense-blog/how-to-make-your-customers-love-you/) - There is great power in simplicity. Reaching out to your customers on a personal level and going right to the heart of what’s most important to them, in a straightforward way, goes a long way toward loyalty. Doing this can help them: 1. Feel appreciated 2. Save time 3. Listen to them 4. Help them
- [Tax extenders: 3 breaks for individuals on their 2014 returns](https://www.lkcpas.com/financial-sense-blog/tax-extenders-3-breaks-for-individuals-on-their-2014-returns/) - On Dec. 19, the president signed into law the Tax Increase Prevention Act of 2014 (TIPA), which extended through Dec. 31, 2014, many valuable tax breaks that had expired at the end of 2013. Here are three that individuals may be able to take advantage of when filing their 2014 returns: 1. State and local
- [Create Structure for Your Remote Workforce](https://www.lkcpas.com/financial-sense-blog/create-structure-for-your-remote-workforce/) - One important area for business owners to evaluate in the New Year is employee productivity. A simple way to improve it is by creating structurefor your workforce, especially for those who work remotely. Here’s how to create a framework for a productive team: Establish fixed working hours and stick to them. While allowing every employee to
- [You may be able to save more for retirement in 2015](https://www.lkcpas.com/financial-sense-blog/you-may-be-able-to-save-more-for-retirement-in-2015/) - Many retirement plan contribution limits increase slightly in 2015; thus, you may have opportunities to increase your retirement savings: Type of limitation 2014 limit 2015 limit Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans $17,500 $18,000 Annual benefit for defined benefit plans $210,000 $210,000 Contributions to defined contribution plans $52,000 $53,000 Contributions to SIMPLEs
- [Obama Signs 2014 Tax Extenders](https://www.lkcpas.com/financial-sense-blog/obama-signs-2014-tax-extenders/) - President Barack Obama has signed H.R. 5771, The Tax Increase Prevention Act of 2014, and individual taxpayers will benefit from the list of 50-plus tax extenders. There’s tax relief for teachers, commuters, home renovators who go green and those who live in no-income-tax states. They’ll all see the breaks on their 2014 tax returns and
- [What are Your 2015 Sales Goals?](https://www.lkcpas.com/financial-sense-blog/what-are-your-2015-sales-goals/) - The New Year is just around the corner. Have you given any thought to your sales plans and goals yet? If not, it’s the perfect time to take some advice on how to get started. By managing these three things, you're sure to have a successful 2015: Sales meetings Budget Time Start by answering
- [LEGISLATION NEWS: Senate Passes Tax Increase Prevention Act of 2014](https://www.lkcpas.com/financial-sense-blog/legislation-news-senate-passes-tax-increase-prevention-act-of-2014/) - On Tuesday, December 16,2014 the Senate passed a bill to retroactively extend more than 50 expired tax provisions through 2014. The Tax Increase Prevention Act of 2014 was passed by a vote of 76-16. What does this mean for you? This act temporarily extends several expired individual, business and energy tax breaks, as well as
- [Why you should make annual exclusion gifts before year end](https://www.lkcpas.com/financial-sense-blog/why-you-should-make-annual-exclusion-gifts-before-year-end/) - The 2014 gift tax annual exclusion allows you to give up to $14,000 per recipient tax-free without using up any of your lifetime gift tax exemption. If you and your spouse “split” the gift, you can give $28,000 per recipient. The gifted assets are removed from your taxable estate, which can be especially advantageous if
- [2015 Cybersecurity Resolutions](https://www.lkcpas.com/financial-sense-blog/2015-cybersecurity-resolutions/) - Security breaches were front and center this year, including those that happened at high-profile brands such as Home Depot, AT&T, JP Morgan, eBay and P.F. Chang’s. Because these companies are so large, they were able to mobilize their resources and recover fairly quickly, but small businesses are not always so fortunate. A survey by Experian found
- [Basic Instincts: Do Your Employees Have “The Nine?” for Fast Growth?](https://www.lkcpas.com/financial-sense-blog/basic-instincts-do-your-employees-have-the-nine-for-fast-growth/) - What kind of employees do you need to hire to grow a company? You can train and hire for skills, shaping the team personality, however, what you can’t train, shape or change are your employees’ primal basic work instincts: how they will first respond and react to all the dynamics in a fast growth company.
- [How much time is left to make donations you can deduct on your 2014 return?](https://www.lkcpas.com/financial-sense-blog/how-much-time-is-left-to-make-donations-you-can-deduct-on-your-2014-return/) - To take a 2014 charitable donation deduction, the gift must be made by Dec. 31, 2014. According to the IRS, a donation generally is “made” at the time of its “unconditional delivery.” But what does this mean? Is it the date you, for example, write a check or make an online gift via your credit
- [Network, Network, Network](https://www.lkcpas.com/financial-sense-blog/network-network-network/) - Networking: it plays a crucial part in our careers and businesses. Whether it’s finding a new client or just passing and sharing knowledge…not everybody is doing it right. What might you be doing wrong? If you want to network successfully and get noticed by the person you want to connect with, avoid these mistakes:
- [Review gains and losses now to see if action by Dec. 31 can save 2014 taxes](https://www.lkcpas.com/financial-sense-blog/review-gains-and-losses-now-to-see-if-action-by-dec-31-can-save-2014-taxes/) - Appreciating investments that don’t generate current income aren’t taxed until sold, deferring tax and perhaps allowing you to time the sale to your tax advantage. Review your year-to-date gains and losses now to see if selling any additional investments by Dec. 31 can reduce your 2014 tax liability. For example, if you’ve cashed in some
- [Your Business Legacy](https://www.lkcpas.com/financial-sense-blog/your-business-legacy/) - How is it that some leaders can make a lasting impact? It can’t simply be achieved at the tail end of a person’s tenure at an organization or the very year a leader starts planning to retire; a legacy is created throughout the entire course of a career. Comprised of decisions and actions, legacy leadership
- [Accelerating deductions to save taxes](https://www.lkcpas.com/financial-sense-blog/accelerating-deductions-to-save-taxes/) - Smart timing of deductible expenses can reduce your tax liability, and poor timing can unnecessarily increase it. When you don’t expect to be subject to the alternative minimum tax (AMT) in the current year, accelerating deductible expenses into the current year typically is a good idea. Why? Because it will defer tax, which usually is
- [Employee Development for Key Company Roles](https://www.lkcpas.com/financial-sense-blog/employee-development-for-key-company-roles/) - When businesses grow, there is a natural path toward having less experienced employees assume new leadership roles. Smaller businesses sometimes fail to consider the benefits of leadership planning, believing that there will never be a need for additional key personnel, other than the owners or a handful of top managers. Active training and development make
- [IRS Provides Guidance for Applying the One-IRA-Rollover-Per-Year Rule](https://www.lkcpas.com/financial-sense-blog/irs-provides-guidance-for-applying-the-one-ira-rollover-per-year-rule/) - Ann. 2014-32, 2014-48 IRB; IR 2014-107 In an Announcement and an accompanying News Release, IRS has issued several additional rules to flesh out the application of the one-IRA-rollover-per-year rule that it announced earlier this year would go into effect on Jan. 1, 2015. One such rule is a transition rule for distributions made in 2015.
- [Will the lame-duck Congress revive expired tax breaks for 2014?](https://www.lkcpas.com/financial-sense-blog/will-the-lame-duck-congress-revive-expired-tax-breaks-for-2014/) - With the midterm elections now behind us and control of the U.S. Senate set to shift parties in January, it’s time to revisit the valuable tax breaks that expired at the end of 2013. Will the lame-duck 113th Congress revive any of them for 2014? Or will nothing happen until the 114th Congress goes into
- [Do Your Employees Trust You?](https://www.lkcpas.com/financial-sense-blog/do-your-employees-trust-you/) - New research finds that some employees aren’t keeping the faith – in their bosses. A new study from Interaction Associates, a workplace performance improvement company, concluded that 40 percent of workers said they don’t have a high level of trust in their individual bosses or in their organization as a whole. More than one-quarter of
- [5 Client Retention Strategies](https://www.lkcpas.com/financial-sense-blog/5-client-retention-strategies/) - Try as you might, some clients just won’t be in it for the long haul. There is hope, however! Client retention is arguably one of the most important aspects of your business. It takes a lot of hard work, time and money to draw clients into your business, so it’s important that you work to
- [MI Department of Treasury Update for 2015 - “One Stop” for Businesses](https://www.lkcpas.com/financial-sense-blog/mi-department-of-treasury-alert-one-stop-for-businesses/) - Michigan Business One Stop houses the e-Registration process for businesses. It’s easy, secure, fast & convenient. It eliminates the need to mail in a ‘Registration for Business Taxes' (form 518) and/or Unemployment Insurance Agency forms (UIA). Starting in 2015, SUW taxpayers will be required to register online in order to e-file returns and electronically
- [L&K Principal, Anita Abrol, to Speak at the MSU Management Education Center](https://www.lkcpas.com/financial-sense-blog/lk-principal-anita-abrol-to-speak-at-the-msu-management-education-center/) - Catch Anita Abrol, L&K Principal, on 11/5 @ the MSU Management Education Center, where she'll speak about Defining Revenue Cycle Management. Revenue Cycle Management is the key to: determining patient insurance eligibility managing compliance information simplifying claims filing collecting co-pays Understanding how to maximize this process will assure a steady stream of revenue for your
- [Timing business income and expenses to your tax advantage](https://www.lkcpas.com/financial-sense-blog/timing-business-income-and-expenses-to-your-tax-advantage/) - Typically, it’s better to defer tax. Here are two timing strategies that can help businesses do this: Defer income to next year. If your business uses the cash method of accounting, you can defer billing for your products or services. Or, if you use the accrual method, you can delay shipping products or delivering services. Accelerate
- [Social Recruiting: Expand Your Reach for Excellent Candidates](https://www.lkcpas.com/financial-sense-blog/social-recruiting-expand-your-reach-for-excellent-candidates/) - With close to 2 billion active users on social media, there’s an opportunity for recruiters to connect with people they usually wouldn’t. The social recruiting trend is increasing and if your company isn’t on board yet, it can’t hurt to test the waters. Recruiters and HR professionals are increasingly using social media to reach out
- [AMT triggers could boost your tax bill if you’re not careful](https://www.lkcpas.com/financial-sense-blog/amt-triggers-could-boost-your-tax-bill-if-youre-not-careful/) - A fundamental tax planning strategy is to accelerate deductible expenses into the current year. This typically will defer — and in some cases permanently reduce — your taxes. But there are exceptions. One is if the additional deductions this year trigger the alternative minimum tax (AMT). This is a separate tax system that limits some
- [The Science of Customer Retention](https://www.lkcpas.com/financial-sense-blog/the-science-of-customer-retention/) - You’ve probably heard the old adage that it costs more to get a new customer than it does to keep an existing one. Not only are new customer acquisition costs higher, but successful customer retention helps to strengthen your brand identity and business reputation. Surprisingly, many businesses don’t have a customer retention strategy. If your
- [Clients Making Headlines: Diplomat Pharmacy Launches IPO](https://www.lkcpas.com/financial-sense-blog/clients-making-headlines/) - Congrats to Phil Hagerman, CEO, and the rest of the team! Diplomat Pharmacy is now the nation’s largest specialty pharmaceutical company. The company serves about one percent of the nation’s sickest patients by providing drugs for complex treatments for cancer, Crohn’s disease and other illnesses. Diplomat started trading its stock publicly on on 10/10/14. To
- [Self-employed? Save more by setting up your own retirement plan](https://www.lkcpas.com/financial-sense-blog/self-employed-save-more-by-setting-up-your-own-retirement-plan/) - If you’re self-employed, you may be able to set up a retirement plan that allows you to make much larger contributions than you could make as an employee. For example, the maximum 2014 employee contribution to a 401(k) plan is $17,500 — $23,000 if you’re age 50 or older. Look at how the limits for
- [Increase Your Sales with Small Steps](https://www.lkcpas.com/financial-sense-blog/increase-your-sales-with-small-steps/) - Keeping the big picture in mind can help you get a larger bottom line. Large sales sometimes happen with little efforts, including asking for referrals, using a team approach to sales and re-purposing work you’ve already completed. Try implementing these small changes to increase your sales: Change your sales process. Ask for a referral after
- [Lewis & Knopf, CPAs, P.C.’s Principal Named as New Board of Directors Member of Small Business](https://www.lkcpas.com/firm-news/lewis-knopf-cpas-p-c-s-principal-named-as-new-board-of-directors-member-of/) - Anita Abrol, CPA, Principal at Lewis & Knopf CPAs, P.C., was recently named a member of the Small Business Association of Michigan’s board of directors. “It is an honor to be part of an organization that provides such great support and benefit to Michigan’s small businesses,” said Abrol. “I am committed to help carry out
- [Donating appreciated stock can offer substantial tax benefits](https://www.lkcpas.com/financial-sense-blog/donating-appreciated-stock-can-offer-substantial-tax-benefits/) - Are you planning to make charitable donations before year end? Do you own appreciated stock that you’d like to sell, but you’re concerned about the tax hit? Then consider donating it to charity rather than making a cash gift. Appreciated publicly traded stock you’ve held more than one year is long-term capital gains property. If
- [Revive Your Brand!](https://www.lkcpas.com/financial-sense-blog/revive-your-brand/) - The startup world can be rough. Some speculate that 8 out of 10 businesses fail in the first 18 months, while others believe the number is closer to 90 percent. Surprisingly, many businesses normally don’t fail because of poor products – they fail because they don’t communicate the company’s value clearly and consistently to the
- [Maximizing depreciation deductions in an uncertain tax environment](https://www.lkcpas.com/financial-sense-blog/maximizing-depreciation-deductions-in-an-uncertain-tax-environment/) - For assets with a useful life of more than one year, businesses generally must depreciate the cost over a period of years. Special breaks are available in some circumstances, but uncertainty currently surrounds them: Section 179 expensing.This allows you to deduct, rather than depreciate, the cost of purchasing eligible assets. Currently the expensing limit for
- [Keep the Recruiting Ball Rolling](https://www.lkcpas.com/financial-sense-blog/keep-the-recruiting-ball-rolling/) - Recruiting: it takes time, energy and focus. It may feel like it’s unproductive for the company since it takes a while for the fruits of your labor – the new hire’s training, acclimation and productivity – to appear. Be careful not to assume that the recruiting process stops when the candidate accepts your offer. Technically,
- [Watch out for the wash sale rule](https://www.lkcpas.com/financial-sense-blog/watch-out-for-the-wash-sale-rule/) - If you’ve cashed in some big gains this year, consider looking for unrealized losses in your portfolio and selling those investments before year end to offset your gains. This can reduce your 2014 tax liability. But if you want to minimize the impact on your asset allocation, keep in mind the wash sale rule. It
- [Managing Your Employees’ Social Media Use On and Off the Clock](https://www.lkcpas.com/financial-sense-blog/managing-your-employees-social-media-use-on-and-off-the-clock/) - With the pervasiveness of social media, it’s likely that many of your employees are connected to a variety of social media outlets during work and personal time. This leaves business managers with concerns regarding how they should manage their employees’ usage of social media at work, what potential issues could arise from their actions, and how
- [Careful tax planning critical for RSUs — and other stock-based compensation](https://www.lkcpas.com/financial-sense-blog/careful-tax-planning-critical-for-rsus-and-other-stock-based-compensation/) - If you’re an executive or other key employee, you might be compensated with more than just salary, fringe benefits and bonuses: You might also be awarded stock-based compensation, such as restricted stock or stock options. Another form that’s becoming more common is restricted stock units (RSUs). RSUs are contractual rights to receive stock (or its
- [Business Success in Just 5 Easy Steps!](https://www.lkcpas.com/financial-sense-blog/business-success-in-just-5-easy-steps/) - Personal touches, like sending a follow up thank you note or a small gift via snail mail after a purchase, go a long way toward customer loyalty. Whether you’re at the head of a large corporation or a small, but sharp neighborhood operation, try these ideas on for size to increase customer loyalty and put
- [Online Customer Reviews Gaining Momentum](https://www.lkcpas.com/financial-sense-blog/online-customer-reviews-gaining-momentum/) - With the popularity of online reviews, most shoppers these days peruse what other shoppers have to say before committing to a purchase. The way consumers make decisions has dramatically changed over the last decade. While standing in a store, we can now compare prices and access buyer feedback using our Smartphones. With reviews already such an
- [The IoT’s influence on Brand-Consumer Relationships](https://www.lkcpas.com/financial-sense-blog/the-iots-influence-on-brand-consumer-relationships/) - As the Internet of Things (IoT) grows and more items are added to the circle of connectivity, the relationship between consumers who use the objects and the brands that manufacture them will invariably change. For businesses looking to stay relevant in the era of IoT, learning to manage and leverage the new dynamic in
- [Want to Snag a Customer for Life?  Here’s how!](https://www.lkcpas.com/financial-sense-blog/want-to-snag-a-customer-for-life-heres-how/) - Ask yourself: do you want short-term customers or customers for life? Here’s what you can do to ensure that your customers want to keep coming back: Turn No into Maybe It’s only a matter of time before a customer asks you to sell something that you don’t already offer, but might be able to. Perhaps
- [Grandchild in college this fall? Paying tuition could save gift and estate taxes](https://www.lkcpas.com/financial-sense-blog/grandchild-in-college-this-fall-paying-tuition-could-save-gift-and-estate-t/) - Now’s the time of year when many young adults are about to head back to college — or to enter their first year of higher education. If you have a grandchild who’ll be in college this fall and you’re concerned about gift and estate taxes, you may want to consider paying some of his or
- [4 Productivity Improvement Strategies](https://www.lkcpas.com/financial-sense-blog/4-productivity-improvement-strategies/) - Regardless of what business you’re in or what your goals are, productivity is extremely important. In a time of constant movement, constant communication, and continual pursuit of achievement, we seldom feel we are ahead of that long to-do list, no matter how many completed tasks we record at the end of the day. Here are four approaches to
- [Team Building & Coaching in 9 Easy Steps](https://www.lkcpas.com/financial-sense-blog/team-building-coaching-in-9-easy-steps/) - Building a killer team is crucial to your success as an entrepreneur. Here’s how to do it: 1. Look for real talent. Hire people who are smarter and have more experience than you. 2. Seek out different skill sets. When you’re building a small team, it’s incredibly important that each member bring something different to the
- [Michigan’s Business Personal Property Tax Is History](https://www.lkcpas.com/financial-sense-blog/michigans-business-personal-property-tax-is-history/) - Proposal 1 has passed in Michigan, eliminating the state’s business personal property tax. It guarantees that Michigan's local jurisdictions have a source of revenue to replace amounts previously collected as business personal property tax – a primary funding source for cities and towns. The proposal aimed to repeal the personal property tax and replace property
- [Your Guide to a Light Bulb Moment](https://www.lkcpas.com/financial-sense-blog/your-guide-to-a-light-bulb-moment/) - Have you ever noticed that when you walk away from a problem for a while, a new idea or solution just pops into your head out of nowhere? Sometimes, you just need a break if you’ve hit a creative wall. Watching the cursor blink endlessly isn’t a solution, so try these ideas out and see
- [Polish Your Public Speaking Skills](https://www.lkcpas.com/financial-sense-blog/polish-your-public-speaking-skills/) - Great speakers are great because they’re never satisfied. They are constantly seeking new ways to improve on the art of public speaking. How do you transform an already good public speaker into a showstopper? The seven techniques listed below will help you make the leap from being merely a good public speaker to a positively
- [Give and receive with a charitable remainder trust](https://www.lkcpas.com/financial-sense-blog/give-and-receive-with-a-charitable-remainder-trust/) - Would you like to benefit charity while reducing the size of your taxable estate yet maintain an income stream for yourself? Would you also like to divest yourself of highly appreciated assets and diversify your portfolio with minimal tax consequences? Then consider a CRT. Here’s how it works: When you fund the CRT, you receive
- [Want to See Your Business Grow?](https://www.lkcpas.com/financial-sense-blog/want-to-see-your-business-grow/) - Become a thought leader. A successful business is made up, not only of the brand of the company, but the brand and reputation of the people that run it. Investing time and energy in establishing your personal brand builds credibility and enhances the reputation of not just yourself but your company, too. The most commonly
- [2 tax pitfalls of mutual funds](https://www.lkcpas.com/financial-sense-blog/2-tax-pitfalls-of-mutual-funds/) - Investing in mutual funds is an easy way to diversify a portfolio, which is one reason why they’re commonly found in retirement plans such as IRAs and 401(k)s. But if you hold such funds in taxable accounts, or are considering such investments, beware of these two tax pitfalls: Mutual funds with high turnover rates can
- [6 Awesome Entrepreneurial Traits](https://www.lkcpas.com/financial-sense-blog/6-awesome-entrepreneurial-traits/) - Though not everybody is cut out to run their own business, some are more adept than others at being at the helm of a successful entrepreneurial enterprise. Becoming a successful entrepreneur requires both a great business idea and certain specific traits. Jenny Ta, founder and CEO of Sqeeqee.com, a social commerce platform that gives individuals,
- [Have you misclassified employees as independent contractors?](https://www.lkcpas.com/financial-sense-blog/have-you-misclassified-employees-as-independent-contractors/) - An employer enjoys several advantages when it classifies a worker as an independent contractor rather than as an employee. For example, it isn’t required to pay payroll taxes, withhold taxes, pay benefits or comply with most wage and hour laws. However, there’s a potential downside: If the IRS determines that you’ve improperly classified employees as
- [Could You Maintain Business Continuity During a Disaster?](https://www.lkcpas.com/financial-sense-blog/could-you-maintain-business-continuity-during-a-disaster/) - Planning for a disaster can sometimes elicit feelings of discomfort, but it’s a vital tool for businesses. Though it may be easier to adopt the “It won’t happen to us” view, sticking your head in the sand won’t allow you to maintain business continuity or keep your employees safe, should disaster strike. Whether it is
- [Why you need to know the value of your assets](https://www.lkcpas.com/financial-sense-blog/why-you-need-to-know-the-value-of-your-assets/) - With the gift and estate tax exemptions currently at $5.34 million, you might think that estate valuations are less important. But even if you believe that your estate’s value is under the exemption amount, it’s still important to know the value of your assets. First, your estate might be worth more than you think. For
- [Summer Hiring Tips](https://www.lkcpas.com/financial-sense-blog/summer-hiring-tips/) - Summer brings warm weather, sunny days and summer hires. Students out of school for a few months are eager to work and businesses are eager to have them. Be prepared for the rush of additional customers with an increased short-term workforce and be sure to follow these tips to ensure you’re covered from all angles:
- [If you’ve put your home on the market, you need to know the tax consequences of a sale](https://www.lkcpas.com/financial-sense-blog/if-youve-put-your-home-on-the-market-you-need-to-know-the-tax-consequences/) - Summer is a common time to put a home on the market. If you’re among those who are following this trend, it’s important to be aware of the tax consequences. If you’re selling your principal residence, you can exclude up to $250,000 ($500,000 for joint filers) of gain — as long as you meet certain
- [An Ounce of Prevention](https://www.lkcpas.com/financial-sense-blog/an-ounce-of-prevention/) - Don’t sweat the small stuff – but be sure to plan for it. Oftentimes, businesses focus on a few selected risks rather than planning for all types of security threats. Visualizing several worst case scenarios, keeping the focus on the big picture and a healthy amount of planning will keep everybody on the same page
- [Consider the Sec. 83(b) election to save tax on restricted stock awards](https://www.lkcpas.com/financial-sense-blog/consider-the-sec-83b-election-to-save-tax-on-restricted-stock-awards/) - Restricted stock is stock that’s granted subject to a substantial risk of forfeiture. Income recognition is normally deferred until the stock is no longer subject to that risk or you sell it. You then pay taxes on the stock’s fair market value at your ordinary-income rate. But you can instead make a Section 83(b) election
- [Cut the Fat from Next Year’s Tax Bill Now](https://www.lkcpas.com/financial-sense-blog/cut-the-fat-from-next-years-tax-bill-now/) - With your 2013 tax return just fading from the rearview mirror, your last thought is likely about your 2014 return. Mid-year planning is particularly important for high-income taxpayers and anyone with substantial investment income. Here are a few reasons why: · A tax law that took effect last year imposes a new 39.6% marginal rate
- [Who’s subject to the 50% limit on meal and entertainment deductions?](https://www.lkcpas.com/financial-sense-blog/whos-subject-to-the-50-limit-on-meal-and-entertainment-deductions/) - In general, when meal and entertainment expenses are incurred in the context of an employer-employee or customer–independent contractor relationship, one party will be subject to a 50% limitation on the deduction. But which party? Last year, the IRS finalized regulations that address this question. In the employer-employee setting: If the employer reimburses the employee for
- [Commitment, Accountability, Performance & Vision](https://www.lkcpas.com/financial-sense-blog/commitment-accountability-performance-vision/) - Have you ever considered the role your mindset plays in how you approach your leadership? Mindset can be defined as the attitudes, beliefs and expectations you hold that act as the foundation of who you are, how you lead and the ways in which you interact with your team. Your mindset: · Determines how you
- [What to do with your old retirement plan when you change jobs](https://www.lkcpas.com/financial-sense-blog/what-to-do-with-your-old-retirement-plan-when-you-change-jobs/) - First and foremost, don’t take a lump-sum distribution from your old employer’s retirement plan. It generally will be taxable and, if you’re under age 59½, subject to a 10% early-withdrawal penalty. Here are three alternatives: 1. Stay put. You may be able to leave your money in your old plan. But if you’ll be participating
- [Bill Signed to Raise Minimum Wage](https://www.lkcpas.com/financial-sense-blog/bill-signed-to-raise-minimum-wage/) - Michigan Governor Rick Snyder recently signed legislation to raise the state’s minimum wage by 25 percent gradually over the next four years from the current rate of $7.40 to $9.25 an hour. It is the first state with a Republican-led legislature to raise its minimum wage this year, according to the National Conference of State
- [Lewis & Knopf’s Managing Principal Named to Local Chamber’s Operating Board](https://www.lkcpas.com/firm-news/lewis-knopfs-managing-principal-named-to-local-chambers-operating-board/) - Thomas Shade, CPA, Managing Principal at Lewis & Knopf CPAs, P.C., was recently named as a member of Flint & Genesee Chamber of Commerce’s Operating Board. “I have been an active member of Flint & Genesee Chamber of Commerce for quite a while,” said Shade. “In my new membership with the Chamber, I am committed
- [Build a Strong Business Relationship](https://www.lkcpas.com/financial-sense-blog/build-a-strong-business-relationship/) - Business relationships, like any other, need nurturing, communication and patience in order to become (and stay) harmonious. By following these tips, you can build a strong foundation: 1. Avoid Overpromising and Underperforming You always want your clients feeling as though you’re providing them with real value and surpassing their expectations is a superb way to
- [Summer day camp may save you taxes](https://www.lkcpas.com/financial-sense-blog/summer-day-camp-may-save-you-taxes/) - The passing of Memorial Day marks the beginning of summer in the minds of many Americans. Although the kids might still be in school for another week or two, summer day camp is rapidly approaching for many families. If yours is among them, did you know that sending your child to day camp might make
- [3 tax traps when donating real estate to charity](https://www.lkcpas.com/financial-sense-blog/3-tax-traps-when-donating-real-estate-to-charity/) - If you’re considering donating a property to charity, here are three potential tax traps you need to be aware of: If you donate real estate to a public charity, you generally can deduct the property’s fair market value. But if you donate it to a private foundation, your deduction is limited to the lower of
- [Staying Top of Mind](https://www.lkcpas.com/financial-sense-blog/staying-top-of-mind/) - No one wants to be quickly forgotten, especially after a networking event, but being memorable is essential for every entrepreneur. Citing a common interest, developing a signature style and finding ways to follow up are just the beginning of building a strong and lasting impression. The next time you are at an event where
- [Employers: Have you amended your FSA plan?](https://www.lkcpas.com/financial-sense-blog/employers-have-you-amended-your-fsa-plan/) - Health care Flexible Spending Accounts (FSAs) allow employees to redirect pretax income to an employer-sponsored plan that pays, or reimburses them for, qualified medical expenses not covered by insurance. A maximum employee contribution limit of $2,500 went into effect in 2013. (Employers can set a lower limit, however, and there will continue to be no
- [Quality Over Quantity = A More Productive Workday](https://www.lkcpas.com/financial-sense-blog/quality-over-quantity-a-more-productive-workday/) - A great number of entrepreneurs work hard to achieve balance in their workday, ensuring that their daily tasks are completed. While they often must wear many different hats and are short on time, some entrepreneurs try to fit anything and everything they can into each and every workday. This can result in a longer workday
- [Key Provisions of the Foreign Account Tax Compliance Act](https://www.lkcpas.com/financial-sense-blog/key-provisions-of-the-foreign-account-tax-compliance-act/) - FATCA requires foreign financial institutions (FFI) of broad scope - banks, stock brokers, hedge funds, pension funds, insurance companies, trusts - to report directly to the IRS all clients’ accounts owned by U.S. Citizens and U.S. persons (Green Card holders). Starting July 1, 2014, FATCA will require FFIs to provide annual reports to the Internal
- [Don’t lose tax benefits when combining business travel with vacation pleasure](https://www.lkcpas.com/financial-sense-blog/dont-lose-tax-benefits-when-combining-business-travel-with-vacation-pleasur/) - Are you thinking about turning a business trip into a family vacation this summer? This can be a great way to fund a portion of your vacation costs. But if you’re not careful, you could lose the tax benefits of business travel. Generally, if the primary purpose of your trip is business, then expenses directly
- [Top Talent Attributes](https://www.lkcpas.com/financial-sense-blog/top-talent-attributes/) - Successful companies don’t hold back when it comes to recruiting the best candidates. Whether it’s drawing them away from other organizations or grabbing talented people from other industries, there are three attributes that are most important to an organization when hiring: attitude, competency and mindset. · Attitude. An employee has a passion for the organization and
- [Softening the blow of higher taxes on trust income](https://www.lkcpas.com/financial-sense-blog/softening-the-blow-of-higher-taxes-on-trust-income/) - This year, trusts are subject to the 39.6% ordinary-income rate and the 20% capital gains rate to the extent their taxable income exceeds $12,150. And the 3.8% net investment income tax applies to undistributed net investment income to the extent that a trust’s adjusted gross income exceeds $12,150. Three strategies can help you soften the
- [Tax Fraud Hits Physicians & Health Providers](https://www.lkcpas.com/financial-sense-blog/tax-fraud-hits-physicians-health-providers/) - More than 100 New Hampshire physicians and health care providers have been reportedly victimized by tax fraud. Social Security numbers were stolen and the perpetrators used them to file fraudulent tax returns and steal tax refunds. “The Secret Service and Internal Revenue Service should immediately conduct a joint investigation into recent reports that more than
- [Website Updates: What and How Often?](https://www.lkcpas.com/financial-sense-blog/website-updates-what-and-how-often/) - Oftentimes, after the initial setup of a website, it can be tricky to figure out how often to update and what, specifically, should be updated. Here are some tips to help you decide: How often should I update my website? This question is rooted in the buzz over how best to boost your search engine
- [Your 2013 tax return is filed. What tax records can you toss?](https://www.lkcpas.com/financial-sense-blog/your-2013-tax-return-is-filed-what-tax-records-can-you-toss/) - The short answer is: none. You need to hold on to all of your 2013 tax records for now. But this is a great time to take a look at your records for previous tax years and determine what you can purge. At minimum, keep tax records for as long as the IRS has the
- [Making the most of your business’s NOL](https://www.lkcpas.com/financial-sense-blog/making-the-most-of-your-businesss-nol/) - If during 2013 income tax return filing you found that your business had a net operating loss (NOL) for the year, the news isn’t all bad. While no one enjoys being unprofitable, an NOL does have an upside: tax benefits. In a nutshell, an NOL occurs when a company’s deductible expenses exceed its income —
- [Reasons to Check Your Child’s Credit Report](https://www.lkcpas.com/financial-sense-blog/reasons-to-check-your-childs-credit-report/) - Child identity theft is a growing problem, but taking proper steps to combat it can go a long way toward keeping your child safer. One in 40 households with children under age 18 had at least one child whose personal information was compromised by identity fraud, according to the 2012 Child Identity Fraud Survey,
- [Lewis & Knopf Portals are Safe from the Heartbleed Bug](https://www.lkcpas.com/financial-sense-blog/lewis-knopf-portals-are-safe-from-the-heartbleed-bug/) - By now you have probably have heard of the Heartbleed security flaw that was revealed earlier this week. Please be assured, the Lewis & Knopf client portals are safe. We invite you to read the below blog from Thomson Reuters, our third party provider. If you have any questions, please feel free to contact us
- [Don’t inadvertently miss filing deadlines](https://www.lkcpas.com/financial-sense-blog/dont-inadvertently-miss-filing-deadlines/) - If you still file a paper return, it’s important to know the IRS’s “timely mailed = timely filed” rule: If your tax return is due April 15, it’s considered timely filed if it’s postmarked by midnight on April 15. But just because you drop your return in a mailbox on the 15th doesn’t mean you’re
- [What Advice Should Small Business Owners Ignore?](https://www.lkcpas.com/financial-sense-blog/what-advice-should-small-business-owners-ignore/) - The most important piece of counsel for an entrepreneur or small business owner is how to recognize when to ignore the advice you are being given. Though often well meaning, others can tell you exactly what you don’t need to hear. Here are the top five pieces of business advice you should ignore: 1.It is
- [Four Phases of Wealth: Are Boomers Prepared to Retire?](https://www.lkcpas.com/financial-sense-blog/four-phases-of-wealth-are-boomers-prepared-to-retire/) - With 8,000 people turning 65 every day in America, Baby Boomers are prepping for retirement. The question is whether or not they are financially prepared to do so. An understanding of the four phases of wealth will aid in preparing them to utilize their hard earned savings to the best of its potential. They are
- [Can I claim my elderly parent as a dependent?](https://www.lkcpas.com/financial-sense-blog/can-i-claim-my-elderly-parent-as-a-dependent/) - For you to deduct up to $3,900 on your 2013 tax return under the adult-dependent exemption, in most cases the parent must have less gross income for the tax year than the exemption amount. Generally Social Security is excluded, but payments from dividends, interest and retirement plans are included. In addition, you must have contributed
- [Digital Device Data Storage Could Equal a Security Breach](https://www.lkcpas.com/financial-sense-blog/digital-device-data-storage-could-equal-a-security-breach/) - A document management company, Cintas Corp., and the Ponemon Institute, a company that conducts independent research on privacy, data protection and information security policy, recently teamed up to identify a few commonly overlooked areas of risk for data security. With the cost of data breaches estimated at an average of $5.4 million per incident, businesses
- [Your 2013 return may be your last chance for 2 depreciation-related breaks](https://www.lkcpas.com/financial-sense-blog/your-2013-return-may-be-your-last-chance-for-2-depreciation-related-breaks/) - If you purchased qualifying assets by Dec. 31, 2013, you may be able to take advantage of these depreciation-related breaks on your 2013 tax return: 1. Bonus depreciation. This additional first-year depreciation allowance is, generally, 50%. Among the assets that qualify are new tangible property with a recovery period of 20 years or less and
- [Roth IRAs: An Alternate Route](https://www.lkcpas.com/financial-sense-blog/roth-iras-an-alternate-route/) - Though high earners are not permitted to contribute directly to Roth IRA accounts, which offer tax-free income later on, there’s still a way in. Married couples who earn $191,000 or more and singles who earn $129,000 or more this year are ineligible to contribute directly to Roth IRAs, however, they are allowed to put money
- [Penalty for Healthcare Non-Enrollment May Run Higher](https://www.lkcpas.com/financial-sense-blog/penalty-for-healthcare-non-enrollment-may-run-higher/) - According to the Tax Policy Center, the oft quoted $95 price tag for not having health insurance under the Affordable Care Act most likely will end up costing many households more than that, as this figure only applies to relatively low-income households. The Center recently rolled out the ACA Tax Penalty Calculator, which assists
- [2013 higher education breaks may save your family taxes](https://www.lkcpas.com/financial-sense-blog/2013-higher-education-breaks-may-save-your-family-taxes/) - Tax credits can be especially valuable because they reduce taxes dollar-for-dollar; deductions reduce only the amount of income that’s taxed. A couple of credits are available for higher education expenses: The American Opportunity credit — up to $2,500 per year per student for qualifying expenses for the first four years of postsecondary education. The Lifetime
- [Don’t overlook reinvested dividends](https://www.lkcpas.com/financial-sense-blog/dont-overlook-reinvested-dividends/) - One of the most common mistakes investors make is forgetting to increase their basis in mutual funds to reflect reinvested dividends. Many mutual fund investors automatically reinvest dividends in additional shares of the fund. These reinvestments increase tax basis in the fund, which reduces capital gain (or increases capital loss) when the shares are sold.
- [Could deducting state and local sales taxes save you more?](https://www.lkcpas.com/financial-sense-blog/could-deducting-state-and-local-sales-taxes-save-you-more/) - For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes. Although this break hasn’t yet been extended to 2014, it is available for 2013. It can be valuable if you reside in a state with no or
- [Short-term ACA relief now available for midsize and large employers](https://www.lkcpas.com/financial-sense-blog/short-term-aca-relief-now-available-for-midsize-and-large-employers/) - Recently released IRS final regulations for the Affordable Care Act’s (ACA’s) employer shared-responsibility provision provide some short-term relief for midsize and large employers. Under the ACA, the shared-responsibility provision (commonly referred to as “play-or-pay”) applies to “large” employers — those with the equivalent of 50 or more full-time employees. Play-or-pay had been scheduled to go
- [IRS Issues Final Regulations on Employer Shared Responsibility Penalty](https://www.lkcpas.com/financial-sense-blog/irs-issues-final-regulations-on-employer-shared-responsibility-penalty/) - On February 10th, the IRS issued final regulations regarding the employer shared responsibility penalty. The most significant items to note in the regulations are a one-year delay of the employer mandate for midsize employers and a phased-in coverage requirement for large employers. For employers that have 50 to 99 full-time equivalent (FTE) employees, the employer
- [There’s still time to get substantiation for 2013 donations](https://www.lkcpas.com/financial-sense-blog/theres-still-time-to-get-substantiation-for-2013-donations/) - To support a charitable deduction, you need to comply with IRS substantiation requirements. This generally includes obtaining a contemporaneous written acknowledgment from the charity stating the amount of the donation, whether you received any goods or services in consideration for the donation, and the value of any such goods or services. “Contemporaneous” means the earlier
- [Retirement Saving Tax Strategies](https://www.lkcpas.com/financial-sense-blog/retirement-saving-tax-strategies/) - When looking at retirement savings it is important that you have all the necessary facts regarding the different tax strategies associated with various plans. Not all retirement plans have the same tax rules and some may be more beneficial than others. There are three “tax buckets” that should be reviewed when considering a retirement savings
- [Home office deduction 101](https://www.lkcpas.com/financial-sense-blog/home-office-deduction-101/) - If your use of a home office is for your employer’s benefit or because you’re self employed, you may be able to deduct a portion of your mortgage interest, property taxes, insurance, utilities and certain other expenses, as well as the depreciation allocable to the office space. Or you may be able to take the
- [Better Balance Sheets are Not Just Up to the Individual](https://www.lkcpas.com/financial-sense-blog/b1/) - Most individuals and families have resolved to make 2014 the year they get finances under control by paying down debt and saving more. There are a lot of tips and warnings that families and individuals are inundated with regarding the best way to improve finances. But is it enough to just provide people with advice
- [File early to reduce your risk of tax return fraud](https://www.lkcpas.com/financial-sense-blog/file-early-to-reduce-your-risk-of-tax-return-fraud/) - With the well-publicized security breach at major retailer Target recently, identity theft is likely on your mind. And stolen credit isn’t your only risk. In an increasingly common scam, identity thieves use victims’ personal information to file fraudulent tax returns electronically and claim bogus refunds. When the real taxpayers file their returns, they’re notified that
- [Local CPA Rejoins Lewis & Knopf, CPAs, P.C. Staff](https://www.lkcpas.com/firm-news/local-cpa-rejoins-lewis-knopf-cpas-p-c-staff/) - The certified public accounting firm of Lewis & Knopf, CPAs, P.C. recently announced that Joel A. Gibbons, CPA rejoined their team as a manager. “We are thrilled to have Joel rejoin our team,” said Thomas Shade, CPA, Managing Principal of Lewis & Knopf. “His knowledge and experience working with our clients and the communities we
- [Michigan Condominium Act – Section 57](https://www.lkcpas.com/financial-sense-blog/michigan-condominium-act-section-57/) - There has been news on the recent amendment to Section 57 of the Michigan Condominium Act. The amendment requires associations with annual revenues over $20,000 to have a review or an audit of their books, records and financial statements performed by a Certified Public Accountant. The amendment does, however, provide associations the ability to opt
- [5 Mistakes You May be Making that Put Your Identity at Risk](https://www.lkcpas.com/financial-sense-blog/5-mistakes-you-may-be-making-that-put-your-identity-at-risk/) - With the massive data breach surrounding Target and credit card information being hacked, many people are looking at how to protect their information while conducting business online. Below are five mistakes individuals make that put their identities at risk. 1. Not updating the OS and Browser. Experts say when you don’t update your operating system
- [Are you meeting the ACA’s additional Medicare tax withholding requirements?](https://www.lkcpas.com/financial-sense-blog/are-you-meeting-the-acas-additional-medicare-tax-withholding-requirements/) - Under the Affordable Care Act (ACA), beginning in 2013, taxpayers with FICA wages over $200,000 per year ($250,000 for joint filers and $125,000 for married filing separately) had to pay an additional 0.9% Medicare tax on the excess earnings. Unlike regular Medicare taxes, the additional Medicare tax doesn’t include a corresponding employer portion. But employers
- [Time for an estate plan checkup](https://www.lkcpas.com/financial-sense-blog/time-for-an-estate-plan-checkup/) - Now that we’re in the new year, it’s time for an estate plan checkup. Why? First, various exclusion, exemption and deduction amounts are adjusted for inflation and can change from year to year, so it’s a good idea to see if they warrant any updates to your estate plan: 2013 2014 Lifetime gift and
- [New Changes to 1040 Form](https://www.lkcpas.com/financial-sense-blog/new-changes-to-1040-form/) - Tax filing season is finally here. It is time to pull together your information for the last year and review your Form 1040 from 2012. When looking at the 1040 Form for 2013, you will notice some changes in certain areas, due to adjustments in the IRS tax rules. Below is an outline of these
- [Will Congress revive expired tax breaks?](https://www.lkcpas.com/financial-sense-blog/will-congress-revive-expired-tax-breaks/) - Many valuable tax breaks expired at the end of 2013. But Congress probably will revive at least some of them, likely retroactively to Jan. 1, 2014. The question is exactly which breaks they’ll extend and when they’ll pass the necessary legislation to do so. Here are several that may benefit you or your business if
- [Beware of Emotional Financial Planning](https://www.lkcpas.com/financial-sense-blog/b/) - If you’re like most people you have made a New Year’s resolution to take control of your finances. You have researched the vast amount of financial information available and have learned many tips to get you on your way. However, the problem may not be in what you don’t know, but rather in how you
- [Organizing Finances in the New Year](https://www.lkcpas.com/financial-sense-blog/o/) - It’s a new year and the time is right to begin organizing your finances. In addition to all of those other resolutions, financial planning can be a resolution you begin today. Here are some helpful tips to begin organizing your finances. Begin by finding some place that is quiet with little distraction. Then take an
- [Lewis & Knopf, CPAs, P.C. Announces New Partner](https://www.lkcpas.com/firm-news/lewis-knopf-cpas-p-c-s-announces-new-partner/) - Flint, MI — The local certified public accounting firm of Lewis & Knopf, CPAs, P.C. is pleased to announce Akshay Kapoor, CPA has been promoted to principal effective January 1, 2014. “Over the years, Akshay has developed into a fine leader of our firm, and we feel he is an ideal candidate to serve as
- [Should you increase your retirement plan contributions in 2014?](https://www.lkcpas.com/financial-sense-blog/should-you-increase-your-retirement-plan-contributions-in-2014/) - With the new year upon us, it’s time to start thinking about 2014 retirement plan contributions. Contributing the maximum you’re allowed to an employer-sponsored defined contribution plan is likely a smart move: Contributions are typically pretax. Plan assets can grow tax-deferred — meaning you pay no income tax until you take distributions. Your employer may match
- [Retirement Test Drive](https://www.lkcpas.com/financial-sense-blog/r/) - If you’re thinking about retirement in the next five years, it might be a good idea to give your plans a test drive to see if what you are planning for is something you can live with in the future. When you finally retire, you will be working with a smaller budget and making other
- [Avoid the year-end vacation-time scramble](https://www.lkcpas.com/financial-sense-blog/avoid-the-year-end-vacation-time-scramble/) - Every December are your employees scrambling to use up their vacation time because of limits on what they can roll over to the new year? Or do you allow rollovers and have long-time employees who’ve built up large balances that create a significant liability on your books? Then you may want to consider a paid
- [Why the self-employed should consider setting up a retirement plan before year end](https://www.lkcpas.com/financial-sense-blog/why-the-self-employed-should-consider-setting-up-a-retirement-plan-before-y/) - For 2013, the maximum IRA contribution is $5,500 — $6,500 if you’re age 50 or older on Dec. 31. (The maximum IRA contribution or deduction may be reduced or eliminated depending on various factors.) But if you’re self-employed, you may be eligible for a retirement plan that allows you to make much larger contributions. As
- [Early Mortgage Payment May Cut Taxes](https://www.lkcpas.com/financial-sense-blog/e/) - As you prepare for the upcoming tax season, making your January mortgage payment early could lower your tax bill. Since mortgage payments are made at the end of occupancy periods (unlike rent which is paid in advance), the interest that is paid on the January payment is actually for December and can therefore be included
- [Will your donations be more powerful this year?](https://www.lkcpas.com/financial-sense-blog/will-your-donations-be-more-powerful-this-year/) - Maybe. Deductions are more valuable when tax rates are higher, and higher-income taxpayers face higher rates in 2013. But the return of the itemized deduction reduction could make your donation deduction less valuable. Also keep in mind that the amount of your deduction depends on various factors, including what you give. For example: Long-term capital
- [Maximizing Retirement Goals](https://www.lkcpas.com/financial-sense-blog/maximizing-retirement-goals/) - Retirement should be something that every individual thinks about. Gone are the days of company pensions that could sustain you through your golden years. It has become more and more the responsibility of the individual to grow and maintain a healthy retirement plan. Forty percent of adults age 50 and older fear that they will
- [Lewis & Knopf, CPAs, P.C.’s Manager Named to the Crim Fitness Foundation’s Board of Dire](https://www.lkcpas.com/firm-news/lewis-knopf-cpas-p-c-s-manager-named-to-the-crim-fitness-foundations-board/) - The certified public accounting firm of Lewis & Knopf, CPAs, P.C. is pleased to announce that Akshay Kapoor, CPA has been named to the Crim Fitness Foundation’s Board of Directors. “Having the opportunity to play an integral role in this organization is a huge thrill for me both personally and professionally,” said Kapoor. “Through Crim’s
- [IRS Issues Final Regulations on New Net Investment Income Tax and Additional Medicare Tax](https://www.lkcpas.com/financial-sense-blog/irs-issues-final-regulations-on-new-net-investment-income-tax-and-additiona/) - On November 27, 2013, the IRS released final regulations under Section 1411. These regulations govern the new 3.8% tax on net investment income for certain high income taxpayers that took effect on January 1, 2013. The tax applies to income of individuals, estates, and certain trusts above applicable threshold amounts. While many of the provisions
- [Year-end tax planning for your investments](https://www.lkcpas.com/financial-sense-blog/year-end-tax-planning-for-your-investments/) - While tax consequences should never drive investment decisions, it’s critical that they be considered — especially this year: Higher-income taxpayers may face more taxes on their investment income in the form of the returning 39.6% top short-term capital gains rate and 20% top long-term capital gains rate and a new 3.8% net investment income tax
- [Money Education for the Next Generation](https://www.lkcpas.com/financial-sense-blog/money-education-for-the-next-generation/) - It is no surprise that credit card companies, banks, and loan companies spend an incredible amount of money on marketing their products to consumers. To make matters even worse, the majority of their marketing efforts are seen by young consumers who have not had the benefit of receiving education on making good money decisions. A
- [Smart timing of business income and expenses can save tax — or at least defer it](https://www.lkcpas.com/financial-sense-blog/smart-timing-of-business-income-and-expenses-can-save-tax-or-at-least-defer/) - By projecting your business’s income and expenses for 2013 and 2014, you can determine how to time them to save — or at least defer — tax. If you’ll be in the same or lower tax bracket in 2014, consider: Deferring income to 2014. If your business uses the cash method of accounting, you can
- [8 Tax Breaks You Might Miss Out On](https://www.lkcpas.com/financial-sense-blog/8-tax-breaks-you-might-miss-out-on/) - The year is fast approaching and the time to get your financial ducks in a row is getting shorter. Make sure you are getting all the tax breaks you can qualify for in order to lower your tax liability. There are eight tax breaks expiring at the end of 2013 - take advantage of them
- [Beware of the AMT when doing year-end tax planning](https://www.lkcpas.com/financial-sense-blog/beware-of-the-amt-when-doing-year-end-tax-planning/) - As year end approaches, you may be trying to accelerate deductible expenses into 2013 to reduce, or at least defer, tax. But you must beware of the alternative minimum tax (AMT) — a separate tax system that limits some deductions and doesn’t permit others, such as: State and local income tax deductions, Property tax deductions,
- [Preparing for the 0.9% Obamacare Tax](https://www.lkcpas.com/financial-sense-blog/p/) - With all of the talk about signing up for exchange insurance, losing insurance plans, and broken websites, individuals may not be aware of the 0.9% Medicare surtax that will be assessed on 2013 taxes. This surtax will be assessed on wages and self-employment income over a specified amount. For married couples it will be applied
- [Even with rising exemptions, 2013 annual exclusion gifts still a good idea](https://www.lkcpas.com/financial-sense-blog/even-with-rising-exemptions-2013-annual-exclusion-gifts-still-a-good-idea/) - Recently, the IRS released the 2014 annually adjusted amount for the unified gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption: $5.34 million (up from $5.25 million in 2013). But even with the rising exemptions, making annual exclusion gifts is still a good idea. The 2013 gift tax annual exclusion allows you
- [Handing Down the Family Business](https://www.lkcpas.com/financial-sense-blog/h/) - As more and more boomers are getting ready to retire, many are looking at handing down the small businesses that they created. According to Avi Kestenbaum, a partner and co-chair of the Trusts & Estates Department at the law firm of Meltzer, Lippe, Goldstein & Breistone, only 30% of family businesses successfully pass from one
- [2013 may be your last chance for a “charitable IRA rollover”](https://www.lkcpas.com/financial-sense-blog/2013-may-be-your-last-chance-for-a-charitable-ira-rollover/) - If you’re age 70½ or older, you can make a direct contribution — up to $100,000 — from your IRA to a qualified charitable organization in 2013 without owing any income tax on the distribution. This “charitable IRA rollover” can be used to satisfy required minimum distributions. The American Taxpayer Relief Act of 2012 (ATRA)
- [Filing Season Delayed](https://www.lkcpas.com/financial-sense-blog/filing-season-delayed/) - Due to the recent government shutdown, the IRS has announced that there will be a one to two week delay in the start of the 2014 filing season as a result of this shutdown. The delay will allow the IRS to prepare and test systems. Originally the date for return filing was scheduled for January
- [Maximize your 2013 depreciation deductions with a cost segregation study](https://www.lkcpas.com/financial-sense-blog/maximize-your-2013-depreciation-deductions-with-a-cost-segregation-study/) - If you’ve recently purchased or built a building or are remodeling existing space, consider a cost segregation study. It identifies property components and related costs that can be depreciated much faster, perhaps dramatically increasing your current deductions. Typical assets that qualify include decorative fixtures, security equipment, parking lots and landscaping. The benefit of a cost
- [Do Both You and Your Spouse Understand Your Finances?](https://www.lkcpas.com/financial-sense-blog/do-both-you-and-your-spouse-understand-your-finances/) - Very often in a marriage there is a division of labor between spouses, with one spouse managing the bills and the assets. Most of the time this is a good way to delegate responsibility, but it is important that each spouse have a baseline understanding of the family finances. Often this is a difficult topic
- [Will your exec comp be subject to expanded Medicare taxes?](https://www.lkcpas.com/financial-sense-blog/will-your-exec-comp-be-subject-to-expanded-medicare-taxes/) - Maybe. The following types of executive compensation could be subject to the health care act’s 0.9% additional Medicare tax: Fair market value (FMV) of restricted stock once the stock is no longer subject to risk of forfeiture or it’s sold FMV of restricted stock when it’s awarded if you make a Section 83(b) election Bargain
- [Winning the Retirement Race](https://www.lkcpas.com/financial-sense-blog/winning-the-retirement-race/) - As you look ahead to retirement, are you prepared? Have you begun the necessary planning to ensure financial security? In a lot of ways, planning for retirement is like running a relay race. You must plan, strategize and pace yourself to ensure you cross the finish line. In an article for FoxBusiness.com, Matthew Illian outlines
- [Local CPA Appointed to Flint Institute of Arts’ Board of Trustees](https://www.lkcpas.com/firm-news/local-cpa-appointed-to-flint-institute-of-arts-board-of-trustees/) - Lewis & Knopf, CPAs, P.C. is pleased to announce that Tom Lillie, CPA, CFP® has been appointed to the Board of Trustees of the Flint Institute of Arts. “The Flint Institute of Arts is a wonderful organization that has been a tremendous resource for both children and adults for many years,” said Lillie. “I am
- [Why you should max out your 2013 401(k) contribution](https://www.lkcpas.com/financial-sense-blog/why-you-should-max-out-your-2013-401k-contribution/) - Contributing the maximum you’re allowed to an employer-sponsored defined contribution plan, such as a 401(k), 403(b) or 457 plan, is likely a smart move: Contributions are typically pretax, reducing your modified adjusted gross income (MAGI), which can also help you reduce or avoid exposure to the new 3.8% Medicare tax on net investment income. Plan
- [Financial Planning for the Fall](https://www.lkcpas.com/financial-sense-blog/financial-planning-for-the-fall/) - In an article for Money.usnews.com, Kimberly Palmer outlines some shrewd financial suggestions for your fall financial planning. There are just a few months left to take advantage of things like open enrollment, using up certain types of flex-spending dollars and making contributions to some tax-deductible accounts. Fall is the perfect time of year to look
- [Expiration date for home mortgage debt forgiveness rapidly approaching](https://www.lkcpas.com/financial-sense-blog/expiration-date-for-home-mortgage-debt-forgiveness-rapidly-approaching/) - Since 2007, homeowners have been allowed to exclude from their taxable income up to $2 million in cancellation-of-debt (COD) income ($1 million for married taxpayers filing separately) in connection with qualified principal residence indebtedness (QPRI). The exclusion had been available only for debts forgiven through 2012, but Congress extended it. Now that expiration date —
- [Businesses Already Feeling the Effect of Government Shutdown](https://www.lkcpas.com/financial-sense-blog/businesses-already-feeling-the-effect-of-government-shutdown/) - The Federal Government effectively shutdown operations beginning Tuesday, October 1, 2013, and by the end of the day the shutdown was already affecting businesses. Due to the budget stalemate in Congress, many agencies were left with no money to operate and were forced to furlough approximately 800,000 federal workers nationwide. These cutbacks in services and
- [IRS issues final regs on tangible property expenses](https://www.lkcpas.com/financial-sense-blog/irs-issues-final-regs-on-tangible-property-expenses/) - The regulations (IRS T.D. 9636) provide guidance on how to comply with Sections 162 and 263 of the Internal Revenue Code. These sections require amounts paid to acquire, produce or improve tangible property to be capitalized but allow amounts for incidental repairs and maintenance of property to be deducted — potentially saving you more tax
- [Roth 401(k) to a Roth IRA](https://www.lkcpas.com/financial-sense-blog/roth-401k-to-a-roth-ira/) - With the S&P highs that were reached this week some investors are more encouraged to return to the stock market. You may be thinking about ways to save more money and what investments can supplement a traditional 401(k). The answer is to see if your employer offers a Roth 401(k). In this plan, people of
- [Will your investment income be subject to the new 3.8% NIIT?](https://www.lkcpas.com/financial-sense-blog/will-your-investment-income-be-subject-to-the-new-3-8-niit/) - Under the health care act, starting in 2013, taxpayers with modified adjusted gross income (MAGI) over $200,000 per year ($250,000 for joint filers and $125,000 for married filing separately) may owe a new Medicare contribution tax, also referred to as the “net investment income tax” (NIIT). The tax equals 3.8% of the lesser of your
- [Status Quo for Federal Reserve](https://www.lkcpas.com/financial-sense-blog/status-quo-for-federal-reserve/) - In a statement made this week regarding the Fed’s bond buying program, it was revealed that at this time they will continue to implement this program for at least another month. It was thought that the Fed would begin tapering this program beginning in September, which sent bond yields and mortgage rates soaring. After the
- [Start planning now if you’d like to deduct medical expenses](https://www.lkcpas.com/financial-sense-blog/start-planning-now-if-youd-like-to-deduct-medical-expenses/) - Medical expenses that aren’t reimbursable by insurance or paid through a tax-advantaged account (such as a Health Savings Account or Flexible Spending Account) may be deductible — but only to the extent that they exceed 10% of your adjusted gross income. Before 2013, the floor was only 7.5% for regular tax purposes. (Taxpayers age 65
- [3 Reasons You Shouldn’t Touch that Retirement Fund](https://www.lkcpas.com/financial-sense-blog/3-reasons-you-shouldnt-touch-that-retirement-fund/) - One of the best pieces of financial advice ever given is to build up an emergency fund in the event something unexpected happens and you need some fast cash. Unfortunately, not everyone prepares such a fund and is therefore stuck looking for other sources of income when the unexpected hits. One such fund that tempts
- [IRS makes more same-sex couples eligible for federal tax treatment as a married couple](https://www.lkcpas.com/financial-sense-blog/irs-makes-more-same-sex-couples-eligible-for-federal-tax-treatment-as-a-mar/) - In response to the U.S. Supreme Court’s June decision regarding same-sex marriage, the IRS recently clarified that married same-sex couples will be treated as married for all federal tax provisions in which marriage is a factor, such as filing status, dependent exemptions and child credits, and gift and estate tax breaks. Significantly, the Supreme Court
- [3 Common Money Mistakes to Avoid](https://www.lkcpas.com/financial-sense-blog/3-common-money-mistakes-to-avoid/) - While we’ve all been given personal finance advice, few actually end up doing anything with it. Instead they incur debt by taking out loans, making excessive purchases or having to front unexpected bills. The more you know, the better able you are to avoid these actions that hurt your credit score, savings account and overall
- [Owners of leasehold, restaurant and retail properties must act soon to enjoy extended depreciation-r](https://www.lkcpas.com/financial-sense-blog/owners-of-leasehold-restaurant-and-retail-properties-must-act-soon-to-enjoy/) - In January, Congress extended some depreciation-related tax breaks that can benefit owners of leasehold, restaurant and retail properties: 50% bonus depreciation. Congress extended this additional first-year depreciation allowance to qualifying leasehold improvements made in 2013. Section 179 expensing. Congress revived through 2013 the election to deduct under Sec. 179 (rather than depreciate over a number
- [Information Regarding the Affordable Care Act’s Individual Mandate](https://www.lkcpas.com/financial-sense-blog/information-regarding-the-affordable-care-acts-individual-mandate/) - As you may be aware, the employer mandate under the 2010 Affordable Care Act was delayed last month until January 2015. However, the individual mandate is still scheduled to take effect starting in 2014. On Tuesday, August 27, the Obama administration released final rules regarding the individual mandate that requires individuals to purchase health insurance
- [You can still use ESA funds to pay elementary and secondary school costs](https://www.lkcpas.com/financial-sense-blog/you-can-still-use-esa-funds-to-pay-elementary-and-secondary-school-costs/) - As the kids head back to school, it’s a good time to think about Coverdell Education Savings Accounts (ESAs). One major advantage of ESAs over another popular education saving tool, the Section 529 plan, is that tax-free ESA distributions aren’t limited to college expenses; they also can fund elementary and secondary school costs. That means
- [New IRS Affordable Care Act Website](https://www.lkcpas.com/financial-sense-blog/new-irs-affordable-care-act-website/) - The IRS has a new website that provides information on the Affordable Care Act (see www.irs.gov/uac/Affordable-Care-Act-Tax-Provisions-Home). The site explains tax benefits and responsibilities for individuals, employers and other organizations. In addition, it provides information about tax provisions that are in effect now and those that will go into effect in 2014 and beyond. Topics include
- [Update on 50% Limit on Deductible Meal and Entertainment Expenses](https://www.lkcpas.com/financial-sense-blog/update-on-50-limit-on-deductible-meal-and-entertainment-expenses/) - Last month, the IRS declared final ruling on which party is subject to the 50% limit on deductible meal and entertainment expenses under Sec. 274(n) (T.D. 9625). According to the AICPA, it has decided to adopt the proposed regulations issued in July 2012. Before the proposals were introduced, only one party was subject to the
- [It Pays to Be Honest When Hiring New Employees](https://www.lkcpas.com/financial-sense-blog/it-pays-to-be-honest-when-hiring-new-employees/) - Recruiting and retaining employees are often two of the hardest tasks experienced by businesses. Companies often fail at this because they go into the hiring process with the notion that they will recruit good candidates and train them, rather than hire people who already have the specific skill sets needed. Companies need to understand that
- [New IRS website provides health care law information for just about everyone](https://www.lkcpas.com/financial-sense-blog/new-irs-website-provides-health-care-law-information-for-just-about-everyon/) - Many provisions of the Patient Protection and Affordable Care Act of 2010 have recently gone into effect, and some significant provisions will do so in 2014 and 2015. To help individuals and families, employers (both large and small), and other organizations learn more about how they’ll be affected, the IRS has launched a new website:
- [August 2013 Client Bulletin](https://www.lkcpas.com/firm-news/august-2013-client-bulletin/) - Below is a link to download the August issue of Client Bulletin. This month's issue contains the following articles: Make Student Loans Less Taxing Cashing In on Foreign Stocks Employers May Owe Health Insurance Penalties Tax Calendar For more information about these topics, please contact our professionals at 810-238-4617.
- [Lewis & Knopf, CPAs, P.C. Adds New Accountant](https://www.lkcpas.com/firm-news/lewis-knopf-cpas-p-c-adds-two-new-accountants/) - Lewis & Knopf, CPAs, P.C. is pleased to announce the addition of Stephanie Kraus, CFE to its professional staff. Kraus, a senior staff accountant in the audit department, provides comprehensive audit services to school districts and nonprofit organizations. She also has experience in conducting audits in compliance with OMB Circular A-133, tribal governments and casinos,
- [IRS Targets Small Businesses About Reporting Cash Income](https://www.lkcpas.com/financial-sense-blog/irs-targets-small-businesses-about-reporting-cash-income/) - It has recently been reported that the IRS is sending out letters to small business owners questioning their efforts when it comes to reporting all of their cash income. While the agency says the letters are simply just asking for more tax information, they are alarming and frightening many small business owners. According to several
- [Now’s the time to consider short-term GRATs](https://www.lkcpas.com/financial-sense-blog/nows-the-time-to-consider-short-term-grats/) - Congress’s decision not to include a proposed minimum term for grantor retained annuity trusts (GRATs) in the tax legislation passed back in January — combined with low interest rates — may make it an ideal time to add short-term GRATs to your estate planning arsenal. A GRAT consists of an annuity interest, retained by you,
- [Focus Your Finances on the Future](https://www.lkcpas.com/financial-sense-blog/focus-your-finances-on-the-future/) - It’s hard for people to focus on future savings when their present state of finances is constantly being disrupted by the financial events taking place throughout the last few years. Unfortunately, the reality is that many Americans don’t have adequate pre-retirement income. Even though the present demands a lot of your attention, there are still
- [Don’t skimp on S corporation salaries](https://www.lkcpas.com/financial-sense-blog/dont-skimp-on-s-corporation-salaries/) - S corporation owners often take modest salaries as a tax-saving strategy. By distributing most of the corporation’s profits in the form of dividends rather than wages, the company and its owners can avoid payroll taxes on these amounts. The tax savings may be even greater now that the additional 0.9% Medicare tax on wages in
- [4 Tax Saving Strategies for 2013](https://www.lkcpas.com/financial-sense-blog/4-tax-saving-strategies-for-2013/) - While April 15th might sound like it’s still a ways off, it’s crucial that you start thinking about tax saving strategies now. Even more so this year, as there are a number of new taxes and increases to old ones. Regardless of your tax bracket, below are four strategies that can help you minimize your
- [Alert: Annual Corporate Records Form Email Scam Resurfaces](https://www.lkcpas.com/financial-sense-blog/alert-annual-corporate-records-form-email-scam-resurfaces/) - As your trusted advisor, we at Lewis & Knopf strive to keep you informed of any news and alerts, positive or negative, which may affect your organization. It was recently brought to our attention that "Phishers" are up to their antics again, sending out email notices that appear to be from the Michigan government. Many
- [Renting out your vacation home brings tax complications](https://www.lkcpas.com/financial-sense-blog/renting-out-your-vacation-home-brings-tax-complications/) - If you rent out your vacation home for 15 days or more, you must report the income. But exactly what expenses you can deduct depends on whether the home is classified as a rental property for tax purposes, based on the amount of personal vs. rental use. Adjusting your personal use — or the number
- [5 Ways to Take Control of Your Finances](https://www.lkcpas.com/financial-sense-blog/5-ways-to-take-control-of-your-finances/) - As many people know, it’s very hard to dig yourself out of debt and it can often take years to truly understand how to manage your finances. One way people have found success in managing their money is to treat personal income the same way you would your business finances. Below are five ways to
- [Could your frequent flyer miles be taxable?](https://www.lkcpas.com/financial-sense-blog/could-your-frequent-flyer-miles-be-taxable/) - Now is the time of year when many Americans are using the frequent flyer miles they’ve built up from work-related travel or credit card rewards programs to take the family on a nice vacation. If you’re among them, you may be wondering if those miles could be taxable. Fortunately, in most cases the answer is
- [Local CPA Firm’s Principal Named to the Mott Children’s Health Center’s Finance Co](https://www.lkcpas.com/firm-news/local-cpa-firms-principal-named-to-the-mott-childrens-health-centers-financ/) - Lewis & Knopf CPAs, P.C. is pleased to announce that Anita Abrol, CPA, Principal, has been named to the Mott Children’s Health Center’s finance committee. “Mott Children’s Health Center plays an integral role in providing comprehensive health care services to Genesee County’s young children and adolescents,” says Abrol. “I am proud to be part of
- [July 2013 Client Bulletin](https://www.lkcpas.com/firm-news/july-2013-client-bulletin/) - The next Client Bulletin is now available. The articles cover topics that would most likely interest you. Some of the topics for this month include: The Paradox of Long-Term Care Insurance Trim Steep New Taxes With a Charitable Trust Funding a Small Business Succession Plan Tax Calendar We hope you find this information to be
- [How Will Your Business Respond to Obamacare?](https://www.lkcpas.com/financial-sense-blog/how-will-your-business-respond-to-obamacare/) - According to the U.S. Chamber of Commerce’s quarterly small-business outlook survey, half of small businesses affected by the new health-care law plan to either cut hours or reduce full-time workers to part-time status in order to dodge Obamacare requirements. Another 24 percent said they will reduce staff to under 50 employees to avoid paying penalties
- [Think twice before taking an early withdrawal from a retirement plan](https://www.lkcpas.com/financial-sense-blog/think-twice-before-taking-an-early-withdrawal-from-a-retirement-plan/) - If you’re in need of cash, early retirement plan withdrawals generally should be a last resort. With a few exceptions, distributions before age 59½ are subject to a 10% penalty on top of any income tax that ordinarily would be due on a withdrawal. Additionally, you’ll lose the potential tax-deferred future growth on the withdrawn
- [Information About the Affordable Care Act Delays](https://www.lkcpas.com/financial-sense-blog/information-about-the-affordable-care-act-delays/) - The Obama Administration has delayed for one year the requirement for employers to provide health insurance to their employees and related reporting requirements. BUT, The following are still required for this year: Providing Notice to Employees Deadline - October 1, 2013 Employers must provide a notice of coverage options to each employee, regardless of plan
- [Attention: Do you have a Self-Insured Plan?](https://www.lkcpas.com/financial-sense-blog/attention-do-you-have-a-self-insured-plan/) - JULY 31st Deadline for Reporting and Paying PCORI Fees For plans with plan years ending between October 1, 2012 and December 31, 2012, the initial fee is due by July 31, 2013. The PCORI Fee is required to be remitted with a Form 720 to the IRS. Please contact us if you need assistance. Our
- [Tips for Getting Out of a Business Rut](https://www.lkcpas.com/financial-sense-blog/tips-for-getting-out-of-a-business-rut/) - Running a business has its ups and downs. Sometimes you encounter problems when things don’t go according to plan and you start to dig yourself into a good old-fashioned rut. One way to get out of this funk is to ask yourself questions about what’s going on. Below are three questions to ask yourself when
- [Employers given to 2015 for compliance with the healthcare act’s “play or pay” provision](https://www.lkcpas.com/financial-sense-blog/employers-given-to-2015-for-compliance-with-the-healthcare-acts-play-prov/) - The Patient Protection and Affordable Care Act of 2010’s shared responsibility provision, commonly referred to as “play or pay,” was scheduled to take effect Jan. 1, 2014. But on July 2, the U.S. Treasury announced that the effective date would be delayed one year, to Jan. 1, 2015. IRS guidance will be issued providing more
- [Information About the Patient Protection and Affordable Care Act’s Rebate Provision](https://www.lkcpas.com/financial-sense-blog/information-about-the-patient-protection-and-affordable-care-acts-rebate-pr/) - The Patient Protection and Affordable Care Act (the Affordable Care Act) included a Rebate Provision known as medical loss ratio or MLR. Beginning in 2011, issuers (for the large group market) must maintain a MLR of at least 85% or provide a premium rebate to policyholders. For the small group and individual markets the issuer
- [Supreme Court’s DOMA decision will have a major tax impact on many same-sex married couples](https://www.lkcpas.com/financial-sense-blog/supreme-courts-doma-decision-will-have-a-major-tax-impact-on-many-same-sex/) - On June 26, the U.S. Supreme Court struck down Section 3 of the 1996 Defense of Marriage Act (DOMA) as a violation of the U.S. Constitution’s guarantee of equal protection under the law. Sec. 3 defined marriage for federal benefits purposes as being between a man and a woman, thus denying federal benefits — including
- [Small-Business Health Options Programs Face Delays](https://www.lkcpas.com/financial-sense-blog/small-business-health-options-programs-face-delays/) - Many small businesses are looking forward to the new health insurance exchanges that will allow them to shop around for plans. However, the Government Accountability Office recently announced that there is a chance that the October deadline for completion on this project will be missed. So far, the U.S. Department of Health and Human Services
- [How telecommuting can expose employers to unexpected taxes](https://www.lkcpas.com/financial-sense-blog/how-telecommuting-can-expose-employers-to-unexpected-taxes/) - If you allow employees to telecommute, be sure to consider the potential tax implications. Hiring someone in another state, for example, might create sufficient nexus to expose your company to that state’s income, sales and use, franchise, withholding, or unemployment taxes. And the employee might be subject to double taxation if both states attempt to
- [Kids going to day camp? You may be eligible for a tax credit](https://www.lkcpas.com/financial-sense-blog/kids-going-to-day-camp-you-may-be-eligible-for-a-tax-credit/) - Day camp is a qualified expense under the child or dependent care credit, which is worth 20% of qualifying expenses (more if your adjusted gross income is less than $43,000), subject to a cap. For 2013, the maximum expenses allowed for the credit are $3,000 for one qualifying child and $6,000 for two or more.
- [Startup Innovation Credit Act of 2013 Emerges in Congress](https://www.lkcpas.com/financial-sense-blog/startup-innovation-credit-act-of-2013-emerges-in-congress/) - While lawmakers may not agree on what to do about the U.S. economy, CFOs and other senior executives agree that job creation is a good place to start. In an effort to help stimulate this growth, a bipartisan proposal was recently introduced that would make the successful Research and Development (R&D) tax credit available for
- [The new 0.9% Medicare tax: Watch out for withholding issues](https://www.lkcpas.com/financial-sense-blog/the-new-0-9-medicare-tax-watch-out-for-withholding-issues/) - Under the health care act, starting in 2013, taxpayers with earned income over $200,000 per year ($250,000 for joint filers and $125,000 for married filing separately) must pay an additional 0.9% Medicare tax on the excess earnings. Employers are required to withhold the tax beginning in the pay period in which wages exceed $200,000 for
- [New Guidance Offered on ACA Requirement of Insurance Notice](https://www.lkcpas.com/financial-sense-blog/new-guidance-offered-on-aca-requirement-of-insurance-notice/) - New guidance has been issued on the Affordable Care Act requirement that employers provide employees with a notice of their health insurance coverage options available through the future health insurance exchanges. Issued by the U.S. Department of Labor’s Employee Benefits Security Administration, the guidance requires all employers subject to the FLSA to provide the notice
- [Report of Foreign Bank and Financial Account (FBAR) and Statement of Specified Foreign Financial As](https://www.lkcpas.com/financial-sense-blog/report-of-foreign-bank-and-financial-account-fbar-and-statement-of/) - Each U.S. person who has a financial interest in or signature or other authority over foreign bank accounts, securities accounts or other financial accounts must file a Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts or FBAR) if the aggregate value of the accounts exceeds $10,000 at any time during the calendar
- [Tax consequences to consider before putting your home on the market](https://www.lkcpas.com/financial-sense-blog/tax-consequences-to-consider-before-putting-your-home-on-the-market/) - When you sell your principal residence, you can exclude up to $250,000 ($500,000 for joint filers) of gain if you meet certain tests. Gain that qualifies for exclusion also is excluded from the new 3.8% Medicare contribution tax. Losses on the sale of your home aren’t deductible. But if part of it is rented or
- [5 Technology-Driven Trends Benefiting Small Businesses](https://www.lkcpas.com/financial-sense-blog/5-technology-driven-trends-benefiting-small-businesses/) - More and more people are interested in starting their own businesses these days. Ever since the recession hit, new grads decided to start their own companies rather than wait for some company to give them a job. However, many older Americans are also more likely to start a new business. Technology has been a reoccurring
- [Work opportunity credit for certain 2013 new hires can save you tax](https://www.lkcpas.com/financial-sense-blog/work-opportunity-credit-for-certain-2013-new-hires-can-save-you-tax/) - If you’re considering expanding your staff, hiring from certain disadvantaged groups before the end of 2013 can save you tax. The American Taxpayer Relief Act of 2012 extended the Work Opportunity credit for hires from most eligible groups through 2013. Examples of eligible groups include food stamp recipients, ex-felons and nondisabled veterans who’ve been unemployed
- [Planning to make a large cash gift for high school graduation? Consider paying some college tuition](https://www.lkcpas.com/financial-sense-blog/planning-to-make-a-large-cash-gift-for-high-school-graduation-consider-payi/) - With commencement ceremonies for high school seniors coming up, many parents and grandparents are contemplating making cash gifts the student can use for college expenses. But if gift and estate taxes are a concern, consider a potentially more tax-efficient gift: paying some of the child’s college tuition. Cash gifts to an individual generally are subject
- [Tips to Help You Lead with Confidence](https://www.lkcpas.com/financial-sense-blog/tips-to-help-you-lead-with-confidence/) - Confidence is crucial when it comes to being a leader. However, self-assurance doesn’t come naturally for many. It takes time to accept and fine tune your skills, strengths and abilities. Don’t let self-doubt prevent you from taking the steps necessary to improve your competence and capabilities. Below are three tips to help this become a
- [June 2013 Client Bulletin](https://www.lkcpas.com/firm-news/june-2013-client-bulletin/) - The June 2013 issue of the Client Bulletin is now available. Please check out the publication for timely financial information that could affect you. The publication includes the following articles: Diversify 529 Accounts Maximizing Medical Deductions Getting Started on a Succession Plan Tax Calendar For more information about these topics, please contact our professionals at
- [Why 2013 may be the year to make that car or boat purchase you’ve been thinking about](https://www.lkcpas.com/financial-sense-blog/why-2013-may-be-the-year-to-make-that-car-or-boat-purchase-youve-been-think/) - For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes. The American Taxpayer Relief Act of 2012 has extended this break — but only through 2013. The break can be valuable to those residing in states with
- [Consider These Tips When Paying for Child’s Education](https://www.lkcpas.com/financial-sense-blog/consider-these-tips-when-paying-for-childs-education/) - There are tons of things you can do to help pay for your college education. However, many of the options result in a large debt pileup. Instead of taking out all the loans you can get your hands on, consider these money saving tips: When shopping for school, get past the sticker price. If the
- [Alternative-asset IRAs: Handle with care](https://www.lkcpas.com/financial-sense-blog/alternative-asset-iras-handle-with-care/) - Most IRA owners invest their funds in traditional assets, such as stocks, bonds and mutual funds. But some intrepid investors have enjoyed impressive, tax-deferred returns — or even tax-free returns in the case of a Roth IRA — by using their IRAs to hold rental real estate, business interests or other alternative assets. Despite the
- [How to Protect Personal Assets from Business Liabilities](https://www.lkcpas.com/financial-sense-blog/how-to-protect-personal-assets-from-business-liabilities/) - One of the most challenging aspects of owning a business is understanding how to manage your personal assets. Many small business owners get taken advantage of with high-priced asset protection plans, expensive insurance or a lawsuit due to an accident that isn’t their fault. Below are four ways to safeguard your personal wealth from the
- [Be prepared for the health care act’s “play or pay” provision](https://www.lkcpas.com/financial-sense-blog/be-prepared-for-the-health-care-acts-play-or-pay-provision/) - The Patient Protection and Affordable Care Act of 2010’s shared responsibility provision, commonly referred to as “play or pay,” is scheduled to take effect Jan. 1, 2014. It doesn’t require employers to provide health care coverage, but it in some cases imposes penalties on larger employers that don’t offer coverage or that provide coverage that
- [Tips to Protect Yourself from Financial Fraud](https://www.lkcpas.com/financial-sense-blog/tips-to-protect-yourself-from-financial-fraud/) - Financial fraud is more common than ever. Sadly, even some of the most prestigious financial advisers have been convicted of fraudulent activity over the past few years. Although there’s no guarantee to protect yourself against fraud, there are several things you can do to help reduce your risk: Insist on a third-party custodian. If your
- [Portability doesn’t preclude the need for marital transfers and trusts](https://www.lkcpas.com/financial-sense-blog/portability-doesnt-preclude-the-need-for-marital-transfers-and-trusts/) - Exemption portability, made permanent by the American Taxpayer Relief Act of 2012, provides significant estate planning flexibility to married couples if sufficient planning hasn’t been done before the first spouse’s death. How does it work? If one spouse dies and part (or all) of his or her estate tax exemption is unused at death, the
- [Credit Continues to Loosen for Small Businesses](https://www.lkcpas.com/financial-sense-blog/credit-continues-to-loosen-for-small-businesses/) - A new survey provides an optimistic outlook on small business lending. The survey, conducted by the Professional Risk Managers’ International Association, polled 255 risk managers at U.S. banks to gain insight on their projected lending practices. Seventy percent reported that they expect increased demand for small business loans over the next half-year period. More importantly,
- [May 2013 Client Bulletin](https://www.lkcpas.com/firm-news/may-2013-client-bulletin/) - Below is a link to download the May issue of Client Bulletin. This month's issue contains the following articles: From Bear Market to Bull Market New In-Plan Conversions Using the Work Opportunity Tax Credit Tax Calendar For more information about these topics, please contact our professionals at 810-238-4617.
- [April 15 has passed — now what?](https://www.lkcpas.com/financial-sense-blog/april-15-has-passed-now-what/) - With the 2012 tax filing season behind us, it’s time to start thinking seriously about 2013 tax planning — especially if you’re a higher-income taxpayer, because you might be subject to one or more significant tax increases this year: Taxpayers with FICA wages and self-employment income exceeding $200,000 for singles and $250,000 for joint filers
- [4 Ways Employee Feedback Can Improve Your Business](https://www.lkcpas.com/financial-sense-blog/4-ways-employee-feedback-can-improve-your-business/) - As a business owner, have you written down a list of goals that need to be achieved in order to bring about success this year? If so, then you are one of the few. Most business owners don’t prepare this list of priorities and end up creating a business plan that fails to communicate the
- [The perils of filing for an extension](https://www.lkcpas.com/financial-sense-blog/the-perils-of-filing-for-an-extension/) - Now that the 2012 tax return deadline is nearly upon us, if you haven’t filed your return yet, you may be thinking about an extension. This allows you to delay filing your return until the applicable extension deadline: Individuals — Oct. 15, 2013 Calendar-year partnerships — Sept. 16, 2013 Trusts and estates — Sept. 16,
- [4 Ways to Clean Up Your Brand This Spring](https://www.lkcpas.com/financial-sense-blog/4-ways-to-clean-up-your-brand-this-spring/) - Although it might not feel like spring in some areas, April is here and it’s the perfect time to do some spring cleaning of your brand. Keeping your brand relevant and updated is crucial to your business’ success. Below are four ways to freshen up your brand: Re-evaluate your audience. Clean up your market by
- [The revived research credit can still reduce your 2012 tax bill](https://www.lkcpas.com/financial-sense-blog/the-revived-research-credit-can-still-reduce-your-2012-tax-bill/) - For many years, the research credit (also commonly referred to as the “research and development” or “research and experimentation” credit) has provided an incentive for businesses to increase their investments in research. But the credit expired at the end of 2011. The American Taxpayer Relief Act of 2012 (ATRA) extends the credit to 2012 and
- [There’s Still Time to Take Advantage of Tax Deductions](https://www.lkcpas.com/financial-sense-blog/theres-still-time-to-take-advantage-of-tax-deductions/) - With April 15th right around the corner, businesses are scrambling to find any remaining tax deductions. While there’s still time, take a look at the list below of several often overlooked business-tax deductions and see if you qualify for any of them: Loan interest: If you took out a business loan in the last year,
- [IRS provides penalty relief to certain late filers](https://www.lkcpas.com/financial-sense-blog/irs-provides-penalty-relief-to-certain-late-filers/) - On March 20, the IRS issued guidance providing penalty relief to both individual and business taxpayers who file for an extension of their 2012 tax return and ultimately owe additional tax — but only if they meet certain criteria. First, the reason for filing for the extension must be that the taxpayer’s 2012 return involved
- [IRS Announces Filing Extension on 2012 Returns](https://www.lkcpas.com/financial-sense-blog/irs-announces-filing-extension-on-2012-returns/) - On March 20th, the Internal Revenue Service (IRS) announced that it will provide late payment penalty relief to individuals and businesses requesting a filing extension. Due to the late passage of the American Taxpayer Relief Act, many forms were delayed and couldn’t be filed until February or March. Therefore, the relief applies to the late-payment
- [Do you need to file a 2012 gift tax return by April 15?](https://www.lkcpas.com/financial-sense-blog/do-you-need-to-file-a-2012-gift-tax-return-by-april-15/) - Generally, you’ll need to file a gift tax return for 2012 if, during the tax year, you made gifts: That exceeded the $13,000-per-recipient gift tax annual exclusion (other than to your U.S. citizen spouse), That you wish to split with your spouse to take advantage of your combined $26,000 annual exclusions, or Of future interests
- [April 2013 Client Bulletin](https://www.lkcpas.com/firm-news/april-2013-client-bulletin/) - The next Client Bulletin is now available. This issue is a special report on the American Taxpayer Relief Act of 2012. Some of the topics for this month include: Reducing Uncertainty, Increasing Complexity Restoring a Higher Tax Bracket Lower Incomes, Higher Taxes Estate and Gift Taxes Have Been Clarified Breaks for Business Owners AMT Relief,
- [Recharge Your Willpower to Stay Motivated at Work](https://www.lkcpas.com/financial-sense-blog/recharge-your-willpower-to-stay-motivated-at-work/) - When faced with a boring or difficult task, it’s very easy to let your mind wander and lose all focus to finish the task at hand. One way to keep the energy and perseverance high is to recharge your willpower. Below are five tips to help get you started: Remember your goals: Isolating the tasks
- [Yes, there’s still time to make a 2012 IRA contribution!](https://www.lkcpas.com/financial-sense-blog/yes-theres-still-time-to-make-a-2012-ira-contribution/) - The deadline for 2012 IRA contributions is April 15, 2013. The limit for total contributions to all IRAs generally is $5,000 ($6,000 if you were age 50 or older on Dec. 31, 2012). Any unused limit can’t be carried forward to make larger contributions in future years. So if you haven’t already maxed out your
- [How to Prepare for the New Retirement](https://www.lkcpas.com/financial-sense-blog/how-to-prepare-for-the-new-retirement/) - A new study reveals that 60% of workers over the age of 60 plan to continue working after retirement. While some hope to stay at their current job, others plan to look for completely new work. Regardless of what you plan to do, it’s important to keep the lines of communication open with your employer.
- [You don’t have to be a manufacturer to take the “manufacturers’ deduction”](https://www.lkcpas.com/financial-sense-blog/you-dont-have-to-be-a-manufacturer-to-take-the-manufacturers-deduction/) - The manufacturers’ deduction, also called the “Section 199” or “domestic production activities deduction,” is 9% of the lesser of qualified production activities income or taxable income. The deduction is also limited to 50% of W-2 wages paid by the taxpayer that are allocable to domestic production gross receipts. Yes, the deduction is available to traditional
- [4 Ways to Create a Competitive Advantage](https://www.lkcpas.com/financial-sense-blog/4-ways-to-create-a-competitive-advantage/) - When running a business you’re always going to be faced with unfair advantages. But as a leader, it’s your job to spin those challenges around into a competitive advantage. Doing so can help put you ahead of the competition and position your brand as the top choice. Here are four ways to develop a competitive
- [Lower FSA contribution limit may make HSAs more attractive](https://www.lkcpas.com/financial-sense-blog/lower-fsa-contribution-limit-may-make-hsas-more-attractive/) - Previously, employers could set whatever limit they wanted on employee contributions to Flexible Spending Accounts (FSAs) for health care. But starting this year, the maximum limit is $2,500. If you’re concerned about a lower limit and aren’t contributing to a Health Savings Account (HSA), look into whether you’re eligible — you must be covered by
- [Education Tax Credit Contributing to Delayed Returns](https://www.lkcpas.com/financial-sense-blog/education-tax-credit-contributing-to-delayed-returns/) - The Internal Revenue Service (IRS) recently announced that several problems with the filings for education tax credits may be delaying processing of many tax returns. According to the IRS, there have been many instances in which the Form 8863, Education Credits is not completed correctly. The problems stem from the following two conditions: failure to
- [You might save more by deducting state and local sales taxes](https://www.lkcpas.com/financial-sense-blog/you-might-save-more-by-deducting-state-and-local-sales-taxes/) - For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes. This break can be valuable to those residing in states with no or low income taxes or who purchase major items, such as a car or boat.
- [How to Find Your Focus at Work](https://www.lkcpas.com/financial-sense-blog/how-to-find-your-focus-at-work/) - When you achieve a total state of concentration, you are more focused on the tasks at hand and so absorbed that you lose track of time. Generally, people who experience this type of concentration, or flow, are happier and more productive at work. Here are four tips to help you find your flow and stay
- [2012 return filing on hold for many taxpayers](https://www.lkcpas.com/financial-sense-blog/2012-return-filing-on-hold-for-many-taxpayers/) - While the many revived breaks under the American Taxpayer Relief Act of 2012 (ATRA) are good news for taxpayers, they would have been better news had they been signed into law earlier. Because many breaks were retroactively extended back to Jan. 1, 2012, numerous IRS forms have to be updated accordingly. But the IRS couldn’t
- [Tax Season Terrors: Identity Theft](https://www.lkcpas.com/financial-sense-blog/tax-season-terrors-identity-theft/) - As we dive into the heart of tax season, CPAs need to educate clients on tax return and tax-related identity theft. Tax return identity theft occurs when someone uses a taxpayer’s personal information to claim refunds or other credits that the taxpayer is not entitled to. Thieves tend to file early on to avoid receiving
- [Can recently enhanced Sec. 179 expensing reduce your 2012 taxes?](https://www.lkcpas.com/financial-sense-blog/can-recently-enhanced-sec-179-expensing-reduce-your-2012-taxes/) - Section 179 expensing allows businesses a 100% deduction for the cost of qualifying asset purchases. Its 2012 benefits were recently enhanced by the American Taxpayer Relief Act of 2012 (ATRA). Sec. 179 expensing is subject to an annual limit, which is phased out if purchases exceed a designated threshold. So if total purchases are large
- [IRS announces tax season begins and details Forms still subject to delayed filing](https://www.lkcpas.com/financial-sense-blog/irs-announces-tax-season-begins-and-details-forms-still-subject-to-delayed/) - IRS has announced that the 2013 filing season has opened on January 30, and on its website detailed the Forms that cannot be filed until a later date. IRS also announced a variety of enhanced products and services to help taxpayers prepare and file their returns by the April 15 deadline. Background.In IR 2013-2 (see
- [4 Ways to Find Financial Bliss](https://www.lkcpas.com/financial-sense-blog/4-ways-to-find-financial-bliss/) - Experts agree that people tend to be happier when they spend their money on experiences rather than objects. It’s true that some objects are necessary to create certain experiences, such as the way new outdoor furniture can inspire summer cookouts. Below are several other ways that psychology can be applied to your spending habits, making
- [Making the most of 2012 education credits](https://www.lkcpas.com/financial-sense-blog/making-the-most-of-2012-education-credits/) - The American Opportunity credit (up to $2,500 per year per student for qualifying expenses for the first four years of postsecondary education) and the Lifetime Learning credit (up to $2,000 per tax return for postsecondary education expenses beyond the first four years) reduce taxes dollar-for-dollar. Both a credit and a tax-free Section 529 plan or
- [10 Easy Ways to Adjust for a Changing Budget](https://www.lkcpas.com/financial-sense-blog/10-easy-ways-to-adjust-for-a-changing-budget/) - With the expiration of the Social Security payroll tax break, many employees will see a reduction in their paychecks. Employees will want to adjust their budgets now so they don’t run into any unwanted surprises. Below are ten ways to help you find extra money to offset the loss: Adjust your withholding. The IRS has
- [IRS makes deducting home office expenses easier](https://www.lkcpas.com/financial-sense-blog/irs-makes-deducting-home-office-expenses-easier/) - On Jan. 15, the IRS announced a new simplified home office deduction, which is available beginning with 2013 income tax returns (not the 2012 returns generally due April 15, 2013). Normally, if your home office qualifies, you can deduct a portion of your mortgage interest, property taxes, insurance, utilities and certain other expenses. Further, you
- [IRS Issues Revenue Procedure on Inflation-Adjusted Items](https://www.lkcpas.com/financial-sense-blog/irs-issues-revenue-procedure-on-inflation-adjusted-items/) - Late last week, the IRS issued Rev. Proc. 2013-15, which contains information on inflation-adjusted items for 2013. When the IRS issued its usual end-of-the-year inflation adjustment revenue procedure back in October, it noted that a majority of the items normally included would depend on how Congress approached the fiscal cliff legislation. Below you will find
- [Newly revived “charitable IRA rollovers”: Time is running out for 2012 tax savings](https://www.lkcpas.com/financial-sense-blog/newly-revived-charitable-ira-rollovers-time-is-running-out-for-2012-tax-sav/) - The American Taxpayer Relief Act of 2012 (ATRA) revives for 2012 and 2013 the opportunity to make tax-free IRA distributions (up to $100,000 per year) for charitable purposes. If you’re age 70½ or older, you can make a direct contribution from your IRA to a qualified charitable organization without owing any income tax on the
- [IRS Forms that 1040 Filers Can Begin Filing in Late February or March](https://www.lkcpas.com/financial-sense-blog/irs-forms-that-1040-filers-can-begin-filing-in-late-february-or-march/) - Below is a list of forms that will be accepted by the IRS in late February or March after updating forms and completing programming and testing of its processing systems. A specific date will be announced in the future. Please contact your Lewis & Knopf tax professional at 810-238-4617 if you have any questions. Form
- [New Developments in Michigan Personal Income Taxes](https://www.lkcpas.com/financial-sense-blog/new-developments-in-michigan-personal-income-taxes/) - New developments will affect many Michigan residents’ personal income taxes this year. The Michigan Department of Treasury recently issued a release that highlights some of these developments, including information on forms that have been added and discontinued for tax year 2012, as well as certain credit, deduction and exemption amount adjustments. Below are some of
- [What 2013 tax law changes mean for tax withholding](https://www.lkcpas.com/financial-sense-blog/what-2013-tax-law-changes-mean-for-tax-withholding/) - The IRS has updated income-tax withholding tables for 2013 in light of the American Taxpayer Relief Act of 2012, signed into law Jan. 2. Also, because the payroll tax holiday hasn’t been extended, employers must withhold Social Security tax at the rate of 6.2% rather than at the 4.2% rate that applied in 2011 and
- [Highlights of the Fiscal Cliff Tax Legislation](https://www.lkcpas.com/financial-sense-blog/highlights-of-the-fiscal-cliff-tax-legislation/) - As you may already be aware, the House approved to avert the fiscal cliff late Tuesday evening. The approved plan maintains tax cuts for individuals earning less than $400,000 per year and couples earning less than $450,000. The bill also extends unemployment insurance and delays for two months a series of automatic cuts in federal
- [Local CPA Firm Partner Appointed to Board of Trustees of United Way of  Genesee County](https://www.lkcpas.com/firm-news/local-cpa-firm-partner-appointed-to-board-of-trustees-of-united-way-of-gene/) - Lewis & Knopf, CPAs, P.C. is pleased to announce that Greg Waller, CPA, has been appointed to Board of Trustees of United Way of Genesee County. United Way of Genesee County plays an integral role in the lives of others in our local community,” says Waller. “I am proud to be part of such a
- [Take Advantage of These 10 Tax Breaks](https://www.lkcpas.com/financial-sense-blog/take-advantage-of-these-10-tax-breaks/) - As a taxpayer, it’s your goal to make sure the IRS receives as little from you as possible. One way to ensure this is to take advantage of every tax deduction available to you. Below are 10 tax breaks commonly overlooked by taxpayers, but that could result in a lot of saved dollars: Additional charitable
- [Highlights of the Fiscal Cliff Tax Legislation](https://www.lkcpas.com/firm-news/highlights-of-the-fiscal-cliff-tax-legislation-2/) - As you may already be aware, the House approved to avert the fiscal cliff late Tuesday evening. The approved plan maintains tax cuts for individuals earning less than $400,000 per year and couples earning less than $450,000. The bill also extends unemployment insurance and delays for two months a series of automatic cuts in federal
- [3 tax increases under the fiscal cliff deal](https://www.lkcpas.com/financial-sense-blog/3-tax-increases-under-the-fiscal-cliff-deal/) - On Jan. 2, Congress passed the American Tax Relief Act to address the fiscal cliff. The act makes permanent 2012 income tax rates for most taxpayers, as well as alternative minimum tax relief. It also extends many other breaks for individuals and businesses. However, the fiscal cliff deal does result in some tax increases; here
- [10 Ways to Help Prepare for Your Golden Years](https://www.lkcpas.com/financial-sense-blog/10-ways-to-help-prepare-for-your-golden-years/) - With the start of a new year behind us now, it’s the perfect time to consider securing your upcoming retirement. Below are just a few ways on how to prepare for the golden years. Save 1 percent more. Consider setting your 401(k) or IRA a bit higher next year, especially if you receive a raise
- [Money Saving Ideas for 2013](https://www.lkcpas.com/financial-sense-blog/money-saving-ideas-for-2013/) - The start of a new year is the perfect time to assess your savings, and modern technology allows for more ways than ever to do so. Check out the methods below and make sure you’re taking advantage of these opportunities: Examine online banks: The average savings account interest rate at online banks is nearly three
- [2 reasons to sell highly appreciated assets before year end](https://www.lkcpas.com/financial-sense-blog/2-reasons-to-sell-highly-appreciated-assets-before-year-end/) - If you own highly appreciated assets you’ve held long term, it may make sense to recognize gains now rather than risk paying tax at a higher rate next year: The 15% long-term capital gains rate is scheduled to return to 20%. Higher-income taxpayers will be subject to a new 3.8% Medicare tax on some or
- [Avoid These Behaviors When it Comes to Your Money](https://www.lkcpas.com/financial-sense-blog/avoid-these-behaviors-when-it-comes-to-your-money/) - Recognizing you have a problem when it comes to your finances isn’t that difficult. After all, you have multiple people telling you you’re in money trouble. You’ll receive overdue notices, bank overdraft fees and plenty of credit card denials. However, even after people realize they have a problem they often fail to address it. Below
- [Why businesses should consider purchasing vehicles before year end](https://www.lkcpas.com/financial-sense-blog/why-businesses-should-consider-purchasing-vehicles-before-year-end/) - Business-related purchases of new or used vehicles may be eligible for Section 179 expensing, and business-related purchases of new vehicles may be eligible for bonus depreciation. But Sec. 179 expensing limits are scheduled to go down in 2013, and bonus depreciation is scheduled to disappear. So you might benefit from purchasing business vehicles before year
- [Information About the Hobby Loss Rules](https://www.lkcpas.com/financial-sense-blog/information-about-the-hobby-loss-rules/) - Like many of us, you've probably dreamed of turning a hobby or avocation into a regular business. You won't have any unusual tax headaches if your new business is profitable. However, if the new enterprise consistently generates losses (deductions exceed income), IRS may step in and say it's a hobby—an activity not engaged in for
- [6 Common Myths Regarding 401(k) Plans](https://www.lkcpas.com/financial-sense-blog/6-common-myths-regarding-401k-plans/) - As a business owner, you understand the importance of attracting and retaining high quality employees. One of the best ways to do this is by offering a 401(k) plan. In fact, research shows that employees are more likely to join a company if they offer a retirement savings plan. Unfortunately, many small business owners have
- [The 2012 gift tax annual exclusion: Use it or lose it](https://www.lkcpas.com/financial-sense-blog/the-2012-gift-tax-annual-exclusion-use-it-or-lose-it/) - The 2012 gift tax annual exclusion allows you to give up to $13,000 per recipient tax-free without using up any of your lifetime gift tax exemption. If you and your spouse “split” the gift, you can give $26,000 per recipient. The exclusion is scheduled to increase to $14,000 ($28,000 for split gifts) in 2013. The
- [IRS Delays Date on Temporary Regulations](https://www.lkcpas.com/financial-sense-blog/irs-delays-date-on-temporary-regulations/) - Earlier this month, the IRS announced that it is delaying the effective date of the temporary regulations it issued in December 2011, in regards to whether property expenses could be deducted or had to be capitalized. The regulations originally applied to tax years beginning on or after Jan 1, 2012, but have now been amended
- [Self-employed? Set up a retirement plan by Dec. 31!](https://www.lkcpas.com/financial-sense-blog/self-employed-set-up-a-retirement-plan-by-dec-31/) - If you’re self-employed, you may be able to set up a retirement plan that allows you to make much larger contributions than you could make as an employee. Plus, if you set up one of the following plans by Dec. 31, 2012, you can make deductible 2012 contributions until the 2013 due date of your
- [Year-End Moves to Trim Your Tax Bill](https://www.lkcpas.com/financial-sense-blog/year-end-moves-to-trim-your-tax-bill/) - With the fate of future tax breaks in Congress’ hands, this year is anything but ordinary for taxpayers. Unless Congresses reaches an agreement by December 31, nearly 90% of Americans should expect to pay higher taxes in 2013. With that in mind, it is crucial that you do everything you can to trim your tax
- [December 2012 Client Bulletin](https://www.lkcpas.com/firm-news/december-2012-client-bulletin/) - The December 2012 issue of the Client Bulletin is now available. Please check out the publication for timely financial information that could affect you. The publication includes the following articles: Nondeductible Contributions to Traditional IRAs In Your Estate Plan, Include a Letter of Instruction Two Keys to a Successful Buy-Sell Agreement Tax Calendar For more
- [Save more tax with donations of appreciated stock](https://www.lkcpas.com/financial-sense-blog/save-more-tax-with-donations-of-appreciated-stock/) - Publicly traded stock and other securities you’ve held more than one year are long-term capital gains property, which can make one of the best charitable gifts. Why? Because you can deduct the current fair market value and avoid the capital gains tax you’d pay if you sold the property. Donations of long-term capital gains property
- [Improve Your Finances Starting with Your Banking Habits](https://www.lkcpas.com/financial-sense-blog/improve-your-finances-starting-with-your-banking-habits/) - As online banking becomes more and more popular, the harder it is for people to keep track of multiple accounts. The more accounts you have, the more likely you are to miss a payment, pay off debt and make mistakes. By simplifying your online banking accounts, you will minimize those mistakes and maybe even be
- [Projecting income can allow businesses to use timing to their tax advantage](https://www.lkcpas.com/financial-sense-blog/projecting-income-can-allow-businesses-to-use-timing-to-their-tax-advantage/) - By projecting your business’s income for this year and next you can determine how to time income and deductions to your advantage. Typically, it’s better to defer tax. You can do so by: Deferring income to next year. If your business uses the cash method of accounting, you can defer billing for your products or
- [Beware of New IRS Tax Scam](https://www.lkcpas.com/financial-sense-blog/beware-of-new-irs-tax-scam/) - A new tax scam has the Internal Revenue Service (IRS) concerned as it uses a website that looks almost identical to the IRS e-Services online registration page. Reports like these are not uncommon as scammers use sites like this to trick people into giving out their personal and financial information. The official address of the
- [With election results in, what’s next for tax law changes?](https://www.lkcpas.com/financial-sense-blog/with-election-results-in-whats-next-for-tax-law-changes/) - President Obama has been reelected, the Senate will remain in the hands of the Democrats (but without a filibuster-proof supermajority) and the House will continue to be controlled by the Republicans. In other words, the political makeup of Washington will be about the same in 2013 as it is now. As a result, it’s still
- [November 2012 Client Bulletin](https://www.lkcpas.com/firm-news/november-2012-client-bulletin/) - Below is a link to download the November issue of Client Bulletin. This month's issue contains the following articles: Back to the Brink Planning Ahead for the 3.8% Surtax Year-End Tax Planning for Investors Year-End Tax Planning for IRAs Year-End Tax Planning for Business Owners Tax Calendar For more information about these topics, please contact
- [Social Security Facts and Figures](https://www.lkcpas.com/financial-sense-blog/social-security-facts-and-figures/) - Since its establishment in 1935, Social Security has affected nearly every American. But now that the financial stability of the program has become an issue, uneasiness sets in as to how long it will last us. Regardless of how old you are, there are several things you need to know about Social Security: What you
- [Consider the tax implications if you’re awarded restricted stock](https://www.lkcpas.com/financial-sense-blog/consider-the-tax-implications-if-youre-awarded-restricted-stock/) - In recent years, restricted stock has become a popular form of incentive compensation for executives and other key employees. If you’re awarded restricted stock — stock that’s granted subject to a substantial risk of forfeiture — it’s important to understand the tax implications. Income recognition is normally deferred until the stock is no longer subject
- [Reporting Requirements of Employer Sponsored Health Coverage](https://www.lkcpas.com/financial-sense-blog/reporting-requirements-of-employer-sponsored-health-coverage/) - With the passage of the Affordable Care Act, employers are now required to report the cost of coverage under an employer-sponsored group health plan. By reporting the cost of health care coverage on the Form W-2, the value of the employee’s excludable contribution from his or her income is not taxable. This type of reporting
- [Lock in the 0% long-term capital gains rate while it’s still available](https://www.lkcpas.com/financial-sense-blog/lock-in-the-0-long-term-capital-gains-rate-while-its-still-available/) - The long-term capital gains rate is currently 0% for gain that would be taxed at 10% or 15% based on the taxpayer’s ordinary-income rate. But the 0% rate is scheduled to expire after 2012. To lock it in, you may want to transfer appreciated assets to adult children or grandchildren in one of these tax
- [Planning for the New Retirement](https://www.lkcpas.com/financial-sense-blog/planning-for-the-new-retirement/) - With a fluctuating economy, retirement planning has changed a lot over the decades. One major adjustment is that people are working longer. Today almost 1 in 3 people aged 65 to 69 are still employed. Many need the money, but others simply love their jobs and want to keep them. Whether you’re one of these
- [Why 2012 may be the right year for a Roth IRA conversion](https://www.lkcpas.com/financial-sense-blog/why-2012-may-be-the-right-year-for-a-roth-ira-conversion/) - If you have a traditional IRA, you might benefit from converting all or a portion of it to a Roth IRA. A conversion can allow you to turn tax-deferred future growth into tax-free growth. It also can provide estate planning advantages: Roth IRAs don’t require you to take distributions during your life, so you can
- [Cost of Long-term Care on the Rise](https://www.lkcpas.com/financial-sense-blog/cost-of-long-term-care-on-the-rise/) - For those of you thinking about the cost of long-term care, the outlook doesn’t look bright. In fact, the already high cost is expected to increase over the next few decades. Right now, the median cost of a nursing home is $206 per day, which equals around $75,000 a year, while the median cost for
- [Make the most of depreciation-related breaks while you can](https://www.lkcpas.com/financial-sense-blog/make-the-most-of-depreciation-related-breaks-while-you-can/) - Many businesses may benefit from purchasing assets by Dec. 31 to take advantage of depreciation-related deductions that are scheduled to either disappear or become less favorable in 2013: Bonus depreciation.For qualified assets acquired and placed in service through Dec. 31, 2012, this additional first-year depreciation allowance is, generally, 50%. Among the assets that qualify are
- [We’re Hiring! - Accounting Intern Position](https://www.lkcpas.com/financial-sense-blog/were-hiring-accounting-intern-position/) - At Lewis & Knopf, we understand that you have invested hard work, countless hours and dollars in your education. With a career at Lewis & Knopf, we will put your skill set immediately to the test as you receive extensive hands-on experience from the start. Our firm is currently seeking highly motivated, detailed individuals for
- [Seven Reasons to Refinance a Home Mortgage](https://www.lkcpas.com/financial-sense-blog/seven-reasons-to-refinance-a-home-mortgage/) - With record-low interest rates, many people are considering refinancing their mortgage. However, low rates aren’t the only reason for refinancing a home loan these days. Here are several other good reasons to think about a new home loan: Refi for a lower rate: This is the number one reason to refinance. However, a lot of
- [Time is running out for tax-free treatment of home mortgage debt forgiveness](https://www.lkcpas.com/financial-sense-blog/time-is-running-out-for-tax-free-treatment-of-home-mortgage-debt-forgivenes/) - Income tax generally applies to all forms of income, including cancellation-of-debt (COD) income. Think of it this way: If a creditor forgives a debt, you avoid the expense of making the payments, which increases your net income. Debt forgiveness isn't the only way to generate a tax liability, though. You can have COD income if
- [QuickBooks Tip of the Month - October](https://www.lkcpas.com/firm-news/quickbooks-tip-of-the-month-october/) - Day-to-day transactions like receiving payments from customers or paying vendors occur so frequently that most QuickBooks users do them automatically. However, from time to time you may encounter an infrequent transaction that will stop you in your tracks. The below document will explore several common tricky transactions and offer advice on how to hangle these
- [IRS Aims to Fix Misclassification of Workers Problem](https://www.lkcpas.com/financial-sense-blog/irs-aims-to-fix-misclassification-of-workers-problem/) - One of the biggest problems affecting the IRS, U.S. Department of Labor and state governments is the misclassification of workers. Improper classification of workers as independent contractors costs the government tax revenue, in the form of lost withholding, unemployment, workers’ compensation, and Social Security and Medicare taxes. It’s unclear exactly how many workers are unclassified,
- [October 2012 Client Bulletin](https://www.lkcpas.com/firm-news/october-2012-client-bulletin/) - The next Client Bulletin is now available. The articles cover topics that would most likely interest you. Some of the topics for this month include: The Supreme Court's Health Insurance Decision: What It Means to You Now New Tax for High-Income Taxpayers Trusts and Estates May Owe the Surtax, Too Additional Medicare Tax for Certain
- [Congress recesses until after the election; tax law uncertainty remains](https://www.lkcpas.com/financial-sense-blog/congress-recesses-until-after-the-election-tax-law-uncertainty-remains/) - After being in session for only two weeks in September, Congress has now adjourned until after the November 6 elections — without reducing any tax law uncertainty. The "lame duck" session is the next possibility for legislative activity. The Senate will return for the week of Nov. 15, break for the week of Thanksgiving and
- [Six Ways to Try Before You Buy](https://www.lkcpas.com/financial-sense-blog/six-ways-to-try-before-you-buy/) - Over the years, everyone has made purchases they regret. Perhaps it was a washing machine that made way too much noise or a DVD that didn’t live up to your expectations. Today, there are more ways than ever to try an item before you buy it. Doing so can save you a lot of time
- [Why you may want to incur medical expenses before year end](https://www.lkcpas.com/financial-sense-blog/why-you-may-want-to-incur-medical-expenses-before-year-end/) - Currently, if your eligible medical expenses exceed 7.5% of your adjusted gross income (AGI), you can deduct the excess amount. But in 2013, the 2010 health care act increases this "floor" to 10% for taxpayers under age 65. Eligible expenses can include health insurance premiums, medical and dental services and prescription drugs. Expenses that are
- [Are You Sabotaging Your Retirement?](https://www.lkcpas.com/financial-sense-blog/are-you-sabotaging-your-retirement/) - Everyone dreams of living a comfortable retirement, but many people fail to realize that the financial decisions you make today will have a significant effect on your future. Here are several ways you could be sabotaging your retirement without even knowing it: Not earning to your potential.The basics of retirement saving is simple – the
- [We’re Hiring! - Audit and Tax Manager Positions](https://www.lkcpas.com/financial-sense-blog/were-hiring-audit-and-tax-manager-positions/) - Do you want to be part of a first-class work environment? Look no further than Lewis & Knopf CPAs, P.C. Our firm is currently seeking a highly motivated, detailed individual for the positions of audit manager and tax manager. Excellent compensation and benefits package is offered. Individuals applying should aspire to grow in a focused
- [New Tax on Unearned Income Starts in 2013](https://www.lkcpas.com/financial-sense-blog/new-tax-on-unearned-income-starts-in-2013/) - As part of the Patient Protection and Affordable Care Act (popularly known as the “health care reform law”), an additional 3.8% tax on unearned income will apply to certain individuals. Who’s Impacted by the 3.8% Unearned Income Tax? Starting in 2013, the new tax, technically known as the “unearned income Medicare contribution,” applies to the
- [Start Planning for Tax Season Now](https://www.lkcpas.com/financial-sense-blog/start-planning-for-tax-season-now/) - Late summer is the perfect time for last-minute tax planning. With four months until the end-of-the-year deadlines, follow these tips to help you prepare: Bulk up your retirement contributions. Max out your retirement savings by contributing the full 401(k) amount. For 2012, you can contribute up to $17,000 and for those 50 and older, the
- [AICPA Raises Concerns with IRS Capitalization Rules](https://www.lkcpas.com/financial-sense-blog/aicpa-raises-concerns-with-irs-capitalization-rules/) - Recently the Internal Revenue Service proposed temporary regulations governing the deduction and capitalization of tangible property expenditures that would be unnecessarily complex and burdensome for many taxpayers. According to Patricia Thompson, chair of the Tax Executive Committee of the American Institute of CPAs, “the AICPA is concerned that the overall approach in the temporary regulations
- [Simplify Your Budget with These Five Tips](https://www.lkcpas.com/financial-sense-blog/simplify-your-budget-with-these-five-tips/) - Budgets can be a hassle. They’re complicated and often you spend more time categorizing your spending than making the actual transaction. Here are some strategies and tips to help make the budget planning process easier and more manageable: Forget perfection. A budget is a target, so don’t worry about being perfect. Make adjustments as needed
- [September 2012 Client Bulletin](https://www.lkcpas.com/firm-news/september-2012-client-bulletin/) - The September 2012 issue of the Client Bulletin is now available. Please check out the publication for timely financial information that could affect you. The publication includes the following articles: Dealing with Household Employees Taxes on Gambling Winnings Exploring the World of Exchange-Traded Funds Tax Calendar For more information about these topics, please contact our
- [Avoid These Emotional Mistakes When Selling Your Home](https://www.lkcpas.com/financial-sense-blog/avoid-these-emotional-mistakes-when-selling-your-home/) - Selling a home can be an emotional process. This is the home your kids grew up in and you prepared numerous family dinners in. But when the home selling process gets underway, it’s best to distance yourself from the house and keep your emotions in check. Here are five emotional mistakes that cost home sellers
- [QuickBooks Tip of the Month - August 2012](https://www.lkcpas.com/firm-news/quickbooks-tip-of-the-month-august-2012/) - There are some new features in QuickBooks 2012 that we would like to share, specifically the program’s calendar view. Users can choose to view a calendar layout of a company’s important transactions (invoice, billing, to-dos), as well as overdue transactions, tasks to be completed, as well as appointments. Drill down into transactions from this screen
- [Planning for the 3.8 Percent Medicare Tax on Investment Income](https://www.lkcpas.com/firm-news/planning-for-the-3-8-percent-medicare-tax-on-investment-income/) - The health care reform package (the Patient Protection and Affordable Care Act and the Health Care and education Reconciliation Act of 2010) imposes a new 3.8 Medicare contribution tax on the investment income of higher-income individuals. Although the tax does not take effect until 2013, it is not too soon to examine methods to lessen
- [5 Tips for Increasing Productivity at the Office](https://www.lkcpas.com/financial-sense-blog/5-tips-for-increasing-productivity-at-the-office/) - Forty hours a week sounds like it’d be enough time to get all your work done, but ask any small business employee and they’ll tell you differently. The constant interruptions and routine tasks can keep employees from being productive. In a small business it’s easy to ask questions, but it’s crucial that you set aside
- [August 2012 Client Bulletin](https://www.lkcpas.com/firm-news/august-2012-client-bulletin/) - Below is a link to download the August issue of Client Bulletin. This month's issue contains the following articles: How Long Should You Keep Records? Wellness Programs for a Healthier Bottom Line Tax Savings Versus College Aid Investing on the New Frontier Selling a Life Insurance Policy Can Be Taxing Tax Calendar For more information
- [IRS Refocuses Efforts to Reduce Federal Deficit](https://www.lkcpas.com/financial-sense-blog/irs-refocuses-efforts-to-reduce-federal-deficit/) - The United States has one of the highest tax-compliance rates in the world. In addition, the combined cost of noncompliance from underreporting, nonfiling and nonpayment is projected to be $450 billion annually. With an estimated U.S. deficit of more than $1.3 trillion, the IRS is testing some new techniques to close the federal tax gap
- [The Benefits of Delaying Retirement](https://www.lkcpas.com/financial-sense-blog/the-benefits-of-delaying-retirement/) - More and more people are putting off retirement in order to increase their savings. Delaying retirement for just 5 years can increase your income and standard of living significantly. Here are several other benefits working until 70 can get you: Bigger Social Security checks. Social Security benefits increase the longer you delay retirement. Each year
- [Local CPA Attends National Alliance of Auto Dealer Advisors Summer Meeting](https://www.lkcpas.com/firm-news/local-cpa-attends-national-alliance-of-auto-dealer-advisors-summer-meeting/) - Greg Waller, CPA, Principal at Lewis & Knopf, CPAs, P.C. recently returned from the Summer Meeting of the National Alliance of Auto Dealer Advisors in Philadelphia, Pennsylvania. Lewis & Knopf is the only accounting practice in the state and one of only 11 practices in the nation selected as a member of the group. Eighteen
- [Digital Filing Made Easy](https://www.lkcpas.com/financial-sense-blog/digital-filing-made-easy/) - If you have a scanner, computer and smartphone, converting your paper copies to digital files is a cinch. By digitizing your files, you’ll be better organized and be able to access them with ease. Here are some ways to help you digitize your files with just one click of the mouse: Scrap the small stuff.
- [IRS Issues New Filing Compliance Procedure](https://www.lkcpas.com/financial-sense-blog/irs-issues-new-filing-compliance-procedure/) - The IRS is aware that some U.S. taxpayers living abroad have failed to timely file U.S. federal income tax returns of Reports of Foreign Bank and Financial Accounts (FBARs), Form TD F 90-22.1. Because these taxpayers are becoming aware of their filing obligations and wanting to comply with the law, the IRS is announcing a
- [QuickBooks Tip of the Month - July 2012](https://www.lkcpas.com/firm-news/quickbooks-tip-of-the-month-july-2012/) - Using QuickBooks 2012 keyboard shortcuts will make your day-to-day small-business accounting easier and faster. Whether you're working with invoices, customer job lists, or the QuickBooks Clipboard, you can access them quickly with these keyboard shortcuts: Press This PC Shortcut QuickBooks Does This Ctrl+A Displays the Chart of Accounts window Ctrl+C Copies your selection to the
- [Healthcare Reform: What It Means for You](https://www.lkcpas.com/firm-news/healthcare-reform-what-it-means-for-you/) - On June 28th, 2012, the U.S. Supreme Court generally upheld the Patient Protection and Affordable Care Act of 2010. The decision has far-reaching implications, many of which will financially impact businesses and individuals - and their taxes. As your trusted business advisors, Lewis & Knopf wanted to provide you with a timely overview of the
- [Effects of the Recent Supreme Court Ruling on Health Care Reform](https://www.lkcpas.com/financial-sense-blog/effects-of-the-recent-supreme-court-ruling-on-health-care-reform/) - On Thursday, the Supreme Court ruled to uphold President Obama’s health care reform law. The ruling is a huge victory for the President. If Romney comes into office, he can have the agencies delay the ruling or refuse to enforce those already on the books. On the other hand, if Obama is reelected, he will
- [Michigan accelerates personal income tax rate cut and revamps personal exemption amounts](https://www.lkcpas.com/firm-news/michigan-accelerates-personal-income-tax-rate-cut-and-revamps-personal-exem/) - On June 26, 2012, Governor Rick Snyder signed legislation that accelerates the date Michigan's personal income rate decreases to 4.25% from 4.35% to October 1, 2012. Previously, that rate cut was scheduled to take effect on January 1, 2013. The governor also signed a bill that allows personal income taxpayers to claim qualifying annual personal
- [Security Measures for Your Smartphone](https://www.lkcpas.com/financial-sense-blog/security-measures-for-your-smartphone/) - Losing your smart phone can be stressful, as it keeps you from making phone calls, sending texts or even checking your Facebook account. However, these things can easily be replaced. The greatest repercussion you may feel if you lose your smart phone is security. Anyone who finds it may be able to access your bank
- [July 2012 Client Bulletin](https://www.lkcpas.com/firm-news/july-2012-client-bulletin/) - The next Client Bulletin is now available. The articles cover topics that would most likely interest you. Some of the topics for this month include: New JOBS Act Offers Flexibility to Small Companies 401(k) Loans and Hardship Withdrawls Learning the A-Bs of Estate Tax Planning with Trusts Tax Calendar We hope you find this information
- [Financial Advice for Recent College Grads](https://www.lkcpas.com/financial-sense-blog/financial-advice-for-recent-college-grads/) - The first year out of college can be overwhelming. Many recent grads are trying to find jobs, moving back in with parents and being pressured to start saving money. While we can’t make mom start doing your laundry again, we can give you some helpful financial advice for just starting out: To reach your goals,
- [Three Ways to Boost Employee Morale](https://www.lkcpas.com/financial-sense-blog/three-ways-to-boost-employee-morale/) - Whether you’re a young entrepreneur running a start-up company or a seasoned manager at one the largest companies in the world, the morale of your employees is crucial to being successful. Employees want to feel appreciated; they want to know why they’re coming to work each day and if what they’re doing is making a
- [QuickBooks Tip of the Month - June 2012](https://www.lkcpas.com/firm-news/quickbooks-tip-of-the-month-june-2012/) - Here’s a cool little keyboard shortcut. Hit F2 while you’re in QuickBooks, and you’ll get the Product Information screen. It’ll tell you everything you want to know about your specific copy of QuickBooks, like your release and license number, the file size, number of users logged in, audit trail status and the total number of
- [New Tool Designed to Help Taxpayers Better Understand their Tax Obligations](https://www.lkcpas.com/financial-sense-blog/new-tool-designed-to-help-taxpayers-better-understand-their-tax-obligations/) - Earlier this month, the AICPA introduced the Total Tax Insights calculator. This tool is designed to give U.S. taxpayers a clearer picture of their estimated total federal, state and local tax obligation. The calculator is powered by a database of more than 20 federal, state and local taxes for 3,035 U.S. countries, the District of
- [Fresh Start Initiative Allows for More OIC Programs](https://www.lkcpas.com/financial-sense-blog/fresh-start-initiative-allows-for-more-oic-programs/) - Under the latest phase of the IRS’s Fresh Start Initiative, even more taxpayers will qualify to repay their student loans or pay off their delinquent state and local taxes with an Offer In Compromise (OIC.) This is due in large part to a change in the financial analysis that determines who qualifies for the OIC.
- [Six Reasons to Avoid Taking Out Payday Loans](https://www.lkcpas.com/financial-sense-blog/six-reasons-to-avoid-taking-out-payday-loans/) - With all the bad press and legislation aimed at making payday lending illegal, it’s amazing there are so many still in business. The reason for this is simple: it’s a quick way to get cash. Payday loans can be approved within a matter of hours and usually don’t require a credit check. They’re appealing to
- [June 2012 Client Bulletin](https://www.lkcpas.com/firm-news/june-2012-client-bulletin/) - The June 2012 issue of the Client Bulletin is now available. Please check out the publication for timely financial information that could affect you. The publication includes the following articles: Corporate Minutes Can Provide Timely Assistance Municipal Bond Refundings May Offer Safe Tax-Exempt Income Pros and Cons of Living Trusts Tax Calendar For more information
- [Tips to Finding Affordable, High-Quality Health Care](https://www.lkcpas.com/financial-sense-blog/tips-to-finding-affordable-high-quality-health-care/) - Affordable health care is hard to find, especially now that many health insurance companies are raising deductibles and switching from fixed-dollar co-payments to coinsurance. Health care is different than any other expense in that most people don’t know how much it actually costs. If someone tried to charge you $5 for a soda you’d know
- [Tax-smart Tips to Help Pay for Your Child’s Education](https://www.lkcpas.com/financial-sense-blog/tax-smart-tips-to-help-pay-for-your-childs-education/) - Kids are expensive these days and even more so when they go off to college. Luckily, we live in a country that rewards parents for helping to pay for their child’s education. Parents and grandparents experience several tax breaks when it comes to giving money to children to help pay for their education. Here are
- [QuickBooks Tip of the Month - May 2012](https://www.lkcpas.com/firm-news/quickbooks-tip-of-the-month-may-2012/) - As of May 31, 2012, Intuit is discontinuing support for 2009 QuickBooks Pro, Premier and Simple Start, QuickBooks for Mac 2009 and QuickBooks Enterprise Solutions 9. You can continue to use these solutions, of course, but live technical support and add-on services like payroll, credit card processing, online banking and bill-pay will not be accessible.
- [May 2012 Client Bulletin](https://www.lkcpas.com/firm-news/may-2012-client-bulletin/) - Below is a link to download the May issue of Client Bulletin. This month's issue contains the following articles: New IRS Rules May Offer Tax Breaks for Property Owners The Gift Tax Still Matters Investing on Margin Increases Risk and Potential Rewards Tax Calendar For more information about these topics, please contact our professionals at
- [Tips to Managing Your Digital Expenses](https://www.lkcpas.com/financial-sense-blog/tips-to-managing-your-digital-expenses/) - Technology is well known for making things easier for consumers, especially spending money. In a recent poll, more than half of U.S. adults say that technology has made it easier to spend money. Research also showed that Americans spend an average of $166 a month on cable TV, Internet access, mobile phone service and other
- [New Personal Income Tax Changes](https://www.lkcpas.com/financial-sense-blog/new-personal-income-tax-changes/) - Below you will find further information about the personal income tax changes in the Public Act (PA) 28 of 2011, which became effective on Janury 1, 2012. Business tax changes, which can be found in PA 39 and 40 of 2011, were also among the recent tax restructuring. PA 38 of 2011 PA 38 of
- [Michigan Issues Guidance on Withholding by Flow-Through Entities](https://www.lkcpas.com/firm-news/michigan-issues-guidance-on-withholding-by-flow-through-entities/) - The Michigan Department of Revenue has issued a release explaining the new withholding requirement that took effect January 1, 2012 for flow-through entities that have members, partners, or shareholders that are C corporations or—in some instances—other flow-through entities. A “C corporation” means any entity that is required to or has elected to file as a
- [Seven Tips to Protect Against Data Breaches](https://www.lkcpas.com/financial-sense-blog/seven-tips-to-protect-against-data-breaches/) - Data breaching has become more and more common with the growth of the Internet. Fraudsters often get credit card numbers over the Internet and make fraudulent charges at the cardholder’s expense. Investigators are doing what they can to limit the number of breaches but there are some things consumers can do to help the cause
- [Three Financial Records Worth Saving](https://www.lkcpas.com/financial-sense-blog/three-financial-records-worth-saving/) - It’s always smart to keep your tax returns on file. Old returns can come in handy when you’re making important financial decisions, such as applying for a mortgage or insurance. Additionally, technology has made it even easier by allowing you to file your returns electronically and eliminate the paper copies. Below are some records that
- [April 2012 Client Bulletin](https://www.lkcpas.com/firm-news/april-2012-client-bulletin/) - The next Client Bulletin is now available. The articles cover topics that would most likely interest you. Some of the topics for this month include: Business Owners May Defer Tax on an Employee Stock Ownership Plan Sale Keep Track of Noncash Contributions Tax Calendar We hope you find this information to be a helpful resource.
- [6 Ways to Boost Your Email Marketing Campaigns](https://www.lkcpas.com/financial-sense-blog/6-ways-to-boost-your-email-marketing-campaigns/) - Email marketing campaigns have the potential to drive customers to your website and generate sales. However, many companies don’t understand that there is a big difference between simply adding people to your contact list and running a successful campaign that engages subscribers. Here are six tips to help you maximize your email marketing efforts: Split
- [Local Accountants Receive Promotions](https://www.lkcpas.com/firm-news/local-accountants-receive-promotions/) - The local accounting firm of Lewis & Knopf, CPAs, P.C. recently announced the promotion Shawna Bell, CPA, Michelle Hennagir, Chad Peters and Laura Dell’Eva. Bell, formerly a senior staff accountant, joined the firm in 2005. In her role as manager, she provides comprehensive tax, accounting and consulting services to the firm’s clients. Prior to joining
- [IRS Announces Record High Bumps to HSA Contribution Limits](https://www.lkcpas.com/financial-sense-blog/irs-announces-record-high-bumps-to-hsa-contribution-limits/) - If you’ve been thinking about ways to save on medical expenses, now may be the perfect time to open a Health Savings Account (HSA). Thanks to persistent inflation, the IRS recently announced historic bumps to contribution limits for HSAs, making planning for health savings more beneficial than ever! What is an HSA? Established in 2003
- [The IRS Issues Update to the Tax Scams to Be Aware of For 2023 and Beyond ](https://www.lkcpas.com/financial-rx/the-irs-issues-update-to-the-tax-scams-to-be-aware-of-for-2023-and-beyond/) - When it comes to income taxes, two things tend to be true every year. The first is that April will always roll around yet again, whether you like it or not - which means that it's in your best interest to make sure your tax filing needs are accounted for. The second is that with
- [Warning Signs That You Should STOP Managing Your Own Books](https://www.lkcpas.com/financial-rx/warning-signs-that-you-should-stop-managing-your-own-books/) - On the one hand, it's almost a prerequisite for entrepreneurs of all types to have that "can-do spirit." That sense that nobody else sees things quite like they do so, whatever it is they want to accomplish, it becomes something they know they'll have to do themselves. In a lot of ways, this is an
- [Considering a New or Pre-Owned Electric Vehicle? Read This First to See If You Will Benefit From a Tax Credit ](https://www.lkcpas.com/financial-rx/considering-a-new-or-pre-owned-electric-vehicle-read-this-first-to-see-if-you-will-benefit-from-a-tax-credit/) - 2023 brings with it a whole new set of rules related to qualifying for the tax credit for purchasing a new or used electric vehicle. Among the changes that must be navigated are buyer income limitations, vehicle assembly and component limitations and even vehicle price caps. So before you purchase a vehicle with the expectation
- [When Can You Dump Old Tax Records? ](https://www.lkcpas.com/financial-rx/when-can-you-dump-old-tax-records-3/) - Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after it is filed. It all depends on the circumstances! In many cases, the federal statute of limitations can be used to help you determine how long to keep records. With certain exceptions, the statute
- [The Gen Z Freelance Movement and the Tax and Bookkeeping Challenges That Come With It ](https://www.lkcpas.com/financial-rx/the-gen-z-freelance-movement-and-the-tax-and-bookkeeping-challenges-that-come-with-it/) - If it seems like more and more employees are turning to freelance work these days, you're not imagining things. According to one recent study, there are currently 73.3 million freelancers in the United States alone. The fast-paced mobile era that we're now living in, coupled with the advent of the fabled "Gig Economy" and companies
- [Don’t Get Hit with IRS Underpayment Penalties ](https://www.lkcpas.com/financial-rx/volume-16-issue-4/dont-get-hit-with-irs-underpayment-penalties-2/) - Under federal law, taxpayers must pay taxes during the year as they earn or receive income, or they can find themselves falling victim to substantial underpayment penalties. Even worse, they may have spent the money, and when tax time comes are unable to pay their past taxes and spiral into financial distress. To facilitate the
- [5 Tips for New and Confused QuickBooks Users ](https://www.lkcpas.com/the-edge/5-tips-for-new-and-confused-quickbooks-users-2/) - Learning new software is always a challenge. You have to learn the lay of the land before you can start working with it. How do I do this? How does the menu system work? How can I enter data without making a mistake? The learning process for financial software for your small business can be
- [How Employee Stock Options Are Taxed ](https://www.lkcpas.com/the-edge/how-employee-stock-options-are-taxed/) - Many companies, as an incentive to employees to help grow the companies’ market value, will offer stock options to key employees. The options give the employee the right to buy up to a specified number of shares of the company’s stock at a future date at a specific price. Generally, options are not immediately vested
- [Why Quality Bookkeeping Matters ](https://www.lkcpas.com/the-edge/why-quality-bookkeeping-matters/) - If you had to make a list of all the things that most business owners hate, taking care of accounting and other financial matters is probably right at the top. Yet at the same time, a lot of those same business owners are struggling. Maybe they had a financial goal that they fell significantly short
- [When Can You Dump Old Tax Records? ](https://www.lkcpas.com/the-edge/when-can-you-dump-old-tax-records-2/) - Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after it is filed. It all depends on the circumstances! In many cases, the federal statute of limitations can be used to help you determine how long to keep records. With certain exceptions, the statute
- [Don’t Get Hit with IRS Underpayment Penalties ](https://www.lkcpas.com/the-edge/dont-get-hit-with-irs-underpayment-penalties/) - Under federal law, taxpayers must pay taxes during the year as they earn or receive income, or they can find themselves falling victim to substantial underpayment penalties. Even worse, they may have spent the money, and when tax time comes are unable to pay their past taxes and spiral into financial distress. To facilitate the
- [5 Tips for New and Confused QuickBooks Users ](https://www.lkcpas.com/financial-rx/5-tips-for-new-and-confused-quickbooks-users/) - Learning new software is always a challenge. You have to learn the lay of the land before you can start working with it. How do I do this? How does the menu system work? How can I enter data without making a mistake? The learning process for financial software for your small business can be
- [The Tax-Filing Deadline Is Drawing Near ](https://www.lkcpas.com/financial-rx/the-tax-filing-deadline-is-drawing-near/) - If There is Still Missing Information As a reminder to those who have not yet filed their 2022 tax returns, April 18, 2023 is the due date to either file a return (and pay the taxes owed) or file for an automatic extension (and pay an estimate of the taxes owed). The due date is
- [It’s Not Too Late for an IRA Contribution ](https://www.lkcpas.com/financial-rx/its-not-too-late-for-an-ira-contribution-2/) - Most of the time an expense that may be tax deductible needs to be paid by the end of the year for which the expense will be claimed. However, there is an exception to that rule. IRA contributions for the prior year can be made after the close of the year if made by the
- [Wow! You Can Now Get a Tax Credit For Buying a Used Electric Vehicle ](https://www.lkcpas.com/financial-rx/wow-you-can-now-get-a-tax-credit-for-buying-a-used-electric-vehicle-2/) - 2023 brings with it a whole new set of rules related to qualifying for a tax credit for purchasing a used electric vehicle. This is the first time that used electric vehicles have qualified for a tax credit, and although considerably less than the credit for purchasing a new electric vehicle, it does provide an
- [Home Energy Improvement Credit Is Enhanced ](https://www.lkcpas.com/financial-rx/home-energy-improvement-credit-is-enhanced-3/) - This credit goes all the way back to 2006, providing a tax credit for making energy-saving improvements to a taxpayer’s home. This tax benefit was supposed to expire after 2021 but a law change has given the credit renewed life and substantially enhanced it beginning with 2023. Prior to 2023, the credit had a lifetime
- [Many Taxpayers Will See Smaller Refunds This Year ](https://www.lkcpas.com/financial-rx/many-taxpayers-will-see-smaller-refunds-this-year-2/) - Congress has for years used the tax return as a means of providing benefits to taxpayers in need and incentives to stimulate activities in business, as well as addressing environmental issues. So when COVID-19 hit, Congress and many state governments provided tax benefits to help citizens through the pandemic. Because the COVID pandemic-related benefits have
- [Lewis & Knopf Director Speaks to Local Organizations](https://www.lkcpas.com/firm-news/lewis-knopf-director-speaks-to-local-organizations/) - In January, Thomas Lillie, CPA, Director at Lewis & Knopf, was invited to give presentations to local member groups. Tom maintains active involvement in several community organizations and strives to positively impact the community in which he lives and works. “I am honored to have been asked to speak on these valuable topics,” said Tom.
- [It’s Not Too Late for an IRA Contribution](https://www.lkcpas.com/financial-sense-blog/its-not-too-late-for-an-ira-contribution/) - Most of the time an expense that may be tax deductible needs to be paid by the end of the year for which the expense will be claimed. However, there is an exception to that rule. IRA contributions for the prior year can be made after the close of the year if made by the
- [Wow! You Can Now Get a Tax Credit For Buying a Used Electric Vehicle](https://www.lkcpas.com/the-edge/volume-14-issue-1-the-edge/wow-you-can-now-get-a-tax-credit-for-buying-a-used-electric-vehicle/) - 2023 brings with it a whole new set of rules related to qualifying for a tax credit for purchasing a used electric vehicle. This is the first time that used electric vehicles have qualified for a tax credit, and although considerably less than the credit for purchasing a new electric vehicle, it does provide an
- [Many Taxpayers Will See Smaller Refunds This Year](https://www.lkcpas.com/the-edge/volume-14-issue-1-the-edge/many-taxpayers-will-see-smaller-refunds-this-year/) - Congress has for years used the tax return as a means of providing benefits to taxpayers in need and incentives to stimulate activities in business, as well as addressing environmental issues. So when COVID-19 hit, Congress and many state governments provided tax benefits to help citizens through the pandemic. Because the COVID pandemic-related benefits have
- [Home Energy Improvement Credit Is Enhanced](https://www.lkcpas.com/the-edge/volume-14-issue-1-the-edge/home-energy-improvement-credit-is-enhanced-2/) - This credit goes all the way back to 2006, providing a tax credit for making energy-saving improvements to a taxpayer’s home. This tax benefit was supposed to expire after 2021 but a law change has given the credit renewed life and substantially enhanced it beginning with 2023. Prior to 2023, the credit had a lifetime
- [Status Of The Biden Administration’s Student Loan Forgiveness](https://www.lkcpas.com/the-edge/volume-14-issue-1-the-edge/status-of-the-biden-administrations-student-loan-forgiveness/) - President Biden's student loan debt forgiveness plan was originally authorized by an executive order and announced on August 24, 2022. It subsequently hit a snag when two court cases put a hold on the plan, which was one of Biden’s campaign promises. The issue has since found its way to the Supreme Court, which will
- [The Implications of the R&D Tax Policy Changes on Manufacturers Everywhere](https://www.lkcpas.com/the-edge/volume-14-issue-1-the-edge/the-implications-of-the-rd-tax-policy-changes-on-manufacturers-everywhere/) - If you've been keeping up with the news, you're no doubt aware of a recent policy change that will impact the way that research and development (R&D for short) is handled when it comes to income taxes in the United States. Rather than being allowed to deduct those costs immediately, companies are now being told
- [All the Signs That You May Need Some Assistance With Your Bookkeeping](https://www.lkcpas.com/the-edge/volume-14-issue-1-the-edge/all-the-signs-that-you-may-need-some-assistance-with-your-bookkeeping-2/) - Especially in the early days of a business, it can be natural to want to handle as many day-to-day tasks yourself - bookkeeping included. Sometimes, it's in an effort to save money. Often, entrepreneurs just feel like they're in a better position to handle everything themselves. Regardless, this situation does seem to play out regularly.
- [Lewis & Knopf Welcomes New Staff Accountant](https://www.lkcpas.com/firm-news/lewis-knopf-welcomes-new-staff-accountant-2/) - Lewis & Knopf, CPA, P.C. is pleased to welcome Carl Harahuc to their professional staff. Harahuc joined the firm in 2022 as staff accountant. “It is my pleasure to officially welcome Carl to the team,” said Greg Waller, CPA, CGMA, Managing Principal of Lewis & Knopf. “He has been a wonderful addition to our professional
- [Don't Ignore Household Employee Payroll Tax Rules](https://www.lkcpas.com/financial-sense-blog/dont-ignore-household-employee-payroll-tax-rules/) - If you hire a domestic worker to provide services in or around your home, you probably have a tax liability that you don’t know about – or one that you do know about but are ignoring. Either situation can come back to bite you. When the worker is your employee, your liability includes both withholding
- [Haven't Filed Tax Returns for Multiple Years? Here's What You Need to Do Next](https://www.lkcpas.com/financial-sense-blog/havent-filed-tax-returns-for-multiple-years-heres-what-you-need-to-do-next/) - You'd be hard-pressed to find someone who actually enjoys the process of filing taxes. Having said that, it's absolutely something that you're supposed to do like clockwork every single year. Of course, there is a myriad of different reasons why you may have fallen behind. You could be going through something of a major life
- [Are You Worried You Won't Have Enough Money Saved for Retirement?](https://www.lkcpas.com/financial-sense-blog/are-you-worried-you-wont-have-enough-money-saved-for-retirement/) - All of us dream of one day being able to retire - to finally be able to relax and enjoy the lifestyle we worked so hard for. However, you'll need a significant amount of money to do it, which is where a lot of Americans begin to worry. Saving for retirement is a constant fear
- [Lewis & Knopf Welcomes New Intern and Staff](https://www.lkcpas.com/firm-news/lewis-knopf-welcomes-new-intern-and-staff/) - Lewis & Knopf, CPA, P.C. is pleased to announce the addition of an intern and two new staff members to the firm. Jessica Lamoreaux joins the firm as a tax intern, and both Jessica Myers and Shreemoyee “Shree” Maitra join the team as staff accountants. “It is always exciting to welcome new interns and staff
- [Are You an S Corporation Stockholder? Are You Taking Reasonable Compensation in the Form of Wages?](https://www.lkcpas.com/financial-sense-blog/are-you-an-s-corporation-stockholder-are-you-taking-reasonable-compensation-in-the-form-of-wages-2/) - S corporation compensation requirements are often misunderstood and abused by owner-shareholders. An S corporation is a type of business structure in which the business does not pay income tax at the corporate level and instead distributes (passes through) the income, gains, losses, and deductions to the shareholders for inclusion on their income tax returns. If
- [Planning On Buying a New Electric Vehicle and Claiming a Tax Credit? Better Read This First](https://www.lkcpas.com/financial-rx/volume-16-issue-2/planning-on-buying-a-new-electric-vehicle-and-claiming-a-tax-credit-better-read-this-first/) - Although the credit for purchasing a new electric vehicle can still be as much as $7,500, Congress has added some new stringent qualifications as to which vehicles qualify, and for the first time Congress has limited who qualifies for the credit by barring the credit to higher income taxpayers. But first a little background. Prior
- [2023 Standard Mileage Rates Announced](https://www.lkcpas.com/financial-rx/volume-16-issue-2/2023-standard-mileage-rates-announced/) - As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2023, the standard mileage rates for the use of a car (or a van, pickup
- [All the Signs That You May Need Some Assistance With Your Bookkeeping](https://www.lkcpas.com/financial-rx/volume-16-issue-2/all-the-signs-that-you-may-need-some-assistance-with-your-bookkeeping/) - Especially in the early days of a business, it can be natural to want to handle as many day-to-day tasks yourself - bookkeeping included. Sometimes, it's in an effort to save money. Often, entrepreneurs just feel like they're in a better position to handle everything themselves. Regardless, this situation does seem to play out regularly.
- [What Is Business Cash Flow?](https://www.lkcpas.com/financial-rx/volume-16-issue-2/what-is-business-cash-flow-2/) - As the name suggests, cash flow is a term used to describe the money coming into and out of a business. Cash received - like money being paid to the business from its customers - would be inflow. Cash spent - like the funds being paid to vendor partners and other operational costs - would
- [Important Information for S-Corp Shareholders and Partners of a Partnership](https://www.lkcpas.com/financial-rx/volume-16-issue-2/important-information-for-s-corp-shareholders-and-partners-of-a-partnership/) - There is an important issue related to filing the 2022 S-corporation (Form 1120-S) and partnership (Form 1065) tax returns that requires the cooperation of the shareholders and partners. Background: The IRS, for the 2021 tax year, without sufficient warning, introduced two new schedules for S-corporations and partnerships, the Schedules K-2 and K-3. These two schedules
- [Looking Ahead to 2023 Taxes](https://www.lkcpas.com/financial-rx/volume-16-issue-2/looking-ahead-to-2023-taxes/) - With the holiday celebrations coming to an end, now is the time to take a look at the changes that will impact your 2023 tax return when you file it in 2024. Keeping up with the constantly changing tax laws can help you get the most benefit out of the laws and minimize your taxes.
- [Lewis & Knopf Welcomes New Staff](https://www.lkcpas.com/firm-news/lewis-knopf-welcomes-new-staff/) - Lewis & Knopf, CPA, P.C. is pleased to announce the addition of three new staff members to the firm. Sydney Champine and Angie Holbrook join the firm’s administrative staff as an administrative assistant and the Director of First Impressions, respectively. Trevor Smith joins the firm’s professional staff as an accounting associate. “I am happy to
- [Be On the Outlook for Tax Reporting Forms](https://www.lkcpas.com/financial-sense-blog/be-on-the-outlook-for-tax-reporting-forms/) - With tax season upon us, documents reporting income, sales and other items needed for your 2022 tax return should have arrived or will be arriving soon. Be on the lookout for them and be careful not to accidently discard any. Here are some of the common tax forms you need to be watching for depending
- [What You Need to Know About Converting an S Corp to a C Corp](https://www.lkcpas.com/financial-sense-blog/what-you-need-to-know-about-converting-an-s-corp-to-a-c-corp/) - The type of business that you're running has major implications in virtually all areas of your operations, especially when it comes to federal taxes. An S Corporation (or S Corp for short) is one that passes corporate income, losses, deductions, and credits to its shareholders. A C Corporation (or C Corp for short) is one
- [Married? Know Your Filing Options](https://www.lkcpas.com/financial-sense-blog/married-know-your-filing-options/) - Married taxpayers generally have the option to file a joint tax return or separate returns, a filing status commonly referred to as married filing separate (MFS). If you are married and you and your spouse are filing separate returns, or are considering doing so, you should read this article before making that decision.Depending on whether
- [<strong>Tax Season Preparation Tips</strong>](https://www.lkcpas.com/financial-sense-blog/tax-season-preparation-tips/) - We thank you for choosing Lewis & Knopf CPA, P.C. as your tax advisor. We truly appreciate your business, and we look forward to working with you this upcoming season. Below is a list of best practices to keep in mind when working with us to prepare your tax return. We will do our best
- [10 Red Flags for IRS Audits](https://www.lkcpas.com/financial-sense-blog/10-red-flags-for-irs-audits/) - Even though the overall IRS audit rate is currently low historically, it’s expected to increase as a result of provisions in the Inflation Reduction Act signed into law in August. So it’s more important than ever for taxpayers to follow the rules to minimize their chances of being subject to an audit. How can you
- [<strong>Wonder What a Tax Deduction Is Worth?</strong>](https://www.lkcpas.com/financial-sense-blog/wonder-what-a-tax-deduction-is-worth/) - Individuals are always looking for tax deductions that can reduce their tax liability. But what is the actual tax benefit derived from a tax deduction? There is no straightforward answer because some deductions are “above the line”, others must be itemized, some must exceed a threshold amount before being deductible, and certain ones are not
- [Lewis & Knopf Announces New Promotions](https://www.lkcpas.com/firm-news/lewis-knopf-announces-new-promotionslewis-knopf/) - Lewis & Knopf, CPA, P.C. is pleased to announce the promotions of Ashish Kapoor, CPA, Kenneth W. Rappuhn, II, CPA, and Brittan Sepanak. All three professionals are taking on new responsibilities as managers. Kapoor joined the Lewis & Knopf team in 2020, and prior to his promotion served as a senior staff accountant in the
- [Start Off on the Right Foot for the 2023 Tax Year](https://www.lkcpas.com/financial-sense-blog/start-off-on-the-right-foot-for-the-2023-tax-year/) - If your 2022 refund or balance due turns out not to be the desired amount, you may want to consider adjusting your withholding based on your projected tax for 2023. If you need assistance, please call this office. W-9 Collection – If you are operating a business, then you are required to issue a Form
- [Time is Running Out to Take Your 2022 RMD](https://www.lkcpas.com/financial-rx/volume-16-issue-1/time-is-running-out-to-take-your-2022-rmd-2/) - Required Minimum Distributions (RMD) are required taxable distributions from qualified retirement plans and are commonly associated with traditional IRAs, but they also apply to 401(k)s and SEP IRAs. The tax code does not allow taxpayers to indefinitely keep funds in their qualified retirement plans. Eventually, these assets must be distributed, and taxes must be paid
- [IRS Plans On Targeting Abusive ERTC Claims](https://www.lkcpas.com/financial-rx/volume-16-issue-1/irs-plans-on-targeting-abusive-ertc-claims-2/) - Have you seen those ads on television or received email solicitations promoting a large tax credit? The large tax credit they are referring to is the employee retention tax credit (ERTC). The ERTC is a government-sponsored program to keep workers employed during 2020 and 2021 because of the COVID pandemic by providing refundable tax credits
- [Year End Tax Planning Issues](https://www.lkcpas.com/financial-rx/volume-16-issue-1/year-end-tax-planning-issues/) - Year-end is rapidly approaching as are the holidays. So before you become distracted with the seasonal celebrations, it may be in your best interest to consider year-end tax moves that can benefit you for both 2022 and 2023. Having the Congressional members preoccupied with the November mid-term elections has sidelined, at least temporarily, any legislation
- [Use QuickBooks Online Effectively: 7 Best Practices](https://www.lkcpas.com/financial-rx/volume-16-issue-1/use-quickbooks-online-effectively-7-best-practices-2/) - “Best practices” is a phrase that human resources professionals have been using for decades. But every type of profession has its own best practices, whether they call it that or not. These guidelines are not enforceable rules, though some managers may build them into their official policies. They just describe the way work should be
- [Health Savings Accounts Fill Multiple Tax Needs](https://www.lkcpas.com/financial-rx/volume-16-issue-1/health-savings-accounts-fill-multiple-tax-needs-3/) - The Health Savings Account (HSA) is one of the most misunderstood and underused benefits in the Internal Revenue Code. Congress created HSAs as a way for individuals with high-deductible health plans (HDHPs) to save for medical expenses that are not covered by insurance due to the high-deductible provisions of their insurance coverage. However, an HSA
- [Is This an Opportune Time to Convert Your Traditional IRA to a Roth IRA?](https://www.lkcpas.com/financial-rx/volume-16-issue-1/is-this-an-opportune-time-to-convert-your-traditional-ira-to-a-roth-ira-3/) - If your traditional IRA is invested in stocks and/or mutual funds, the recent substantial downward slide by the stock markets may provide a unique opportunity to convert your traditional IRA to a Roth IRA at a low cost, and then benefit when the markets recover.Why would you want to do that? Because Roth IRA distributions
- [<strong>Selling Your Home?</strong>](https://www.lkcpas.com/financial-sense-blog/selling-your-home/) - Be sure you understand the home sale gain exclusion If you’re thinking about selling your home, it’s important to determine whether you qualify for the home sale gain exclusion. The exclusion is one of the most generous tax breaks in the tax code, so be sure to review its requirements before you sell. Exclusion requirements
- [What a Different Six Months Can Make](https://www.lkcpas.com/financial-sense-blog/what-a-difference-six-months-can-make/) - An alternate valuation date can reduce estate tax liability If you have money invested in the stock market, you’re well aware of potential volatility. Needless to say, this volatility can affect your net worth, thus affecting your lifestyle. Something you might not think about is the potential effect on your estate tax liability. Specifically, if
- [What Is Business Cash Flow?](https://www.lkcpas.com/financial-sense-blog/what-is-business-cash-flow/) - As the name suggests, cash flow is a term used to describe the money coming into and out of a business. Cash received – like money being paid to the business from its customers – would be inflow. Cash spent – like the funds being paid to vendor partners and other operational costs – would
- [<strong>Beware The Five-Year Rule for Roth IRA Withdrawals</strong>](https://www.lkcpas.com/financial-sense-blog/beware-the-five-year-rule-for-roth-ira-withdrawals/) - What makes Roth IRAs so appealing? Primarily, it’s the ability to withdraw money from them tax-free. But to enjoy this benefit, there are a few rules you must follow, including the widely misunderstood five-year rule. 3 types of withdrawals To understand the five-year rule, you first need to understand the three types of funds that
- [The Tax Consequences of Gig Work](https://www.lkcpas.com/financial-sense-blog/the-tax-consequences-of-gig-work/) - Over the last decade, in particular, the definition of the term “career” has changed. Rather than being employed by a single entity for which you receive a W2 at the end of the year, many are now participating in the “gig economy” in a variety of ways. They’re not just working a day job. They’re
- [<strong>Pump Up Tax Savings With The Fuel Credit</strong>](https://www.lkcpas.com/financial-sense-blog/pump-up-tax-savings-with-the-fuel-credit/) - Companies that wish to reduce their tax bills or increase their refunds shouldn’t overlook the fuel tax credit. It’s available for federal tax paid on fuel used for nontaxable purposes. When does the federal fuel tax apply? The federal fuel tax, which is used to fund highway and road maintenance programs, is collected from buyers
- [<strong>QuickBooks® ProAdvisors Spotlight:</strong> <strong>Brittan Sepanak</strong>](https://www.lkcpas.com/financial-sense-blog/quickbooks-proadvisors-spotlight-brittan-sepanak/) - Our team of QuickBooks® ProAdvisors is an integral part of Lewis & Knopf’s Small Business Services department, partnering with clients to provide proactive solutions and support. Brittan Sepanak has been with Lewis & Knopf since 2020. She has been a QuickBooks® ProAdvisor for one year and has been using QuickBooks® Desktop and QuickBooks® Online for
- [Time is Running Out to Take Your 2022 RMD](https://www.lkcpas.com/financial-sense-blog/time-is-running-out-to-take-your-2022-rmd/) - Required Minimum Distributions (RMD) are required taxable distributions from qualified retirement plans and are commonly associated with traditional IRAs, but they also apply to 401(k)s and SEP IRAs. The tax code does not allow taxpayers to indefinitely keep funds in their qualified retirement plans. Eventually, these assets must be distributed, and taxes must be
- [<a>Use QuickBooks Online Effectively: 7 Best Practices</a>](https://www.lkcpas.com/the-edge/volume-13-issue-5/use-quickbooks-online-effectively-7-best-practices/) - “Best practices” is a phrase that human resources professionals have been using for decades. But every type of profession has its own best practices, whether they call it that or not. These guidelines are not enforceable rules, though some managers may build them into their official policies. They just describe the way work should be
- [<a>Is This an Opportune Time to Convert Your Traditional IRA to a Roth IRA?</a>](https://www.lkcpas.com/the-edge/volume-13-issue-5/is-this-an-opportune-time-to-convert-your-traditional-ira-to-a-roth-ira/) - If your traditional IRA is invested in stocks and/or mutual funds, the recent substantial downward slide by the stock markets may provide a unique opportunity to convert your traditional IRA to a Roth IRA at a low cost, and then benefit when the markets recover.Why would you want to do that? Because Roth IRA distributions
- [<a>Best Practices for Avoiding Cash Flow Problems With Your Business: A Guide</a>](https://www.lkcpas.com/the-edge/volume-13-issue-5/best-practices-for-avoiding-cash-flow-problems-with-your-business-a-guide-2/) - If you had to make a list of some of the biggest issues that plague small business owners regularly, cashflow problems would undoubtedly be right at the top. Cash flow is about more than just the money coming into and going out of your business. It represents your ability to capitalize on opportunities as an
- [IRS Plans On Targeting Abusive ERTC Claims](https://www.lkcpas.com/financial-sense-blog/irs-plans-on-targeting-abusive-ertc-claims/) - Have you seen those ads on television or received email solicitations promoting a large tax credit? The large tax credit they are referring to is the employee retention tax credit (ERTC). The ERTC is a government-sponsored program to keep workers employed during 2020 and 2021 because of the COVID pandemic by providing refundable tax credits
- [<strong>First-Year Bonus Depreciation And Sec. 179 Expensing: Watch Out For The Pitfalls</strong>](https://www.lkcpas.com/financial-sense-blog/first-year-bonus-depreciation-and-sec-179-expensing-watch-out-for-the-pitfalls/) - Many companies are eligible for tax write-offs for certain equipment purchases and building improvements. These write-offs can do wonders for a business’s cash flow, but whether to claim them isn’t always an easy decision. In some cases, there are advantages to following the regular depreciation rules. So it’s critical to look at the big picture
- [Inflation Reduces Income Tax](https://www.lkcpas.com/financial-sense-blog/inflation-reduces-income-tax/) - As the country emerges from the COVID pandemic and supply chain issues, along with the fallout from the war in Ukraine, the country has been experiencing high inflation rates that negatively impact the cost of everyday living, including food, gas for your vehicle, utilities and more. But there is one shining light: tax-related inflation adjustments
- [Is This an Opportune Time to Convert Your Traditional IRA to a Roth IRA?](https://www.lkcpas.com/financial-sense-blog/is-this-an-opportune-time-to-convert-your-traditional-ira-to-a-roth-ira-2/) - If your traditional IRA is invested in stocks and/or mutual funds, the recent substantial downward slide by the stock markets may provide a unique opportunity to convert your traditional IRA to a Roth IRA at a low cost, and then benefit when the markets recover. Why would you want to do that? Because Roth IRA
- [Deferring A Tax Hit with A Sec. 1031 Exchange](https://www.lkcpas.com/financial-sense-blog/deferring-a-tax-hit-with-a-sec-1031-exchange/) - Do you own commercial or investment real estate that has substantially increased in value? If you sell the property, you may be hit with a huge capital gain tax liability. Possible solution: Consider a Section 1031 exchange (also known as a like-kind exchange) in which you swap qualifying properties while paying zero or little current
- [QuickBooks® ProAdvisors Spotlight: Sara Ryal](https://www.lkcpas.com/quickbooks/quickbooks-proadvisors-spotlight-sara-ryal/) - Our team of QuickBooks® ProAdvisors is an integral part of Lewis & Knopf’s Small Business Services department, partnering with clients to provide proactive solutions and support. Sara Ryal has been with Lewis & Knopf since 2005 and has been a QuickBooks® ProAdvisor since 2018. In addition to her role as a manager, she is a
- [Electric Vehicle Credit Undergoes Major Overhaul](https://www.lkcpas.com/financial-rx/volume-15-issue-3/electric-vehicle-credit-undergoes-major-overhaul/) - With the recent passage of the Inflation Reduction Act of 2022, the electric vehicle credit has undergone some major changes. Although most of the changes take effect in 2023, to qualify for the current credit, vehicles purchased after August 15, 2022, are required to meet the final assembly requirement of the new law. That requirement
- [Will You Benefit from Biden’s Student Loan Relief?](https://www.lkcpas.com/financial-rx/volume-15-issue-3/will-you-benefit-from-bidens-student-loan-relief/) - On August 24, President Biden announced a three-part plan to deal with student loan debt which includes, among other things, $20,000 in loan relief to borrowers with loans held by the Department of Education whose individual income is less than $125,000 ($250,000 for married couples) and who received a Pell Grant. Borrowers who meet those
- [What an Economic Slowdown Means for Your Small Business](https://www.lkcpas.com/financial-rx/volume-15-issue-3/what-an-economic-slowdown-means-for-your-small-business-2/) - If you pay attention to the financial news, you’ve likely heard that we may — or may not — be in the midst of a recession. While experts argue over whether or not two consecutive periods of falling gross domestic period necessarily confirm an overall decline in economic activity, small business owners have more pressing
- [What Does The Inflation Reduction Act Mean To You?](https://www.lkcpas.com/financial-rx/volume-15-issue-3/what-does-the-inflation-reduction-act-mean-to-you-2/) - On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 which is a scaled-back version of the prior Biden administration proposals originally included in the Build Back Better Act. The legislation includes a variety of provisions, including substantial green energy incentives, reduction of Affordable Care Act insurance premiums, IRS funding,
- [Home Energy Improvement Credit Is Enhanced](https://www.lkcpas.com/financial-rx/volume-15-issue-3/home-energy-improvement-credit-is-enhanced/) - Going all the way back to 2006, except for 2008, the federal tax code has offered a tax credit for making energy-saving improvements to a taxpayer’s home. This credit had expired after 2021 but has been given renewed life and substantially enhanced by the Inflation Reduction Act of 2022. Under the old law, the credit
- [Best Practices for Avoiding Cash Flow Problems With Your Business: A Guide](https://www.lkcpas.com/financial-rx/volume-15-issue-3/best-practices-for-avoiding-cash-flow-problems-with-your-business-a-guide/) - If you had to make a list of some of the biggest issues that plague small business owners regularly, cashflow problems would undoubtedly be right at the top. Cash flow is about more than just the money coming into and going out of your business. It represents your ability to capitalize on opportunities as an
- [Research Credit Potentially Doubled By The Inflation Reduction Act](https://www.lkcpas.com/financial-sense-blog/research-credit-potentially-doubled-by-the-inflation-reduction-act/) - The Inflation Reduction Act that President Biden signed into law back in August, has a lesser-known provision that could benefit many small business startups, allowing them to potentially double the amount of the research and development tax credit they can claim from $250,000 to $500,000 per year against payroll taxes. This little-known tax benefit for
- [Hiring? You may be eligible for a valuable tax credit, the WOTC](https://www.lkcpas.com/financial-sense-blog/hiring-you-may-be-eligible-for-a-valuable-tax-credit-the-wotc/) - If you need to hire, be aware of a valuable tax credit for employers hiring individuals from one or more targeted groups. The Work Opportunity Tax Credit (WOTC) is generally worth $2,400 for each eligible employee but can be worth more — in some cases much more. Targeted groups Generally, an employer is eligible for
- [IRS Announces Special Per Diem Rates Beginning October 1, 2022](https://www.lkcpas.com/financial-sense-blog/irs-announces-special-per-diem-rates-beginning-october-1-2022/) - The IRS recently released Notice 2022-44, detailing updated special per diem rates. The new rates are effective for the period beginning October 1, 2022 and ending September 30, 2023. These rates apply to the per diem allowances paid by employers to their employees in order to cover “ordinary and necessary business expenses incurred while traveling
- [Health Savings Accounts Fill Multiple Tax Needs](https://www.lkcpas.com/financial-sense-blog/health-savings-accounts-fill-multiple-tax-needs-2/) - The Health Savings Account (HSA) is one of the most misunderstood and underused benefits in the Internal Revenue Code. Congress created HSAs as a way for individuals with high-deductible health plans (HDHPs) to save for medical expenses that are not covered by insurance due to the high-deductible provisions of their insurance coverage. However, an HSA
- [QuickBooks® ProAdvisors Spotlight: Anne Slobin](https://www.lkcpas.com/quickbooks/quickbooks-proadvisors-spotlight-anne-slobin/) - Our team of QuickBooks® ProAdvisors are an integral part of Lewis & Knopf’s Small Business Services department, partnering with clients to provide proactive solutions and support. Anne Slobin is a manager with over 8 years of experience as a QuickBooks® ProAdvisor. She’s known for being easy-going and friendly and always strives to keep clients happy.
- [If You Want to Maximize Your Social Security Income, You Need to Start Planning Now](https://www.lkcpas.com/financial-sense-blog/if-you-want-to-maximize-your-social-security-income-you-need-to-start-planning-now/) - According to one recent study, about 27% of people in the United States between the ages of 55 and 67 years old have less than $10,000 saved for retirement. If you needed just one statistic to outline how important it is to plan ahead when you’re younger, let it be that one. Similarly, you need
- [October Extended Due Date Just Around the Corner](https://www.lkcpas.com/financial-sense-blog/october-extended-due-date-just-around-the-corner/) - If you could not complete your 2021 tax return by April 18, 2022 and are now on extension, that extension expires on October 17, 2022. Failure to file before the extension period runs out can subject you to late-filing penalties. There are no additional extensions (except in designated disaster areas), so if you still do
- [Ways to Maximize Business Deductions](https://www.lkcpas.com/the-edge/volume-13-issue-4/ways-to-maximize-business-deductions/) - As a small business owner, you should always be on the lookout for legitimate ways to minimize your taxes. Waiting for year-end to do your tax planning can be too late and you may miss many possible opportunities. The following are valuable tips that help you maximize your business deductions. New Business – Normally the costs
- [Steps You Can Take to Grow Your Business to the Next Level](https://www.lkcpas.com/the-edge/volume-13-issue-4/steps-you-can-take-to-grow-your-business-to-the-next-level/) - For small business owners, in particular, growing a business has always been something of a challenge. On the one hand, you don't want to grow too quickly - doing so can significantly damage the trajectory that you've set out on. But at the same time, you also don't want to grow too slowly as this
- [Take Tax Advantage of a Low-Income Year](https://www.lkcpas.com/the-edge/volume-13-issue-4/take-tax-advantage-of-a-low-income-year/) - People generally assume that tax planning only applies to individuals with the big bucks. But think again, as some tax moves benefit lower-income taxpayers and those who are having a lower-than-normal income year. So, if 2022 is not producing a lot of income for you, or your income will be substantially lower this year than
- [What an Economic Slowdown Means for Your Small Business](https://www.lkcpas.com/the-edge/volume-13-issue-4/what-an-economic-slowdown-means-for-your-small-business/) - If you pay attention to the financial news, you’ve likely heard that we may — or may not — be in the midst of a recession. While experts argue over whether or not two consecutive periods of falling gross domestic period necessarily confirm an overall decline in economic activity, small business owners have more pressing
- [What Does The Inflation Reduction Act Mean To You?](https://www.lkcpas.com/the-edge/volume-13-issue-4/what-does-the-inflation-reduction-act-mean-to-you/) - On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 which is a scaled-back version of the prior Biden administration proposals originally included in the Build Back Better Act. The legislation includes a variety of provisions, including substantial green energy incentives, reduction of Affordable Care Act insurance premiums, IRS funding,
- [Sold or Thinking of Selling Your Home?](https://www.lkcpas.com/the-edge/volume-13-issue-4/sold-or-thinking-of-selling-your-home/) - If you sold your home this year or are thinking about selling it, there are many tax-related issues that could apply to that sale. To help you prepare for reporting the sale you may have already made or make you aware of what issues you may face if you are in the “thinking about” stage,
- [Life Changing Events Can Impact Your Taxes](https://www.lkcpas.com/financial-sense-blog/life-changing-events-can-impact-your-taxes/) - Throughout your life, there will be certain significant occasions that will impact not only your day-to-day living but also your taxes. Here are a few of those events: Getting Married – If you just got married or are considering getting married, you need to be aware that once you are married you no longer file
- [How to Protect Yourself When Selecting Investors For Your Startup](https://www.lkcpas.com/financial-sense-blog/how-to-protect-yourself-when-selecting-investors-for-your-startup/) - Any seasoned entrepreneur will tell you that coming up with an idea for a startup is ultimately the easy part of this process. Figuring out how you’re going to get the funds necessary to make that vision a reality? That part is a bit trickier. Selecting investors for your startup can be the hardest part
- [Inflation and an Economic Slowdown: A Double Whammy for your Finances](https://www.lkcpas.com/financial-sense-blog/inflation-and-an-economic-slowdown-a-double-whammy-for-your-finances/) - Newspapers and media reports have been filled with talk of inflation and recession. Experts are arguing about the definition of the latter. Pundits are pondering whether the slowdown reflected in the latest consumer price index report means that inflation has peaked. You, in the meantime, are still staring in disbelief at the numbers that are rolling by
- [President Biden Signs The Inflation Reduction Act into Law](https://www.lkcpas.com/financial-sense-blog/president-biden-signs-the-inflation-reduction-act-into-law/) - On August 16, President Biden signed the Inflation Reduction Act (IRA) into law. The enormous bill—clocking in at 725 pages—contains a wide range of provisions and comes with a nearly $750 billion price tag. “The bill is fighting inflation and has a whole lot of collateral benefits as well,” said former Treasury Secretary Larry Summers,
- [Not All Interest Is Deductible For Taxes](https://www.lkcpas.com/financial-sense-blog/not-all-interest-is-deductible-for-taxes/) - A frequent question that arises when borrowing money is whether or not the interest will be tax deductible. That can be a complicated question, and unfortunately, not all interest an individual pays is deductible. The rules for deducting interest vary, depending on whether the loan proceeds are used for personal, investment, or business activities. Interest
- [Don’t Overlook Your Charitable Contributions](https://www.lkcpas.com/financial-sense-blog/dont-overlook-your-charitable-contributions/) - Your charitable contributions include a wide variety of tax-saving opportunities, some you may not be aware of, and some that are frequently overlooked. And there are some contributions that you may believe are deductible that really are not. Being knowledgeable of what is and is not a qualified charity, a qualified charitable contribution, and charitable
- [Will Your Planned Retirement Income Be Enough after Taxes?](https://www.lkcpas.com/financial-sense-blog/will-your-planned-retirement-income-be-enough-after-taxes/) - That is an important question because the actual money you have to spend when you retire depends upon the after-tax sources of your retirement income. Thus it is important to understand how the various retirement vehicles are taxed. There is significant diversity in taxation since a retiree must consider both Federal and state taxes on
- [Does Your Small Business Have the Right Tech Tools for the Future?](https://www.lkcpas.com/financial-sense-blog/does-your-small-business-have-the-right-tech-tools-for-the-future/) - This article explains that the current state of the economy and the Covid-19 pandemic has drastically changed the way consumers behave. It’s extremely important for small businesses to capitalize on digital transformations. A Bill.com survey showed that “75% of SMBs took actions ranging from price changes, new business models, new customer outreach, and new product
- [IRS Announces Mid-Year Optional Vehicle Mileage Rate Increase ](https://www.lkcpas.com/the-edge/volume-13-issue-3/irs-announces-mid-year-optional-vehicle-mileage-rate-increase/) - With gas prices soaring it has been expected the IRS would increase the mileage rate that business owners can deduct for vehicle use instead of keeping a record of actual expenses. Sure enough, the IRS recently announced a 4-cent increase in the optional mileage rate for the last half of 2022.The new rate for deductible
- [Best Practices for Managing Your Business Through an Economic Downturn](https://www.lkcpas.com/the-edge/volume-13-issue-3/best-practices-for-managing-your-business-through-an-economic-downturn/) - The United States economy is nothing if not cyclical - which can be a good thing or a bad thing depending on when, exactly, you're trying to operate a business.According to one recent study, roughly 57% of small business owners say that they fear the U.S. economy will only get worse over the last year.
- [Keeping Up With Receivables: Know Who Owes You](https://www.lkcpas.com/the-edge/volume-13-issue-3/keeping-up-with-receivables-know-who-owes-you/) - There are so many financial details to keep track of when you’re running a small business. You have to make sure your products and services are in good shape and ready to sell. You have to stay current with your bills. Orders need to be processed as quickly as possible, as do estimates and invoices.
- [Writing Off Your Business Start-Up Expenses](https://www.lkcpas.com/the-edge/volume-13-issue-3/writing-off-your-business-start-up-expenses/) - Unfortunately, as a result of the COVID pandemic, many small firms have gone out of business. However, with the help of vaccines and the waning lethality of the latest versions of the virus, new businesses will be opening as the economy returns to near normal. New business owners, especially those operating small businesses, may be
- [Vacation Home Rentals: How the Income Is Taxed](https://www.lkcpas.com/the-edge/volume-13-issue-3/vacation-home-rentals-how-the-income-is-taxed/) - If you have a second home in a resort area, or if you have been considering acquiring a second home or vacation home, and with summer just around the corner, you may have questions about how rental income is taxed for a part-time vacation-home rental. The applicable rental rules include some interesting twists that you
- [When Can You Dump Old Tax Records?](https://www.lkcpas.com/the-edge/volume-13-issue-3/when-can-you-dump-old-tax-records/) - Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after it is filed.It all depends on the circumstances! In many cases, the federal statute of limitations can be used to help you determine how long to keep records. With certain exceptions, the statute for
- [How QuickBooks Online Helps You Track Mileage](https://www.lkcpas.com/the-edge/volume-13-issue-3/how-quickbooks-online-helps-you-track-mileage/) - If you drive even a little for business, it’s easy to let mileage costs slide. After all, it’s a pain to keep track of your tax-deductible mileage in a little notebook and do all the calculations required. If you do rack up a lot of business miles, you probably forget to track some trips and
- [Changes to Bonus Depreciation Rules](https://www.lkcpas.com/financial-sense-blog/changes-to-bonus-depreciation-rules/) - This article explains that bonus depreciation rules have been changed over several years. In 2016 and 2017, under the IRS Revenue Proclamation (Rev. Proc.) 2019-33, Section 5.02 Section – Deemed Election states: “a taxpayer that timely filed its federal tax return for the 2016 taxable year or the 2017 taxable year also will be treated
- [4 Tips to Save at the Pump With or Without a Gas Tax Holiday](https://www.lkcpas.com/financial-sense-blog/4-tips-to-save-at-the-pump-with-or-without-a-gas-tax-holiday/) - This article explains that the Biden Administration has proposed a federal gas tax holiday in order to help US citizens with the current gasoline prices. Unfortunately, Patrick De Haan, head of petroleum analysis at GasBuddy, said “if a gas tax holiday coincides with rising wholesale fuel prices, consumers won’t see much of an impact at
- [Tax-Avoiding Schemes Are at the Top of the 2022 “Dirty Dozen” List](https://www.lkcpas.com/financial-sense-blog/tax-avoiding-schemes-are-at-the-top-of-the-2022-dirty-dozen-list/) - This article explains some tax-avoiding strategies that the IRS will be flagging down. Some strategies include “concealing assets in offshore accounts and improper reporting of digital assets, non-filing of income tax returns by high-income individuals, abusive syndicated conservation easements, and abusive micro captive insurance arrangements.” The article proceeds to categorize other sources of taxable income,
- [Too Many Transactions in QuickBooks Online? Create Rules](https://www.lkcpas.com/financial-rx/volume-15-issue-2/too-many-transactions-in-quickbooks-online-create-rules-2/) - One of the cardinal rules of accounting is this: Go through your new transactions every day. If you wait until there are too many of them, you’re likely to give them short shrift. You may miss problems, just as you might skip categorizing some of them because it simply takes too long.But correct categorization is
- [The Ever-Changing Role of Tax and Accounting Professionals in the Modern Era](https://www.lkcpas.com/financial-rx/volume-15-issue-2/the-ever-changing-role-of-tax-and-accounting-professionals-in-the-modern-era/) - To say that there is a lot going on in the world right now is truly a bit of an understatement.Starting a few years ago with the onset of the still ongoing COVID-19 pandemic, the role of the accounting professionals in the context of a small business began to change. It's truly become a role
- [S Corporations Reasonable Compensation Requirement](https://www.lkcpas.com/financial-rx/volume-15-issue-2/s-corporations-reasonable-compensation-requirement-2/) - Unlike a C corporation, which itself pays the tax on its taxable income, an S corporation does not directly pay taxes on its income; instead, its income, losses, deductions, and credits flow through to its shareholders’ individual tax returns on a pro rata basis. These distributions are not subject to self-employment (Social Security and Medicare)
- [Corporate and LLC Structure Can Protect Sole Proprietors’ Assets](https://www.lkcpas.com/financial-rx/volume-15-issue-2/corporate-and-llc-structure-can-protect-sole-proprietors-assets/) - There are plenty of advantages to being your own boss, but that doesn’t mean that every decision is easy or straightforward. One of the first things you’ll have to decide is the type of business structure that is best for your situation. While selecting “sole proprietor” may seem like the path of least resistance, if
- [Important Times to Seek Assistance](https://www.lkcpas.com/financial-rx/volume-15-issue-2/important-times-to-seek-assistance/) - Waiting for your regular appointment to discuss current tax-related issues can create problems or cause you to miss out on beneficial options that need to be timely exercised before year-end. Generally, you should call this office any time you have a substantial change in taxable income or deductions. By doing so, we can advise you
- [With a Possible Recession Looming, You May Want to Review Your Cash Flow Process](https://www.lkcpas.com/financial-rx/volume-15-issue-2/with-a-possible-recession-looming-you-may-want-to-review-your-cash-flow-process/) - If you’re a business owner who has been through a recession before, you know that smart cash flow management is absolutely crucial. If you’re a new entrepreneur who hasn’t been through an economic downturn, you may be less familiar with how quickly your finances can be affected.To protect yourself and keep your business operating, here
- [R&D Tax Credits for Startups](https://www.lkcpas.com/financial-sense-blog/rd-tax-credits-for-startups/) - This article explains the significant benefits that startups in 2022 receive when using R&D tax credits. For companies to qualify for R&D tax credits, their ideas must be a new or improved business component for a permitted purpose, include activities technological in nature, have elimination of uncertainty, and use the process of experimentation. The amount
- [Gas Saving Tips for Your Summer Travel](https://www.lkcpas.com/financial-sense-blog/gas-saving-tips-for-your-summer-travel/) - This article explains the best money-saving methods for travelers hitting the road this summer. All 50 US states have hit the $4 per gallon mark, and the national average is currently at $4.59. According to AAA spokesperson Andrew Gross, “gas prices are now $1.56 more than a year ago and $1.05 more than they were
- [The Pros and Cons of Running a Business with Family](https://www.lkcpas.com/financial-sense-blog/the-pros-and-cons-of-running-a-business-with-family/) - This article explains how hiring family members can have their strengths and weaknesses. It is much easier to hire a family member rather than a stranger because each person can usually be reliable and dependent on the other. However, in order to keep a happy family, there are several guidelines that can keep the business
- [Getting Started with Reports in QuickBooks Online](https://www.lkcpas.com/the-edge/volume-13-issue-2-the-edge/getting-started-with-reports-in-quickbooks-online/) - You can do a lot of your accounting work in QuickBooks Online by generating reports. You can maintain your customer and vendor profiles. Create and send transactions like invoices and sales receipts, and record payments. Enter and pay bills. Create time records and coordinate projects. Track your mileage and, if you have employees, process payroll.These
- [Charitable Tax Deduction Peculiarities](https://www.lkcpas.com/the-edge/volume-13-issue-2-the-edge/charitable-tax-deduction-peculiarities/) - Charitable contributions are deducted as part of a taxpayer’s itemized deductions on IRS Schedule A, except for the special 2020 and 2021 provisions that allow up to $300 ($600 for married taxpayers filing jointly for 2021) of cash donations as a deduction for non-itemizers.Charitable contributions can take many forms, and some are unusual or misunderstood.
- [Can’t Pay Your Taxes? Here Are Some Payment Options](https://www.lkcpas.com/the-edge/volume-13-issue-2-the-edge/cant-pay-your-taxes-here-are-some-payment-options/) - Although most (74% in 2020) American taxpayers receive a refund each year when they file their income tax returns, there are those who for one reason or another end up owing. Of those who owe Uncle Sam many don’t have the means to pay what they owe by the return due date (usually in April).Generally,
- [Too Many Transactions in QuickBooks Online? Create Rules](https://www.lkcpas.com/the-edge/volume-13-issue-2-the-edge/too-many-transactions-in-quickbooks-online-create-rules/) - One of the cardinal rules of accounting is this: Go through your new transactions every day. If you wait until there are too many of them, you’re likely to give them short shrift. You may miss problems, just as you might skip categorizing some of them because it simply takes too long.But correct categorization is
- [S Corporations Reasonable Compensation Requirement](https://www.lkcpas.com/the-edge/volume-13-issue-2-the-edge/s-corporations-reasonable-compensation-requirement/) - Unlike a C corporation, which itself pays the tax on its taxable income, an S corporation does not directly pay taxes on its income; instead, its income, losses, deductions, and credits flow through to its shareholders’ individual tax returns on a pro rata basis. These distributions are not subject to self-employment (Social Security and Medicare)
- [Tax Issues That Arise When Converting a Home into a Rental](https://www.lkcpas.com/the-edge/volume-13-issue-2-the-edge/tax-issues-that-arise-when-converting-a-home-into-a-rental/) - With the current substantial appreciation in home values and demand for housing exceeding the available inventory, along with low home mortgage interest rates, more and more homeowners are converting their existing homes into rentals when they buy a new home. Other reasons individuals may make the conversion include maximizing the tax benefits for an elderly
- [Tips for Hiring and Retaining Employees](https://www.lkcpas.com/financial-sense-blog/tips-for-hiring-and-retaining-employees/) - This article discusses how running a small business can be a difficult task, especially when managing your most important asset, the employees. However, by following tips such as upgrading your onboarding checklist software, rewarding employees for their experience, running effective remote meetings, and inspiring through positivity, this task can be made easier. Every small business
- [8 Ways to Save Startup Money in 2022](https://www.lkcpas.com/financial-sense-blog/8-ways-to-save-startup-money-in-2022/) - This article discusses how many start-up businesses eventually fail, but by utilizing the eight strategies outlined in this link, you will give your start-up business the best chance possible at succeeding and even flourishing. For example, spending the necessary time developing a marketing strategy is essential to engaging your target audience. Additionally, strategies such as
- [Communication is Vital for CFOs](https://www.lkcpas.com/financial-sense-blog/communication-is-vital-for-cfos/) - In this article, a survey was conducted by Oracle NetSuite to get insights from numerous executives about the importance of each role and their communications skills. The survey “polled small and midsize company leadership in four categories: CFOs, nonfinance executives (other members of the C-suite), finance managers, and nonfinance managers.” The survey showed that the
- [How Can Your Small Business Take Action Against Rising Theft and Shoplifting?](https://www.lkcpas.com/financial-sense-blog/how-can-your-small-business-take-action-against-rising-theft-and-shoplifting/) - This article explains how shoplifters are stealing thousands of dollars from big and small retailers, and how the smaller retailers are handling the situation. Derek Friedman, a small business owner, says that since 2019 shoplifting has been a big financial issue with losses totaling over $200,000. Friedman also said he does not turn in all
- [Small Business Trends to Watch](https://www.lkcpas.com/financial-sense-blog/small-business-trends-to-watch-2/) - This link offers a comprehensive breakdown of the small business industry as it stands in 2022. For example, graphs displaying emerging trends, the effect of the pandemic, and hiring numbers are all included. Small businesses are often viewed as the lifeline of America, and these numbers back up that conclusion. No matter the current state
- [Young Family Business Owners Can Be the Most Determined to Sustain and Grow Your Business](https://www.lkcpas.com/financial-sense-blog/young-family-business-owners-can-be-the-most-determined-to-sustain-and-grow-your-business/) - According to research by Family Enterprise Foundation, younger generation owners are the most committed to preserving the family business. A survey found that “97 percent of next-generation respondents consider it important to sustain the family business, while only 74 percent of senior-generation respondents feel the same.” The importance placed on direct family leadership of the
- [What Trends Should Small Businesses Be Watching in 2022?](https://www.lkcpas.com/financial-sense-blog/what-trends-should-small-businesses-be-watching-in-2022/) - This article discusses a variety of trends that small businesses should either be focusing on or not as we continue along in 2022. For example, this link lists shipping status, waiting for the new normal, and the meta-verse as overrated trends that your small business should not be too worried about. On the other hand,
- [Does Your Estate Plan Need Updating to Include Digital Assets?](https://www.lkcpas.com/financial-sense-blog/does-your-estate-plan-need-updating-to-include-digital-assets/) - This article explains the importance of keeping your estate plan up to date, especially since people are living longer and need more options in their documented life. Three sections in your estate plan that should be examined several times include digital assets, guardianship designations, and appropriate names in the documents. Adding an addendum in legal
- [Strategies for Preventing Fraud](https://www.lkcpas.com/financial-sense-blog/strategies-for-preventing-fraud/) - This article discusses how fraud is one of the most concerning topics for start-ups and small businesses alike due to the highly digitalized world that we live in today. It is so prevalent that “organizations report losing 5 percent of their annual revenue to fraud.” For a small business, that could be detrimental. However, utilizing
- [Building a Business Case for Remote Work](https://www.lkcpas.com/financial-sense-blog/building-a-business-case-for-remote-work/) - This article explains the challenges that businesses face when dealing with remote workers. Mobility managers may face numerous tasks, including understanding complex and evolving rules for tax, immigration, and other legal purposes. Mobility managers also will need to communicate risks and information requirements to business units and their mobile employees. Risks that occur when a
- [Small Business Trends to Watch](https://www.lkcpas.com/financial-sense-blog/small-business-trends-to-watch/) - This article discusses how 2022 is a viable year for most small businesses as they continue to rebound from the coronavirus pandemic. A recent report shows that attracting new customers is the top challenge for most small businesses. However, utilizing trends such as shifting customer expectations, focusing on happy employees, and investing in the right
- [Digital Innovations to Watch in 2022](https://www.lkcpas.com/financial-sense-blog/digital-innovations-to-watch-in-2022/) - This article discusses how the coronavirus pandemic accelerated many trends that we see today in the workplace. Specifically for start-ups, it is important to take advantage of these trends to stay competitive. For example, trends such as embracing the fact that hybrid and remote work are here to stay, demand for personalization, privacy, and artificial
- [Protecting Your Business from Cyberattacks and Fraud in 2022](https://www.lkcpas.com/financial-sense-blog/protecting-your-business-from-cyberattacks-and-fraud-in-2022/) - This article discusses how most companies today rely heavily on the Internet and other technology to operate. Although these tools are vital and can be useful, they also pose the threat of cybercrime. However, by utilizing strategies such as encrypting your data, investing in artificial intelligence, and utilizing your forensic accountant, your business should be
- [Determining If Your Vacation Rentals Are Really Commercial Real Estate](https://www.lkcpas.com/financial-sense-blog/determining-if-your-vacation-rentals-are-really-commercial-real-estate/) - This article discusses the ins and outs of a tax strategy known as a cost segregation study, and in particular, for those that own a vacation rental real estate. When the property is leased out for less than 30 days at a time, it could be recognized as non-residential real estate property. Therefore, taxpayers should
- [Watch Out for These Tax Changes in 2022](https://www.lkcpas.com/financial-rx/volume-15-issue-1/watch-out-for-these-tax-changes-in-2022/) - As you gear up for the 2022 tax filing season, there are some challenges and changes of which you should be aware. 1. Significant IRS Delays – The tax bureau is incredibly overburdened due to understaffing, technology woes, and myriad complications arising from COVID-19 pandemic. “CPA tax professionals greeted the launch of tax season
- [How Can a Nonworking Spouse Qualify to Fund an IRA?](https://www.lkcpas.com/financial-rx/volume-15-issue-1/how-can-a-nonworking-spouse-qualify-to-fund-an-ira/) - One of the fallouts of the COVID-19 pandemic is that millions of people have dropped out of the workforce, particularly female workers with families. While they remain unemployed, these women will have lost the opportunity to build up their retirement nest egg through their employers’ retirement plans. However, those who are married have an option
- [Advance Child Tax Credit and EIP Must Be Reconciled on Your 2021 Return](https://www.lkcpas.com/financial-rx/volume-15-issue-1/advance-child-tax-credit-and-eip-must-be-reconciled-on-your-2021-return/) - Early in 2021 Congress passed the American Rescue Plan which included a provision that increased the child tax credit amount and upped the age limit of eligible children. Normally, the credit was $2,000 per eligible child under age 17. For the 2021 tax year the American Rescue Plan increased the credit to $3,000 for each
- [Retroactive Termination of the Employee Retention Credit](https://www.lkcpas.com/financial-rx/volume-15-issue-1/retroactive-termination-of-the-employee-retention-credit/) - If you claimed the employee retention credit (ERC) in the fourth quarter of 2021, you better read this about a retroactive change affecting the credit for the fourth quarter of 2021.Background: The ERC was created by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), and the American Rescue Plan Act (ARP Act) extended
- [Start 2022 Off Right: Clean Up QuickBooks](https://www.lkcpas.com/financial-rx/volume-15-issue-1/start-2022-off-right-clean-up-quickbooks/) - January is always such a transitional month. You’re trying to wrap up everything that didn’t get done during a hectic December. At the same time, you have to jump into the new year and start doing your regularly-scheduled work. It can be hard to tell sometimes which year you’re working on.Don’t forget about QuickBooks while
- [Ways to Keep Adult Children from Becoming a Financial Liability](https://www.lkcpas.com/financial-sense-blog/ways-to-keep-adult-children-from-becoming-a-financial-liability/) - This article explains several scenarios where your child may be asking you for financial help. First, they may have taken many loans and want your help with EMIs. The author suggests turning the child to a financial advisor to keep your finances intact. Secondly, the child may want a loan to help with a start-up
- [Tax Deductions and Credits to Consider in 2022](https://www.lkcpas.com/financial-sense-blog/tax-deductions-and-credits-to-consider-in-2022/) - This article discusses how there are two main strategies that individuals can take advantage of in order to lower their tax bills, deductions, and credits. While tax deductions lower your taxable income, tax credits are “a dollar-for-dollar reduction to your tax bill.” However, many people do not know of or forget about all the things
- [Estate Planning Should Include What Happens to Digital Assets and Cryptocurrency](https://www.lkcpas.com/financial-sense-blog/estate-planning-should-include-what-happens-to-digital-assets-and-cryptocurrency/) - This article explains how the assets people own have become more complicated, making it a little more difficult to include everything in your will. Only about 46% of Americans have made provisions for how their money and estate should be handled, according to a 2021 Gallup poll. Abby Schneiderman, co-founder and co-CEO of Everplans, which
- [Embracing a New Era of Innovation in 2022](https://www.lkcpas.com/financial-sense-blog/embracing-a-new-era-of-innovation-in-2022/) - This article explains the importance of building your company’s online structure in a growing technological world. Technology is more powerful than ever challenging a business to restructure in new ways where it can sustain itself in a new market. It offers an opportunity to grow in every aspect because every facet of your brand can
- [How Small and Medium-Sized Business Funding Works](https://www.lkcpas.com/the-edge/volume-13-issue-1-the-edge/how-small-and-medium-sized-business-funding-works/) - Entrepreneurs have plenty of ideas and vision, but they don’t always have the capital that’s needed to make their dreams a reality. Small and medium-sized businesses that want to grow beyond what they’re able to accomplish with their own resources often seek funding from investors who want to both support their goals and realize a
- [Do You Need a New IRS Identity Verification?](https://www.lkcpas.com/the-edge/volume-13-issue-1-the-edge/do-you-need-a-new-irs-identity-verification/) - In November of 2021, the Internal Revenue Service launched an improved identity verification and sign-in process that enables more people to securely access and use IRS online tools and applications.Taxpayers using this new mobile-friendly verification procedure can gain entry to existing IRS online services such as the: Child Tax Credit Update Portal, Online Account, Get
- [Tax Benefits When Saving for College Education](https://www.lkcpas.com/the-edge/volume-13-issue-1-the-edge/tax-benefits-when-saving-for-college-education-2/) - A common question among parents is, “How might I save for a child’s post-secondary education in a tax beneficial way?” The answer depends on how much the education is expected to cost and how much time is left until the child heads off to college or a university or enters an apprenticeship program.The amount of
- [The Smart Money Moves That Gig Workers Need](https://www.lkcpas.com/the-edge/volume-13-issue-1-the-edge/the-smart-money-moves-that-gig-workers-need/) - “Gig work” is the new “bankers’ hours.” Anyone who isn’t doing it wishes that they were, and those who are lucky enough to be freelancing know just how good it really is. But being a successful freelancer means more than making your own hours and having as much work as you want to do. It
- [President Biden's Build Back Better Act Passed by The House; Fate Now in the Senate's Hands](https://www.lkcpas.com/the-edge/volume-13-issue-1-the-edge/president-bidens-build-back-better-act-passed-by-the-house-fate-now-in-the-senates-hands/) - On November 19, 2021, the House of Representatives passed their proposed version of President Biden's Build Back Better Act, which was substantially pared down from the original version. The Senate will now take up the legislation, and without question there will be changes.Then the Senate-altered version will have to go back to the House and
- [The Benefits of Business Valuation for Small Businesses](https://www.lkcpas.com/financial-sense-blog/the-benefits-of-business-valuation-for-small-businesses/) - This article demonstrates the possibilities a small business can pursue after receiving a valuation. A valuation can give small business owners benefits such as tracking progress and “a road map to deliberate decision making.” Some other benefits that come along with a business valuation include access to more investors, better decision making to improve your
- [A Cost Segregation Study Is One Way To Boost Cash Flow](https://www.lkcpas.com/financial-sense-blog/a-cost-segregation-study-is-one-way-to-boost-cash-flow/) - If your business is planning to buy, build or substantially improve real property, a cost segregation study can help you accelerate depreciation deductions, reducing your taxes and boosting your cash flow. Even if you’ve invested in real property in previous years, you may have an opportunity to do a lookback study and catch up on
- [The importance of Having a Plan When Including Family in Business](https://www.lkcpas.com/financial-sense-blog/the-importance-of-having-a-plan-when-including-family-in-business/) - In this article Jolene Brown, a family business consultant points to four major mistakes when breaking down a family business. She firstly points out that assuming all genetic relationships equal good working relationships is wrong. Brown says “acceptance in a family should be unconditional, but acceptance into a business should be conditional and is not
- [When Can You Deduct Business-Related Meals . . . And How Much Can You Deduct?](https://www.lkcpas.com/financial-sense-blog/when-can-you-deduct-business-related-meals-and-how-much-can-you-deduct/) - The Tax Cuts and Jobs Act (TCJA) permanently eliminated deductions for most business-related entertainment expenses paid or incurred after 2017. For example, you can no longer deduct any of the cost of taking clients out for a round of golf, to the theater or for a football game. But the TCJA didn’t specifically address the
- [Local Accounting Firm Announces New Promotions](https://www.lkcpas.com/firm-news/local-accounting-firm-announces-new-promotions-2/) - Lewis & Knopf, CPA, P.C. is pleased to announce the promotions of Michael Krampe, CPA, and Allen Gamble, CPA. Krampe, who previously served as a manager, steps into the new role of principal. He has been with the firm since 2015, serving clients in a variety of industries including farming, medical, construction, retail and real
- [What the End-of-Work Landscape Looks Like Now](https://www.lkcpas.com/financial-sense-blog/what-the-end-of-work-landscape-looks-like-now/) - This article discusses how the coronavirus pandemic forced many employees to look towards their 401(k) plan in order to borrow cash for personal financial burdens. However. “About 47% of employees who took a retirement loan say they ended up taking more than they needed,” according to research from Voya Financial. Through the years, more and
- [Required Minimum Distributions Have Resumed for 2021](https://www.lkcpas.com/financial-rx/volume-14-issue-4/required-minimum-distributions-have-resumed-for-2021-2/) - When Congress established tax-favored retirement plans, they allowed taxpayers to take a tax deduction for the amount of their allowable contribution to the plans. But they also included a requirement for a portion of the funds to be distributed each year and be subject to income tax. Such a distribution is referred to as a
- [Are You Using QuickBooks’ Custom Fields? Should You Be?](https://www.lkcpas.com/financial-rx/volume-14-issue-4/are-you-using-quickbooks-custom-fields-should-you-be/) - One of the reasons that QuickBooks is so popular is that it can be used by a wide variety of business types, from pet stores to landscaping companies to coffee shops. Many companies are satisfied with the software as is and don’t need to make any modifications.But have you ever needed to include more information
- [Tax Benefits When Saving for College Education](https://www.lkcpas.com/financial-rx/volume-14-issue-4/tax-benefits-when-saving-for-college-education/) - A common question among parents is, “How might I save for a child’s post-secondary education in a tax beneficial way?” The answer depends on how much the education is expected to cost and how much time is left until the child heads off to college or a university or enters an apprenticeship program.The amount of
- [10 Tax-Saving Strategies to Consider Before Year-End](https://www.lkcpas.com/financial-rx/volume-14-issue-4/10-tax-saving-strategies-to-consider-before-year-end/) - It seems hard to believe, but the holiday season is almost upon us, and that means that the 2021 tax preparation season will soon follow. With the end of the tax year just around the corner, tax-savvy individuals need to take some time from their busy schedules to review the tax benefit steps they’ve already
- [2021 Year-End Payroll Processing](https://www.lkcpas.com/financial-sense-blog/2021-year-end-payroll-processing/) - It’s time again to prepare for year-end payroll processing. The following letter includes tips, guides and checklists aimed at helping you identify the topics you need to discuss with your tax advisor. Keep in mind, this letter is not a substitute for professional advice. CLICK HERE TO VIEW OUR 2021 YEAR-END PAYROLL INFORMATION If you
- [Things to Consider When Planning Your Family Business Succession](https://www.lkcpas.com/financial-sense-blog/things-to-consider-when-planning-your-family-business-succession/) - This article explains why family businesses continue to generate 70-90% of global GDP annually. Ernst and Young reported that “the largest 500 family businesses constitute the third-largest economic contribution in the world by revenue and employ 24.1 million people worldwide.” Family businesses will thrive if they continue to follow four categories: the nature of change,
- [Working Remotely From “Out Of State” Can Be Taxing](https://www.lkcpas.com/financial-sense-blog/working-remotely-from-out-of-state-can-be-taxing/) - The COVID-19 pandemic has required many people to work remotely, either from home or a temporary location. One potential consequence of remote work may surprise you: an increase in your state tax bill. During the pandemic, it’s been fairly common for people to work remotely from another state — across state lines from the employer’s
- [Inflation Adjustments for 2022 Returns](https://www.lkcpas.com/financial-sense-blog/inflation-adjustments-for-2022-returns/) - This article explains the new inflation adjustments that are being made by the IRS issued through Rev. Proc. 2021-45. The IRS also cautioned that “with legislation pending in Congress that might affect 2022 tax returns, taxpayers should consult future IRS guidance to determine if the adjusted amounts in Rev. Proc. 2021-45 remain applicable in 2022.”
- [Consequences of Some Retirement Options on Small Businesses](https://www.lkcpas.com/financial-sense-blog/consequences-of-some-retirement-options-on-small-businesses/) - Valeria Alterman and Ariane Froidevaux delve into research on various retirement options for small business owners. They look into their custom model of retirement decision options for small business owners to separate from their business, all based on “the ‘proximity’ of the business to the individual once the decision has been made.” The four options
- [Worker Classification Is Still Important](https://www.lkcpas.com/financial-sense-blog/worker-classification-is-still-important/) - In 2020 and 2021, many companies have experienced “workforce fluctuations.” If your business has engaged independent contractors to address staffing needs, be careful that these workers are properly classified for federal tax purposes. Tax obligations The question of whether a worker is an independent contractor or an employee for federal income and employment tax purposes
- [Key Tax Provisions Included in New Infrastructure Bill](https://www.lkcpas.com/financial-sense-blog/key-tax-provisions-included-in-new-infrastructure-bill/) - On November 5, the House voted to pass the Infrastructure Investment and Jobs Act (IIJA), which had previously passed in the Senate. The bill now heads to the White House, where President Biden is expected to sign it into law. Though the main focus of the new legislation is on allocating tax dollars for infrastructure
- [The Ins and Outs of Bookkeeping: All the Best Practices to Get the Best Financial Outcome From Your Organization](https://www.lkcpas.com/the-edge/volume-12-issue-5/the-ins-and-outs-of-bookkeeping-all-the-best-practices-to-get-the-best-financial-outcome-from-your-organization/) - If you had to make a list of some of the most critical elements of running a business that most new entrepreneurs don't think enough about until it's far too late, bookkeeping would undoubtedly be right at the top.On a surface level, bookkeeping is simply the process of keeping accurate, thorough records of the financial
- [Required Minimum Distributions Have Resumed for 2021](https://www.lkcpas.com/uncategorized/required-minimum-distributions-have-resumed-for-2021/) - When Congress established tax-favored retirement plans, they allowed taxpayers to take a tax deduction for the amount of their allowable contribution to the plans. But they also included a requirement for a portion of the funds to be distributed each year and be subject to income tax. Such a distribution is referred to as a
- [Fall Tax Planning May Be Wise](https://www.lkcpas.com/the-edge/volume-12-issue-5/fall-tax-planning-may-be-wise/) - Taxes are like vehicles in that they sometimes need a periodic check-up to make sure they are performing as expected, and if ignored, can cost you money. That is true of taxes as well, especially for 2021, as the pandemic benefits begin to wane and President Biden’s tax proposals loom.The following is a list of
- [8 QuickBooks Online Tips](https://www.lkcpas.com/the-edge/volume-12-issue-5/8-quickbooks-online-tips/) - We tend to fall into the same old patterns once we’ve learned how to make a computer application work for us. We learn the features we need and rarely venture beyond those unless we find we need the software or website to do more.QuickBooks Online is no exception. It makes its capabilities known through an
- [The IRS Backlog Is Causing Taxpayer Heartburn](https://www.lkcpas.com/the-edge/volume-12-issue-5/the-irs-backlog-is-causing-taxpayer-heartburn-2/) - Before the COVID-19 pandemic, the IRS was getting refunds out swiftly and responded to calls and correspondence in a reasonable amount of time. However, COVID-19 brought about a perfect storm of delays, initially caused by employees having to stay home because lockdowns prevented processing centers from operating and workers from going to their offices. And
- [Succession Planning Should Be Part of Family Business Strategy](https://www.lkcpas.com/financial-sense-blog/succession-planning-should-be-part-of-family-business-strategy/) - Too often CEOs of a company will procrastinate the succession of their company to the next generation. This may happen since the idea of retiring from a business can be too difficult to embrace. Another reason is if the CEO decides to hand off the reigns to the family, there could be a dispute about
- [Keep Your Money in the Family with These Estate Planning Tips](https://www.lkcpas.com/financial-sense-blog/keep-your-money-in-the-family-with-these-estate-planning-tips/) - This article explains why and how keeping money within the hands of the people you trust will help you in the future. Heirs could be responsible for “paying federal income taxes on either assets or retirement accounts, and if you plan poorly, your money could end up in the hands of an ex-spouse or creditor.”
- [5 Tax Planning Tips For Retirees](https://www.lkcpas.com/financial-sense-blog/5-tax-planning-tips-for-retirees/) - There’s a common misconception that, when you retire, your tax bills shrink, your tax returns become simpler and tax planning is a thing of the past. That may be true for some, but many people find that the combination of Social Security, pensions and withdrawals from retirement accounts increases their income in retirement and may
- [Keeping a Family Business Running Smoothly Generation after Generation](https://www.lkcpas.com/financial-sense-blog/keeping-a-family-business-running-smoothly-generation-after-generation/) - This article discusses three dysfunctions that are commonly seen throughout family businesses. Chris Yonker, the author of the article, says that following the steps of over-achievers can be a bad way to help ensure the family business continues to run properly. Often children are faced with the challenge of following the footsteps of their parents,
- [Business Travel Deductions for 2021](https://www.lkcpas.com/financial-sense-blog/business-travel-deductions-for-2021/) - This article discusses how under previous law, deductions for business meals were limited to 50% of the cost, but through the pandemic, that deduction was doubled to 100% for the time being if the meal was provided by a restaurant. Further, many self-employed taxpayers are trying to re-energize their business through travel, and if you
- [Rental Real Estate: Determining If A Property Is A Business Or An Investment](https://www.lkcpas.com/financial-sense-blog/rental-real-estate-determining-if-a-property-is-a-business-or-an-investment/) - If you own rental real estate, its classification as a trade or business rather than an investment can have a big impact on your tax bill. The distinction is especially important because of the 20% Section 199A deduction for certain sole proprietors and pass-through entity owners. The 199A deduction is available for qualified business income
- [The Importance of a Well-Oiled Accounting Function](https://www.lkcpas.com/financial-rx/volume-14-issue-3/the-importance-of-a-well-oiled-accounting-function/) - Though it’s natural for management to focus on its profit-making areas, the importance of a sound accounting foundation to support the operation cannot be overemphasized. The more diligent and meticulous your accounting team is, the more easily the rest of the organization can function and grow. If the system you currently have in place is
- [The IRS Backlog Is Causing Taxpayer Heartburn](https://www.lkcpas.com/financial-rx/volume-14-issue-3/the-irs-backlog-is-causing-taxpayer-heartburn/) - Before the COVID-19 pandemic, the IRS was getting refunds out swiftly and responded to calls and correspondence in a reasonable amount of time. However, COVID-19 brought about a perfect storm of delays, initially caused by employees having to stay home because lockdowns prevented processing centers from operating and workers from going to their offices. And
- [Higher Income Individuals Beware](https://www.lkcpas.com/financial-rx/volume-14-issue-3/higher-income-individuals-beware/) - The House Ways and Means Committee has released an extensive list of proposed tax changes that impact individual, retirement, international and corporate tax law. We have been selective and have only included a portion of the proposed changes. A full list of proposed changes is available from the PDF file titled Responsibility Funding Our Priorities.As
- [When Is Your Business No Longer a Startup?](https://www.lkcpas.com/financial-rx/volume-14-issue-3/when-is-your-business-no-longer-a-startup/) - There’s a specific sensibility and respect that gets attached to businesses that are referred to as “startups.” There’s a general feeling of risk taking and future-facing enterprise that owners enjoy. But the actual definition of what a startup is can be murky, and even if your business meets the definition in the eyes of the
- [Mid-Year Tax Planning Checklist](https://www.lkcpas.com/financial-rx/volume-14-issue-3/mid-year-tax-planning-checklist/) - All too often, taxpayers wait until after the close of the tax year to worry about their taxes and miss opportunities that could reduce their tax liability or financially assist them. Mid-year is the perfect time for tax planning. The following are some events that can affect your tax return; you may need to take
- [Receipt Signatures, Does Your Small Business Need Them?](https://www.lkcpas.com/financial-sense-blog/receipt-signatures-does-your-small-business-need-them/) - This article discusses an important topic that all small business owners should consider as it occurs every single day. In the past, credit card transactions required a signature in order to help authenticate the purchase. However, with the development of EMV technology, most credit card companies have dropped this requirement, and large companies such as
- [Productivity Tips for Your Small Business](https://www.lkcpas.com/financial-sense-blog/productivity-tips-for-your-small-business/) - This article discusses both the importance of a good leader in any small business as well as the requirement that the business is productive. To help you decide what is important to understand, members of the Young Entrepreneur Council weigh in on what they believe are tips that all small businesses should be considering. For
- [Oops, You Overfunded Your 529 Plan](https://www.lkcpas.com/financial-sense-blog/oops-you-overfunded-your-529-plan/) - Some might consider it a good problem to have: saving too much money for college. But if the money is held in a Section 529 college savings plan, there could be tax consequences to overfunding the account. The tax man giveth 529 plans are tax-advantaged accounts designed to help families save money for college education
- [Succession Planning for Your Family Business](https://www.lkcpas.com/financial-sense-blog/succession-planning-for-your-family-business/) - This article discusses the importance of having a succession plan. According to the Dayton Daily News, about 3 out of 4 small businesses currently do not have a succession plan. Succession plans should not be a birthright, but instead, should go to the most qualified individual. Planning for successor years ahead can eliminate power struggles,
- [An Important Announcement Regarding the Provider Relief Fund Program](https://www.lkcpas.com/financial-sense-blog/an-important-announcement-regarding-the-provider-relief-fund-program/) - The U.S. Department of Health and Human Services (HHS) recently released important updates regarding its Provider Relief Fund (PRF) program. The announcement covered two key areas: A Grace Period for Reporting Period 1 The 60-day grace period begins on October 1, 2021 and ends on November 30, 2021. It applies exclusively to Reporting Period 1.
- [Affordable Marketing Ideas for Startups](https://www.lkcpas.com/financial-sense-blog/affordable-marketing-ideas-for-startups/) - This article discusses how marketing is essential for any successful business, especially startups. However, sometimes the best marketing practices can be extremely expensive with little return on investment. However, using simple tips such as getting a social cost, having a referral program, and sending emails to the right people are all inexpensive ways that your
- [4 of the Most Common IRS Tax Problems](https://www.lkcpas.com/the-edge/volume-12-issue-4-the-edge/4-of-the-most-common-irs-tax-problems/) - For years, politicians have been talking about simplifying the process of filing federal taxes, but despite the promises, the process continues to be complicated and stressful. But as bad as preparing taxes can be, it pales in comparison to the sinking sensation of receiving an IRS notification telling you that you’ve done something wrong.The IRS
- [Don't Have a Retirement Plan? Maybe a SEP Is the Answer](https://www.lkcpas.com/the-edge/volume-12-issue-4-the-edge/dont-have-a-retirement-plan-maybe-a-sep-is-the-answer/) - Like many small business owners, you probably find yourself very busy in the wake of the COVID slowdown and are getting back up to speed. But don’t forget about your future.There are a number of retirement plans available, including Keogh plans and 401(k)s. However, a simplified employee pension plan (SEP) may be your best option.The
- [Should You Opt Out of the Advance Child Tax Credit?](https://www.lkcpas.com/the-edge/volume-12-issue-4-the-edge/should-you-opt-out-of-the-advance-child-tax-credit/) - If you have children under the age of 18, by now you likely have gotten your first advance child tax credit payment, either by check or by direct deposit. Be aware, this is money you would have gotten credit for on your 2021 tax return when you file it next year anyway. You are just
- [Things to Consider Before Selling Your Business](https://www.lkcpas.com/financial-sense-blog/things-to-consider-before-selling-your-business/) - This article discusses the best methods to practice before selling your business to someone who values it as much as you do. Firstly, it is important to determine your business value. In order to successfully do that it is necessary to follow the asset method, market method, and income method. It is also important to
- [What You Need to Know About Business Meal Deductions](https://www.lkcpas.com/financial-sense-blog/what-you-need-to-know-about-business-meal-deductions/) - This article discusses guidance on the Tax Cuts and Jobs Act pertaining to the general deduction of business entertainment expenses. Because of the guidance put out in 2020, “Taxpayers…must carefully follow the rules set out in the final regulations for substantiating business food and beverage expenses to ensure a deduction is allowed for the expenses.”
- [Lewis & Knopf Welcomes Accounting Associate to Small Business Services Team](https://www.lkcpas.com/firm-news/lewis-knopf-welcomes-accounting-associate-to-small-business-services-team/) - Lewis & Knopf, CPAs, P.C. is pleased to announce the addition of Rebecca Ann Fletcher to their small business services team as an accounting associate. Fletcher attended University of Michigan – Flint and is a member of Beta Alpha Psi, an international honor organization for financial information students. She also holds an Associate of Early
- [Succession Planning Strategy for Your Business](https://www.lkcpas.com/financial-sense-blog/succession-planning-strategy-for-your-business/) - Too often CEOs of a company will procrastinate the succession of their company to the next generation. This may happen since the idea of retiring from a business can be too difficult to embrace. Another reason is if the CEO decides to hand off the reigns to the family, there will be a dispute about
- [IRS Encourages Individuals to Set Up an Online Account](https://www.lkcpas.com/financial-sense-blog/irs-encourages-individuals-to-set-up-an-online-account/) - Even if you are not currently dealing with any IRS issues, it is a good idea to go ahead and set up your IRS Online Account. In addition to allowing you access to helpful information, in the event that an issue does arrive, you will already be prepared to take the first steps in addressing
- [Tips for Selling Your Business in 2021](https://www.lkcpas.com/financial-sense-blog/tips-for-selling-your-business-in-2021/) - This article discusses how the coronavirus pandemic has impacted the way people are purchasing businesses and how business owners are selling. In fact, there’s been a rise in investment activity, and it is expected to continue for the remainder of this year. In order to capitalize on these investments, taking advantage of tips such as
- [Stripe - An Entrepreneurial Success Story](https://www.lkcpas.com/financial-rx/volume-14-issue-2/stripe-an-entrepreneurial-success-story/) - Stripe, a company valued at $36 billion, is headquartered in San Francisco, CA and was founded in 2010 by young Irish entrepreneurial brothers John and Patrick Collison. While Stripe has been the biggest success over the course of their careers, it was not their first. In 2005, at the age of 16, Patrick won the
- [Exit Strategy: How to Create One for Your Small Business](https://www.lkcpas.com/financial-rx/volume-14-issue-2/exit-strategy-how-to-create-one-for-your-small-business/) - Owning your own small business is a dream that few are fortunate enough to realize, but even those new to the joys of entrepreneurial self-determination need to spend time thinking about how you’re going to eventually leave the business. No matter how far off it may seem, the best way to ensure that your time
- [Recordkeeping Tips to Keep the IRS Away](https://www.lkcpas.com/financial-rx/volume-14-issue-2/recordkeeping-tips-to-keep-the-irs-away/) - With the ever-increasing complexity of our tax system, it is commonplace for many small businesses to make mistakes with bookkeeping and filing. One way to avoid making errors is to be aware of the most commonly encountered pitfalls. Here are some tips to help keep the proper records. Receipts – Even though the IRS does
- [Tax Issues Related to Renting Your Vacation Home](https://www.lkcpas.com/financial-rx/volume-14-issue-2/tax-issues-related-to-renting-your-vacation-home/) - Do you own a second home at the beach, in the mountains, or some other getaway location, or are you thinking about buying one? If so, then you may have thought about the possibility of renting it out. Though many people would never consider inviting renters into their vacation home, preferring to keep it for
- [2021 - the Year of Substantial Tax Breaks for Families with Children and Lower-Income Taxpayers](https://www.lkcpas.com/financial-rx/volume-14-issue-2/2021-the-year-of-substantial-tax-breaks-for-families-with-children-and-lower-income-taxpayers-2/) - This is an overview of the several tax benefits that were included in the American Rescue Plan Act recently passed by Congress that will impact families with children and lower-income taxpayers during 2021. These include increased child care benefits plus an increased child tax credit, including advanced monthly payments for some. Child and Dependent Care
- [SBA Releases New PPP Loan Forgiveness Guidance](https://www.lkcpas.com/covid-19/sba-releases-new-ppp-loan-forgiveness-guidance/) - On July 28, the U.S. Small Business Administration (SBA) released an update to the forgiveness process for the majority of Paycheck Protection Program (PPP) loans. The goal of the new guidance is to streamline the process for PPP participants with loans of $150,000 or less. The interim final rule includes updates in three key areas:
- [Lewis & Knopf Welcomes Brittan Sepanak to Small Business Services Team](https://www.lkcpas.com/firm-news/lewis-knopf-welcomes-brittan-sepanak-to-small-business-services-team/) - Lewis & Knopf, CPAs, P.C. is pleased to announce the addition of Brittan Ashley Sepanak to their small business services team as an accounting associate. She joins the firm after 5 years with Christopher and Company CPAs PLLC in Beulah, Michigan. Sepanak’s responsibilities include bookkeeping for clients, completing payroll and sales tax returns, and completing
- [Family Business Succession Tips](https://www.lkcpas.com/financial-sense-blog/family-business-succession-tips/) - This article discusses the sad reality of how fewer than 1/3 of family businesses are successively handed down to the second generation. However, utilizing the tips outlined in this article such as starting your succession planning early, including family members in discussions, training, and sticking to the facts can all set your family business up
- [Lewis & Knopf Welcomes New Staff Accountant](https://www.lkcpas.com/firm-news/lewis-knopf-welcomes-new-staff-accountant/) - Lewis & Knopf, CPAs, P.C. is pleased to announce the addition of Joshua Tyler Legant to their professional staff as a staff accountant. He joins the firm after seven years serving as a Technical Sergeant in the United States Air Force. While in the Air Force, he worked as an aircraft mechanic and instructor. Legant
- [Getting the Most From Selling Your Business](https://www.lkcpas.com/financial-sense-blog/getting-the-most-from-selling-your-business/) - This article discusses how there are many factors at play when a business gets bought or sold. Specifically, topics such as reoccurring revenue, why someone sells, buyers’ interests, evaluation criteria, and the 4 P’s (People, Platform, Processes, and Product) are all outlined within this link. No matter where you are at in the mergers and
- [Lewis & Knopf Announces New Director of First Impressions](https://www.lkcpas.com/firm-news/lewis-knopf-announces-new-director-of-first-impressions/) - Lewis & Knopf, CPAs, P.C. is pleased to announce the addition of Makenzi Mae Melchor as their Director of First Impressions. A recent graduate of Mott Community College, Melchor earned an Associate of Arts in 2021. In her free time, she enjoys gardening and playing with her dogs. Melchor currently resides in Montrose, Michigan with
- [7 Different Types of Income Streams for Your Business](https://www.lkcpas.com/the-edge/volume-12-issue-3-the-edge/7-different-types-of-income-streams-for-your-business/) - No matter what type of business you operate, you rely on having a predictable flow of income to keep your bills paid. If you only have a single source of income and it suddenly falters, you’re going to be in trouble. Having more than one income stream is an insurance policy against economic disaster. It
- [COVID-19 Vaccination Proof: What's Allowed?](https://www.lkcpas.com/the-edge/volume-12-issue-3-the-edge/covid-19-vaccination-proof-whats-allowed/) - As more employers bring employees back to the workplace and navigate new CDC guidance on mask-wearing, they may have questions about whether they can ask about an employee or applicant's COVID-19 vaccination status. Here are answers to frequently asked questions about vaccination inquiries.Q: Would asking employees to show proof that they received the COVID-19 vaccination
- [Relocating? How to Do It with Taxes in Mind](https://www.lkcpas.com/the-edge/volume-12-issue-3-the-edge/relocating-how-to-do-it-with-taxes-in-mind/) - If you’re thinking about moving from your current locale, you’re not alone. Americans are on the move for many different reasons: Remote work is increasingly popular and allows employees to live wherever they have access to WiFi, while tax changes introduced by the 2017 Tax Cuts and Jobs Act (TCJA) limited the important SALT (State
- [2021 - the Year of Substantial Tax Breaks for Families with Children and Lower-Income Taxpayers](https://www.lkcpas.com/the-edge/volume-12-issue-3-the-edge/2021-the-year-of-substantial-tax-breaks-for-families-with-children-and-lower-income-taxpayers/) - This is an overview of the several tax benefits that were included in the American Rescue Plan Act recently passed by Congress that will impact families with children and lower-income taxpayers during 2021. These include increased child care benefits plus an increased child tax credit, including advanced monthly payments for some. Child and Dependent Care
- [Which Meals Qualify for the Temporary 100% Expense Reduction?](https://www.lkcpas.com/financial-sense-blog/which-meals-qualify-for-the-temporary-100-expense-reduction/) - This article discusses how the IRS released guidance explaining deductions on food and beverage within a restaurant. There was a temporary 100% deduction which was “designed to help restaurants, many of which have been hard-hit by the COVID-19 pandemic.” However, as we continue to move forward, there were questions regarding when the 100% deduction and
- [Creating a Post-COVID Workplace](https://www.lkcpas.com/financial-sense-blog/creating-a-post-covid-workplace/) - This article discusses how businesses are starting to return to the workplace following the relaxing of COVID-19 regulations. However, this process may be more difficult than anticipated. This article outlines three steps to consider when implementing your return to work process. For example, determining what this process looks like operationally, prioritizing what employees need, and
- [Lewis & Knopf Announces New Accounting Associate](https://www.lkcpas.com/firm-news/lewis-knopf-announces-new-accounting-associate-3/) - Lewis & Knopf, CPAs, P.C. is pleased to announce the full-time addition of Melissa Lynn Nichols to their small business services team. She joins the firm as an accounting associate. Nichols comes to the firm after 16 years as the regional manager of Fresh Roasted Almond Company in Warren, Michigan. A Michigan native, she currently
- [Marketing Your New Startup](https://www.lkcpas.com/financial-sense-blog/marketing-your-new-startup/) - This article discusses how many startup firms are having similar problems in marketing and getting their new ideas out there. Whether your startup is 5 years old or 5 days, utilizing tips such as email best practices, social media, blogs, and truly staying authentic can prove beneficial in the long run. Be sure to check
- [Lewis & Knopf Announces New Staff Accountant](https://www.lkcpas.com/firm-news/lewis-knopf-announces-new-staff-accountant-2/) - Lewis & Knopf, CPAs, P.C. is pleased to announce the full-time addition of Michael Robert England to their professional team. England is familiar with the firm, having served as an accounting intern since 2019. He now steps into the role of staff accountant. His responsibilities include tax planning and preparation for estate and trust services
- [Tips for Family Business Success](https://www.lkcpas.com/financial-sense-blog/tips-for-family-business-success/) - This article acknowledges and discusses how running a family business can be difficult at times. From balancing a family work-life balance to communication issues, this industry can be very challenging. However, by following tips such as actively managing family dynamics, hiring externally when necessary, establishing a structure, and succession planning, your family business can be
- [Financial Mistakes Business Owners Made During the Pandemic and How to Avoid Them](https://www.lkcpas.com/financial-sense-blog/financial-mistakes-business-owners-made-during-the-pandemic-and-how-to-avoid-them/) - This article discusses how many businesses felt a significant negative impact due to the coronavirus pandemic this past year. Although most of the setbacks were unavoidable, it is important to do everything in our power to avoid making the same mistakes in the future. For example, mistakes such as not keeping good business records, not
- [Paid Sick Leave vs. Vacation vs. PTO: What You Need to Know](https://www.lkcpas.com/financial-rx/volume-14-issue-1/paid-sick-leave-vs-vacation-vs-pto-what-you-need-to-know/) - More and more jurisdictions are passing laws requiring employers to provide paid leave to employees, and the COVID-19 pandemic has only accelerated this trend. When new laws are enacted, employers often have questions about the impact on their existing policies. Here are answers to some frequently asked questions on paid sick leave, vacation, and paid
- [Here’s What Happened in the World of Small Business in May 2021](https://www.lkcpas.com/financial-rx/volume-14-issue-1/heres-what-happened-in-the-world-of-small-business-in-may-2021/) - Here are five things that happened this past month that affect your small business.1) The US Treasury proposed a global minimum corporate tax rate of 15%.Continuing its push for a global minimum tax for businesses, the Treasury Department said on May 20th that corporations should pay at least a 15% tax on their earnings. That
- [Some Small Businesses Are Recovering. Is Yours?](https://www.lkcpas.com/financial-rx/volume-14-issue-1/some-small-businesses-are-recovering-is-yours/) - Intuit recently did a survey documenting the financial losses that many small businesses had experienced since March 2020. Not surprisingly, the report, Intuit QuickBooks Small Business Recovery, found that COVID-19 has had a significant impact on the financial health of U.S. small businesses.But many of the companies surveyed have proved to be resilient. As of
- [How Biden's Proposed American Families Plan Might Affect You](https://www.lkcpas.com/financial-rx/volume-14-issue-1/how-bidens-proposed-american-families-plan-might-affect-you/) - President Biden presented his proposed American Families Plan (AFP) during his Joint Session of Congress address on April 29, 2021. What follows is an overview of what is included in the plan. But this is only his wish list; Congress will need to draft proposed legislation that will have to pass in both the House
- [Strategy of Time Clock Rounding](https://www.lkcpas.com/financial-sense-blog/strategy-of-time-clock-rounding/) - This article discusses the business strategy of time clock rounding in order to ease payroll calculation and prevent employee time theft. With many employees still working from home, these practices are important to review frequently. Legally, if you participate in rounding, there are three approved rules that you must follow. One is the 15-minute rounding,
- [Remote Work Policies That Last](https://www.lkcpas.com/financial-sense-blog/remote-work-policies-that-last/) - This article discusses how the coronavirus pandemic has shifted the way many industries are conducted on a day-to-day basis. Specifically, teleworking has become the new norm, and it is important to have proper procedures in place in order to promote efficiency for your business. A few tips include communicating and being transparent with your employees,
- [The Benefits of Work Management](https://www.lkcpas.com/financial-sense-blog/the-benefits-of-work-management/) - This article discusses the definition of work management and how it differs from project management. Specifically, work management “is the oversight and supervision of all individual and team tasks and task lists within one project or across a company’s operations.” The concept of work management can include pieces of time, resource, process, and client relationship
- [Tech Trends for Small Business to Watch in 2021](https://www.lkcpas.com/financial-sense-blog/tech-trends-for-small-business-to-watch-in-2021/) - This article discusses and outlines seven different technology trends to watch within the small business industry. Specifically, these trends are designed to improve software, automation, and machinery functionality. Artificial intelligence-powered chatbots and CRM, streamlining HR work, 5G, and voice-activated payments are all expected to have a significant impact. Be sure to check out this link
- [Credit and Debt Collection Strategies Your Business Can Implement](https://www.lkcpas.com/financial-sense-blog/credit-and-debt-collection-strategies-your-business-can-implement/) - This article discusses and emphasizes the importance of having and implementing the most efficient debt collection process possible. Providing services to your client before payment is often a risky but necessary part of doing business. Implementing strategies such as invoice date, contact information, and obvious total invoice values can help ensure that your business gets
- [Estate Planning Techniques During COVID](https://www.lkcpas.com/financial-sense-blog/estate-planning-techniques-during-covid/) - This article discusses how the COVID-19 pandemic has resulted in low interest rates and depressed asset values, creating a very unique opportunity for estate planners. Specifically, this article outlines five different strategies to consider utilizing during this time. For example, annual gift tax exclusion, gifting interest, annuity trusts, and intra-family loans are all topics that
- [Keeping Your Company Grounded During a Crisis](https://www.lkcpas.com/financial-sense-blog/keeping-your-company-grounded-during-a-crisis/) - This article discusses and emphasizes the need for all businesses to be able to adapt and pivot in the right direction, especially during a crisis like the Coronavirus pandemic. Some tips that are outlined are the ability to strategize quickly, supporting company morale, staying grounded, and preparing for a future crisis through risk management. No
- [Buckle Up for 2021: 4 Compliance Trends to Watch](https://www.lkcpas.com/the-edge/volume-12-issue-2-the-edge/buckle-up-for-2021-4-compliance-trends-to-watch/) - In a matter of months, COVID-19 upended the business world and forced organizations to make seismic shifts in their daily operations. While most executives hope the next year will bring better fortune, businesses can't lose sight of emerging compliance trends with the potential to shift the operating environment in 2021.How will the legal and compliance
- [The Number of Americans Who Didn't Pay Their Mortgage Hit 5% in December 2020](https://www.lkcpas.com/the-edge/volume-12-issue-2-the-edge/the-number-of-americans-who-didnt-pay-their-mortgage-hit-5-in-december-2020/) - Obviously, the still-ongoing COVID-19 pandemic has been a major challenge for all of us since it kicked into high gear in March of 2020. In the months since, millions of people have found themselves out of a job and the ones that remained were suddenly faced with working remotely for the foreseeable future.Even though a
- [Increased Business Meal Deductions for 2021 and 2022](https://www.lkcpas.com/the-edge/volume-12-issue-2-the-edge/increased-business-meal-deductions-for-2021-and-2022/) - If you recall, the Tax Cuts and Jobs Act (TCJA), effective beginning in 2018, eliminated the business-related deduction for entertainment, amusement or recreation expenses. However, it did retain a deduction for business meals when the expense is ordinary and necessary for carrying on the trade or business and is not lavish or extravagant, along with
- [IRS Offers New Identity Protection for Taxpayers](https://www.lkcpas.com/the-edge/volume-12-issue-2-the-edge/irs-offers-new-identity-protection-for-taxpayers/) - In the past, the IRS has assigned verification numbers to victims of identity theft to file their tax returns, if requested by the victimized individual. These numbers are referred to as identity protection (IP) PINs. The IP PIN is a six-digit code known only to the taxpayer and the IRS. It helps prevent identity thieves
- [Changes in the PPP Program Working Better This Time Around](https://www.lkcpas.com/financial-sense-blog/changes-in-the-ppp-program-working-better-this-time-around/) - This article discusses how the Small Business Administration has made significant changes when comparing the first round of the Paycheck Protection Program (PPP) and the most recent program. Specifically, the SBA stated that “The changes aim to speed up the flow of funds to PPP applicants while maintaining the integrity of the program.” These changes
- [Changes to the New PPP Attempt to Aid Small Businesses](https://www.lkcpas.com/financial-sense-blog/changes-to-the-new-ppp-attempt-to-aid-small-businesses/) - This article discusses some of the key changes the Biden administration is making to the application process of the paycheck protection program. Specifically, Monday started a two-week period in which only businesses that have less than 20 employees are able to apply for the loan. Additionally, changes to the loan calculation formula are going to
- [Keys to Successful Change Management in Family Business](https://www.lkcpas.com/financial-sense-blog/keys-to-successful-change-management-in-family-business/) - This article discusses how important family businesses are to the economy of the United States. However, “70% of family businesses last just one generation before they either fail or are sold.” Succession planning can be difficult at times, but implementing strategies such as narrowing your target, taking a step back, and measuring everything can prove
- [What is Business Identity Theft and How to Avoid It](https://www.lkcpas.com/financial-sense-blog/what-is-business-identity-theft-and-how-to-avoid-it/) - This article dives deep into the concept of business identity theft, as well as preventive measures that you can take in order to reduce the potential fallout. For example, one piece of advice is to “hire forensic accountants to look at your books…and frequently.” Along with bringing on a forensic accountant, investing in security can
- [Things to Consider Before Applying for a PPP Loan](https://www.lkcpas.com/financial-sense-blog/things-to-consider-before-applying-for-a-ppp-loan/) - This article discusses and addresses the uncertain times that businesses are living through right now due to the coronavirus pandemic. With the passing of the Paycheck Protection Program, there are many things to consider when applying for this government aid. For example, knowing the guidelines are not set in stone, tax burdens, tax-deductibility, and a
- [Marketing Tips for Start-ups](https://www.lkcpas.com/financial-sense-blog/marketing-tips-for-start-ups/) - This article outlines and then continues to dive into detail about seven marketing tips for your start-up business. As a start-up, funds can be limited, but tips such as solidifying your brand, staying true to yourself, clearly define your goals and metrics, budgeting, and social media usage can all benefit your business. Be sure to
- [Building a Lasting Family Business](https://www.lkcpas.com/financial-sense-blog/building-a-lasting-family-business/) - This article acknowledges and discusses the portrayal that the media gives us of family businesses. Although this industry operates on the more risky side, the owners of family businesses possess a unique decision making power. Additionally, this article outlines the different types of models that you may want to incorporate inside your family business as
- [How to Address Rising Tax Problems During COVID-19](https://www.lkcpas.com/the-edge/volume-12-issue-1-the-edge/how-to-address-rising-tax-problems-during-covid-19/) - COVID-19 has caused the death of over 300,000 people. There have been nearly 19 million reported cases in the United States. COVID-19 has touched nearly every aspect of the lives of every American.It has even affected finances for most Americans as well, creating waves of economic stress. It will have some tax implications that many
- [Is That Inheritance Taxable?](https://www.lkcpas.com/the-edge/volume-12-issue-1-the-edge/is-that-inheritance-taxable/) - Are inheritances taxable? This is a frequently misunderstood taxation issue, and the answer can be complicated. When someone passes away, all of their assets (their estate) will be subject to estate taxation, and whatever is left after paying the estate tax passes to the decedent’s beneficiaries.Sound bleak? Don’t worry, very few decedents’ estates ever pay
- [Preparing for 2021: Tax Planning Strategies for Small Business Owners](https://www.lkcpas.com/the-edge/volume-12-issue-1-the-edge/preparing-for-2021-tax-planning-strategies-for-small-business-owners/) - If you are a small business owner, every penny of your income counts. This means that you not only want to optimize your revenue, but also minimize your expenses and your tax liability. Unfortunately, far too many entrepreneurs are not well-versed on the tricks and tools available to them and end up paying far more
- [Finally, The COVID Relief Package Is Law](https://www.lkcpas.com/the-edge/volume-12-issue-1-the-edge/finally-the-covid-relief-package-is-law/) - After several months of the Republicans and Democrats not being able to agree on additional COVID-related tax relief and other matters, as 2020 was coming to an end, horses were traded, and deals were made so that Congress could put together the much-needed legislation. The result is a nearly 5,600-page omnibus bill, the Consolidated Appropriations
- [Trends Driving Small Business in 2021](https://www.lkcpas.com/financial-sense-blog/trends-driving-small-business-in-2021/) - This article discusses how the COVID-19 pandemic has changed the landscape on which most small businesses operate. However, trends such as digital footprint, virtual efficiency, workplace culture, and customer reviews are all set to be significant in the new year. No matter your specific industry, these trends apply to all small business leaders. To view
- [Key Changes to the Employee Retention Credit](https://www.lkcpas.com/covid-19/key-changes-to-the-employee-retention-credit/) - On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 (CAA) into law. A recent article from JD Supra outlines two key provisions included in the act that make changes to the employee retention credit. Established by the CARES Act, the employee retention credit was designed to incentivize employers to maintain their staff
- [New Paycheck Protection Program Guidance Released](https://www.lkcpas.com/covid-19/new-paycheck-protection-program-guidance-released/) - On Wednesday, January 6, the U.S. Small Business Administration (SBA) and the Treasury issued joint guidance regarding the latest updates to the Paycheck Protection Program (PPP), as amended by the recent COVID-19 relief bill. A recent article from the Journal of Accountancy offers an overview of the guidance, which includes the following items: An interim
- [2021 1099s & W-2 Deadlines](https://www.lkcpas.com/firm-news/2021-1099s-w-2-deadlines/) - To process your required 1099s and W-2s in a timely manner, we are requesting your information be submitted to Lewis & Knopf no later than January 22. We have listed the penalty amounts for late filings per the 2020 tax year instructions by the IRS. Large Businesses with Gross Receipts of More Than $5
- [How To Avoid Tax Scams](https://www.lkcpas.com/financial-sense-blog/how-to-avoid-tax-scams/) - Scam artists seem to come out of the woodwork when there’s money involved — and taxes are no exception. Fortunately, if you familiarize yourself with common tax scams and understand what the IRS will and won’t do, it’s easy to avoid them. Common scams Here are some common tax fraud schemes: Calls from IRS impersonators.
- [Is A Roth IRA Conversion Right For You This Year?](https://www.lkcpas.com/financial-sense-blog/is-a-roth-ira-conversion-right-for-you-this-year/) - The COVID-19 pandemic has been causing havoc in the global markets and the U.S. economy. In these uncertain times, it’s important to stay on top of your financial status, including taking measures to protect your retirement nest egg over the long term. One idea to consider is converting a traditional IRA to a Roth IRA.
- [Rolling Over Capital Gains Into A Qualified Opportunity Fund](https://www.lkcpas.com/financial-sense-blog/rolling-over-capital-gains-into-a-qualified-opportunity-fund/) - If you’re selling a business interest, real estate or other highly appreciated property, you could get hit with a substantial capital gains tax bill. One way to soften the blow — if you’re willing to tie up the funds long term — is to “roll over” the gain into a qualified opportunity fund (QOF). What
- [Congress Enacts Additional Stimulus Legislation](https://www.lkcpas.com/covid-19/president-enacts-additional-stimulus-legislation/) - On December 22, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA2021), which includes $892 billion in coronavirus stimulus spending. This long-awaited and highly contested piece of legislation ties coronavirus relief funding into a $1.4 trillion resolution for funding the federal government through September of next year. The nearly $900 billion in stimulus funds comprises
- [5 Tips For Safe Intrafamily Loans](https://www.lkcpas.com/financial-sense-blog/5-tips-for-safe-intrafamily-loans/) - If a relative needs financial help, offering an intrafamily loan might seem like a good idea. But if not properly executed, such loans can carry negative tax consequences — such as unexpected taxable income, gift tax or both. Here are five tips to help avoid any unwelcome tax surprises: Create a paper trail. In general,
- [Gig Workers, Know Your Tax Responsibilities](https://www.lkcpas.com/financial-sense-blog/gig-workers-know-your-tax-responsibilities/) - Let’s say you drive for a ride-sharing app, deliver groceries ordered online or perform freelance home repairs booked via a mobile device. If you do one of these jobs or myriad others that are similar, you’re likely a gig worker — part of a growing segment of the economy. For taxpayers who’ve turned to gig
- [Succession Planning Trends to Watch](https://www.lkcpas.com/financial-sense-blog/succession-planning-trends-to-watch/) - This article discusses some of the basics that you can capitalize on to ensure that the succession of your business is as easy and efficient as possible. For example, tips such as communicating early, defining goals, and establishing a talent development program are all important things to consider when handing your business over. Be sure
- [“Small” Is Bigger Than Ever](https://www.lkcpas.com/financial-sense-blog/small-is-bigger-than-ever/) - Is your business eligible for expanded tax benefits? Small businesses enjoy several tax advantages that may allow them to reduce their tax bills, defer taxes and simplify the reporting process. Until recently, federal tax rules generally defined “small business” as one with average annual gross receipts of $5 million or less ($1 million or $10
- [The Proper Care And Feeding Of Your S Corporation](https://www.lkcpas.com/financial-sense-blog/the-proper-care-and-feeding-of-your-s-corporation/) - Diligence required to avoid inadvertent termination and loss of tax benefits The S corporation continues to be a popular entity choice, combining the liability protection of a corporation with many of the tax benefits of a partnership. But these benefits come at a price: S corporations must comply with strict requirements that limit the number
- [When 15-Year Depreciation For QIP Might Be Better Than 100% Bonus Depreciation](https://www.lkcpas.com/financial-sense-blog/when-15-year-depreciation-for-qip-might-be-better-than-100-bonus-depreciation/) - Earlier this year, Congress finally passed legislation that corrects a drafting error related to real estate qualified improvement property (QIP). The correction is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The correction retroactively allows real property owners to depreciate QIP faster than before, either 100% the year the QIP is placed
- [Processing Payroll in 8 Easy Steps](https://www.lkcpas.com/financial-sense-blog/processing-payroll-in-8-easy-steps/) - Although outsourcing payroll is an effective approach, completing payroll in-house can save your business time and money. You may think that completing payroll is a daunting task, but following tips such as determining overtime pay, calculating gross pay, and determining deductions before you start the payroll process can keep you in check. Additionally, keeping records
- [The Ins And Outs Of The Easing Of Loss Limitation Rules](https://www.lkcpas.com/financial-sense-blog/the-ins-and-outs-of-the-easing-of-loss-limitation-rules/) - To provide businesses and their owners with some relief from the financial effects of the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act eases the rules for claiming certain tax losses. Here’s a look at the — mostly temporary — modifications. Liberalized rules for NOL carryforwards The CARES Act includes favorable changes
- [Relaxed Limit On Business Interest Deductions](https://www.lkcpas.com/financial-sense-blog/relaxed-limit-on-business-interest-deductions/) - To provide tax relief to businesses suffering during the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act temporarily relaxes the limitation on deductions for business interest expense. Here’s the story. TCJA created new limitation Before the Tax Cuts and Jobs Act (TCJA), some corporations were subject to the so-called “earnings stripping” rules.
- [Income Tax Brackets for 2020 and 2021](https://www.lkcpas.com/financial-sense-blog/income-tax-brackets-for-2020-and-2021/) - This article discusses the importance of being educated on the latest income tax brackets and trends to best optimize your hard-earned savings. Each year the IRS adjusts the tax brackets and knowing exactly which one you and your business fall into and can be very beneficial. Be sure to check out this link to compare
- [IRS Releases Anticipated Guidance Regarding PPP Loans and Expense Deductibility](https://www.lkcpas.com/covid-19/irs-releases-anticipated-guidance-regarding-ppp-loans-and-expense-deductibility/) - On November 18, the Internal Revenue Service (IRS) released Revenue Ruling 2020-27 and Revenue Procedure 2020-51. The two releases offer clarification regarding the non-deductibility of expenses that contribute to the forgiveness of loans from the Paycheck Protection Program (PPP). Author Sally Schreiber breaks down the contents and significance of the two releases in an article
- [Finding, Retaining, and Rewarding the Right Staff and Clients](https://www.lkcpas.com/financial-sense-blog/finding-retaining-and-rewarding-the-right-staff-and-clients/) - This article discusses some of the best practices that you can incorporate into your startup or general business to keep adequate clients and customers surrounding your business. Whether it is superior customer service, being open and honest, and/or rewarding great work, these tips can set you apart from the competition. Be sure to check out
- [Deducting Losses – Current NOL Rules Related to the CARES Act](https://www.lkcpas.com/financial-sense-blog/deducting-losses-current-nol-rules-related-to-the-cares-act/) - This article discusses how the coronavirus pandemic impacted many businesses in a negative way. Despite government funding programs such as the CARES Act and PPP Loan, many businesses are going to finish the year with a negative net operating loss. However, because of these losses, “It is critical for those businesses and especially their financial
- [Main Street Loans Opening Up for Smaller Businesses](https://www.lkcpas.com/financial-sense-blog/main-street-loans-opening-up-for-smaller-businesses/) - This article discusses the most recent announcement from the Federal Reserve Board. This is significant for small businesses because the minimum loan amount went from $250,000 to $100,000 on three Main Street loan facilities. Additionally, they published a frequently asked clarification document that answers questions concerning the paycheck protection program. Be sure to check out
- [Why Hiring a Tax Accountant is Good for Small Business](https://www.lkcpas.com/financial-sense-blog/why-hiring-a-tax-accountant-is-good-for-small-business/) - This article discusses how, although hiring a CPA for your small business comes with a cost, the pros may outweigh the cons in this situation. For example, hiring a CPA will allow you to save precious time and can be used as a trusted source for support. Additionally, your accountant can help you with all
- [Unclaimed Property Distributions Allowed As Self-Certified Rollovers](https://www.lkcpas.com/financial-sense-blog/unclaimed-property-distributions-allowed-as-self-certified-rollovers/) - The article discusses a recent publication from the IRS in response to multiple requests from stakeholders asking for guidance on self-certifications. Additionally, it outlines what is required within the report as well as the effective dates of this revision. Check out this article for more information! To view this article, click HERE to access the
- [Fighting Financial Fraud](https://www.lkcpas.com/financial-sense-blog/fighting-financial-fraud/) - This article discusses how the coronavirus pandemic, and in particular, telecommuting, has raised a new set of problems for managers in terms of company fraud. Working from home has its benefits, but as a company owner or manager, it also has a lot of risks. Tools to fight fraud have been increasing through the years,
- [Employee Spotlight - Sara Ryal](https://www.lkcpas.com/the-edge/volume-11-issue-2-the-edge/employee-spotlight-sara-ryal/) - Sara joined the Lewis & Knopf team in 2005. As a senior accounting associate and QuickBooks Certified ProAdvisor, she fills the role of small business services strategy coach, where she specializes in assisting with accounting system design, maintaining efficient accounting processes, and preparing business and personal taxes. Sara helps clients choose more effective processes for their
- [Actually, a Recession is a Great Time to Launch That New Startup](https://www.lkcpas.com/the-edge/volume-11-issue-2-the-edge/actually-a-recession-is-a-great-time-to-launch-that-new-startup/) - It's safe to say that there are a lot of people worried about an impending global recession thanks to the economic slowdown that the ongoing COVID-19 pandemic has brought with it – and your average entrepreneur and startup founder is chief among them. Obviously, it makes sense to assume that with so many people watching
- [October's Extended Due Date Is Fast Approaching](https://www.lkcpas.com/the-edge/volume-11-issue-2-the-edge/octobers-extended-due-date-is-fast-approaching/) - Because of the COVID-19 pandemic emergency, the IRS postponed the original due date for filing 2019 returns to July 15, 2020. If you could not complete your 2019 tax return by July 15 and filed a request for additional time to file, that extension expires on October 15, 2020. Failing to file before the extension
- [How States are Reshaping Nexus Laws for Remote Employees Due to COVID-19](https://www.lkcpas.com/the-edge/volume-11-issue-2-the-edge/how-states-are-reshaping-nexus-laws-for-remote-employees-due-to-covid-19/) - Ever since the coronavirus pandemic began impacting the United States, businesses around the country have responded by instituting work-from-home policies. While it is unclear how much longer the nation will be in the grips of the crisis, social distancing is likely to remain in place for many organizations. Some of the country’s most recognizable brands,
- [Watch Out for Tax Penalties](https://www.lkcpas.com/the-edge/volume-11-issue-2-the-edge/watch-out-for-tax-penalties/) - Most taxpayers don’t intentionally incur tax penalties, but many who are penalized are simply not aware of the penalties or the possible impact on their wallets. As tax season approaches, let’s look at some of the more commonly encountered penalties and how they may be avoided.Underpayment of Estimated Taxes and Withholding Penalty – The United
- [Small Business Best Practices for the Remainder of 2020](https://www.lkcpas.com/financial-sense-blog/small-business-best-practices-for-the-remainder-of-2020/) - This article discusses some of the best business practices that your business can partake in order to ensure or maintain results during this hard time. From knowing the weaknesses of your products to having a playbook and the right tools, these tips can be very useful as we continue on in 2020. Be sure to
- [Successful Employee Recruitment Strategies](https://www.lkcpas.com/financial-sense-blog/successful-employee-recruitment-strategies/) - This article is aimed at helping small businesses grow in the right direction through the recruitment process. Some of the best practices outlined in this link are identifying what your vacant jobs entail, advertising, and holding introductory calls. Be sure to check out this link and review all of the strategies because recruitment is a
- [Family Business Trends in a Post-COVID-19 World](https://www.lkcpas.com/financial-sense-blog/family-business-trends-in-a-post-covid-19-world/) - This article discusses how the coronavirus pandemic has impacted the national economy, and in particular, family enterprises. However, being educated on emerging trends such as the rise of small cities, an increase in digitalization, and a slowdown in globalization can help your family business get back on the right track. To view this article, click
- [Opportunity Zone Tax Incentive Benefits](https://www.lkcpas.com/financial-sense-blog/opportunity-zone-tax-incentive-benefits/) - This article discusses a rare opportunity that the Tax Cuts and Jobs Act have produced for investors in the United States. Long story short, this act is incentivizing investors to invest in distressed communities in order to receive tax benefits in the hopes of “spur[ing] economic development and job creation” in those regions. Be sure
- [IRS Issues Guidance Regarding Payroll Tax Deferral](https://www.lkcpas.com/covid-19/irs-issues-guidance-regarding-payroll-tax-deferral/) - On Friday, August 28, the Internal Revenue Service (IRS) released Notice 2020-65, which offers guidance regarding the implementation of the Presidential Memorandum on the deferment of some payroll taxes. The memorandum, which was released by the President on August 8th, called for a deferral of the employee share of social security tax (or the railroad
- [SBA and Treasury Release Additional PPP Guidance](https://www.lkcpas.com/covid-19/sba-and-treasury-release-additional-ppp-guidance/) - On August 24, the Small Business Administration and Treasury made available a new set of guidance regarding Paycheck Protection Program (PPP) forgiveness issues. The new interim final rule covers two areas: owner-employee compensation and the eligibility of non-payroll costs. A recent article from the Journal of Accountancy offers a concise summation of the new regulations.
- [How COVID-19 Has Changed Business Forever](https://www.lkcpas.com/financial-sense-blog/how-covid-19-has-changed-business-forever/) - This article discusses how the coronavirus pandemic is impacting a number of industries in multiple ways. Some of the trends include working from home, hiring based on technology skill set, and restaurants teaming up with delivery services permanently. No matter your industry, being aware of these trends and how they will impact businesses on a
- [11 Small Business Accounting Tips to Save Your Business Time and Money](https://www.lkcpas.com/financial-sense-blog/11-small-business-accounting-tips-to-save-your-business-time-and-money/) - This article discusses some accounting tips that your small business should consider following in order to become more efficient. There are many details business owners must consider, managing your accounting practices early on will allow you to focus on the work of growing your business. Whether it is as simple as separating your personal and
- [Presidential Memos Address Coronavirus Issues](https://www.lkcpas.com/covid-19/presidential-memos-address-coronavirus-issues/) - Over the weekend, President Trump issued a series of executive actions. Three of the four memos aim at extending CARES Act provisions that have expired already or will expire soon. The fourth seeks to mimic the payroll tax holiday for which the President has been advocating. The four executive actions address the following areas: Unemployment
- [SBA Issues 23 New PPP FAQs](https://www.lkcpas.com/covid-19/sba-issues-23-new-ppp-faqs/) - On August 4th, the U.S. Small Business Administration (SBA) released additional guidance regarding forgiveness of Paycheck Protection Program (PPP) loans. In consultation with the U.S. Department of the Treasury, the SBA added 23 new questions to their PPP FAQ page. The SBA sorts the new loan forgiveness FAQs into the following four categories:
- [4 Tips to Stabilize Your Small Business](https://www.lkcpas.com/financial-sense-blog/4-tips-to-stabilize-your-small-business/) - In this time of uncertainty, knowing about and implementing some best practices within the industry can go along way in the health of your business. This article discusses four tips that you can take advantage of, such as keeping your customers up-to-date, shifting to an online focus, and managing expenses. To view this article, click
- [Main Street Lending Program Provides Working Capital for Small Businesses](https://www.lkcpas.com/financial-sense-blog/main-street-lending-program-provides-working-capital-for-small-businesses/) - The Main Street Lending Program is designed to help credit flow to small and medium-sized businesses and nonprofit organizations that were in sound financial condition before the onset of the COVID-19 crisis, but now need loans to help maintain their operations until they have recovered from, or adapted to, the impacts of the pandemic. Loans
- [IRS Publishes New Release Regarding Business Interest Expense Limitations](https://www.lkcpas.com/covid-19/irs-publishes-new-release-regarding-business-interest-expense-limitations/) - The Internal Revenue Service (IRS) recently announced finalized guidance regarding business interest expense limitations. In a helpful article from the Journal of Accountancy, author Sally Schreiber offers an overview of the new rules. Background The business interest expense limitation was created by the Tax Cuts and Jobs Act (TCJA) of 2017 and subsequently modified by
- [The Future of Remote Working After COVID-19](https://www.lkcpas.com/financial-sense-blog/the-future-of-remote-working-after-covid-19/) - This article discusses how the coronavirus pandemic has impacted the way businesses operate on a day-to-day basis. One major difference the pandemic has resulted in is the increase in telecommuting. This article outlines some of the best practices for remote work. These practices include getting a clearer picture of which roles are better suited for remote
- [Promoting Collaboration During a Crisis](https://www.lkcpas.com/financial-sense-blog/promoting-collaboration-during-a-crisis/) - Whether the impact is on a global, national, or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. As we venture past the peak of the pandemic, businesses are going to have to adapt to the new world in which they reside in order to survive. Specifically,
- [Lewis & Knopf Announces New Intern](https://www.lkcpas.com/firm-news/lewis-knopf-announces-new-intern/) - Lewis & Knopf, CPA, P.C. is pleased to announce the addition of Joshua Legant to their professional team. Legant joins the firm as an intern. In this role, he will get his first taste of what it is like to work in the public accounting sphere. Prior to entering the accounting field, Legant spent seven
- [PPP Gets Five-Week Extension](https://www.lkcpas.com/covid-19/ppp-gets-five-week-extension/) - On Wednesday, July 1 the House agreed unanimously to an extension of the Paycheck Protection Program (PPP). The five-week extension originated in the Senate on Tuesday, where it was approved late in the evening. President Trump signed the bill into law on Saturday, July 4. With around $129 billion of loan funds still available
- [Employee Spotlight - Sarah Henry](https://www.lkcpas.com/the-edge/employee-spotlight-sarah-henry/) - Since 2019, Sarah has been a valuable member of the Lewis & Knopf team. She currently serves as a senior staff accountant. In this role, she is responsible for tax preparation and review, as well as audit work. What year did you join Lewis & Knopf? I joined the firm in 2019. My one-year anniversary
- [SBA Releases Guidance Regarding Early PPP Loan Forgiveness](https://www.lkcpas.com/covid-19/sba-releases-guidance-regarding-early-ppp-loan-forgiveness-2/) - On June 22, the U.S. Small Business Administration (SBA) released additional guidance regarding Paycheck Protection Program (PPP) loan forgiveness. A recent article from the Journal of Accountancy summarizes the information contained in the release. The new interim final rule primarily addresses changes made by the Paycheck Protection Program Flexibility Act of 2020. This is the
- [SBA Releases Guidance Regarding Early PPP Loan Forgiveness](https://www.lkcpas.com/covid-19/sba-releases-guidance-regarding-early-ppp-loan-forgiveness/) - On June 22, the U.S. Small Business Administration (SBA) released additional guidance regarding Paycheck Protection Program (PPP) loan forgiveness. A recent article from the Journal of Accountancy summarizes the information contained in the release. The new interim final rule primarily addresses changes made by the Paycheck Protection Program Flexibility Act of 2020. This is the
- [Improving Cash Flow Post-COVID 19 With the R&D Tax Credit](https://www.lkcpas.com/financial-sense-blog/improving-cash-flow-post-covid-19-with-the-rd-tax-credit/) - As businesses attempt to get back on their feet post Covid-19, understanding programs that you may qualify for, such as the R&D tax credit, can help reestablish robust cash flow. This article outlines the ins and outs of the tax credit program, what the many benefits are, and what documents are needed in order to
- [SBA Releases Updates On PPP Forgiveness](https://www.lkcpas.com/covid-19/sba-releases-updates-on-ppp-forgiveness/) - This week, the Small Business Administration (SBA) and the U.S. Department of the Treasury released new information for recipients of loans through the Paycheck Protection Program (PPP). A recent article from the Journal of Accountancy offers helpful details on the revised loan forgiveness application, the new EZ application, and the new interim final rule on
- [5 Questions to Consider Regarding Goodwill & Asset Impairment Testing](https://www.lkcpas.com/financial-sense-blog/5-questions-to-consider-regarding-goodwill-asset-impairment-testing/) - This article discusses how the coronavirus has impacted the business world on a number of levels including raising questions around Goodwill and long-lived assets. Whether it is trying to sort through Goodwill testing or estimated values for publicly traded companies, this article offers information from a general business perspective. To view this article, click HERE
- [What's Best for You - Traditional or Roth IRA?](https://www.lkcpas.com/financial-rx/volume-13-issue-2/whats-best-for-you-traditional-or-roth-ira/) - The tax code offers two types of IRAs; one is referred to as the traditional individual retirement account (IRA), so named because it was the first type of IRA available, having been created by Congress back in the 1970s. The second type is the Roth IRA, established in 1997 and named after William Roth, who
- [Employee Spotlight - Vicki Mullin](https://www.lkcpas.com/the-edge/employee-spotlight-vicki-mullin-2/) - Vicki joined the Lewis & Knopf team in 2001. She joined as a firm administrative assistant and is now our firm’s Portal Administrator. She maintains and supports the firm’s client portal along with other administrative duties. What year did you join Lewis & Knopf? 2001—I’ve been here for almost two decades! Tell me a little
- [Did You Take Your 2020 RMD Too Soon?](https://www.lkcpas.com/financial-rx/volume-13-issue-2/did-you-take-your-2020-rmd-too-soon-2/) - As part of the CARES Act, the requirement for older taxpayers to take required minimum distributions (RMDs) from their retirement plans has been waived for 2020. This is primarily due to the drop in value for most investments as a result of the economic effects of COVID-19. RMDs are required distributions from qualified retirement plans
- [Congress Makes Charitable Giving Easier During the COVID-19 Crisis](https://www.lkcpas.com/financial-rx/volume-13-issue-2/congress-makes-charitable-giving-easier-during-the-covid-19-crisis-2/) - To encourage charitable contributions to deserving qualified charities during these trying times, Congress has relaxed some of its restrictions related to how much a taxpayer can deduct as a charitable contribution in any given year. Under normal circumstances, cash contributions are limited to 60% of a taxpayer's adjusted gross income (AGI). However, as has happened
- [Rebates Are Finally Flowing - Did You Get Yours; Was It Correct?](https://www.lkcpas.com/financial-rx/rebates-are-finally-flowing-did-you-get-yours-was-it-correct-2/) - The IRS has finally started making those much anticipated Economic Impact Payments, aka “Recovery Rebates.” However, not everyone who was expecting one has received theirs, and some may not be the amount expected. The Treasury first looked for a filed 2019 return when they began making the payments. If a 2019 return was not filed
- [The Future of Customer Service Agents Working from Home](https://www.lkcpas.com/financial-sense-blog/the-future-of-customer-service-agents-working-from-home/) - As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. Whether the impact is on a global, national, or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. As we venture
- [SBA Releases Application for PPP Loan Forgiveness](https://www.lkcpas.com/covid-19/sba-releases-application-for-ppp-loan-forgiveness/) - On Friday, May 15, the Small Business Administration (SBA) announced an important release for borrowers who received loans through the Paycheck Protection Program (PPP). The bureau made public a form and instructions for borrowers to use to apply for PPP loan forgiveness. The application must be completed and submitted to the lender that serviced the
- [Did You Take Your 2020 RMD Too Soon?](https://www.lkcpas.com/the-edge/volume-11-issue-1-the-edge/did-you-take-your-2020-rmd-too-soon/) - As part of the CARES Act, the requirement for older taxpayers to take required minimum distributions (RMDs) from their retirement plans has been waived for 2020. This is primarily due to the drop in value for most investments as a result of the economic effects of COVID-19. RMDs are required distributions from qualified retirement plans
- [Congress Makes Charitable Giving Easier During the COVID-19 Crisis](https://www.lkcpas.com/the-edge/volume-11-issue-1-the-edge/congress-makes-charitable-giving-easier-during-the-covid-19-crisis/) - To encourage charitable contributions to deserving qualified charities during these trying times, Congress has relaxed some of its restrictions related to how much a taxpayer can deduct as a charitable contribution in any given year. Under normal circumstances, cash contributions are limited to 60% of a taxpayer's adjusted gross income (AGI). However, as has happened
- [Rebates Are Finally Flowing - Did You Get Yours; Was It Correct?](https://www.lkcpas.com/the-edge/volume-11-issue-1-the-edge/rebates-are-finally-flowing-did-you-get-yours-was-it-correct/) - The IRS has finally started making those much anticipated Economic Impact Payments, aka “Recovery Rebates.” However, not everyone who was expecting one has received theirs, and some may not be the amount expected. The Treasury first looked for a filed 2019 return when they began making the payments. If a 2019 return was not filed
- [What Does the $2 Trillion Stimulus Package Mean for You?](https://www.lkcpas.com/the-edge/volume-11-issue-1-the-edge/what-does-the-2-trillion-stimulus-package-mean-for-you/) - The “Coronavirus Aid, Relief, and Economic Security Act” (Cares Act) includes many tax and financial breaks for both individuals and businesses. We broke down many of the essential elements and how they can assist you and your business during this troubling time. Recovery Rebate - The most talked-about provision is the "recovery rebates" for individuals.
- [Paycheck Protection Program Loan Forgiveness Best Practices](https://www.lkcpas.com/financial-sense-blog/paycheck-protection-program-loan-forgiveness-best-practices/) - Whether the impact is on a global, national, or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. As we venture past the peak of the pandemic, businesses are going to have to adapt to the new world in which they reside in order to survive. The
- [Playbook for Re-Opening Your Business](https://www.lkcpas.com/financial-sense-blog/playbook-for-re-opening-your-business/) - As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. Whether the impact is on a global, national, or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. As we venture
- [How The Office of the Future Will Look After Coronavirus](https://www.lkcpas.com/financial-sense-blog/how-the-office-of-the-future-will-look-after-coronavirus/) - As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. Whether the impact is on a global, national, or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. Specifically, changes to
- [Is My PPP Loan Still Forgivable if My Employees Refuse to Come Back to Work?](https://www.lkcpas.com/covid-19/is-my-ppp-loan-still-forgivable-if-my-employees-refuse-to-come-back-to-work/) - The Paycheck Protection Program (PPP) is a loan initiative created by the CARES Act that targets aid to small businesses dealing with losses resulting from the coronavirus pandemic. The big appeal of the program is that the portion of the PPP loan funds used for certain “allowable purchases” is fully forgivable. Firstly, what are the
- [Guidance on Calculating Maximum PPP Loan Amounts](https://www.lkcpas.com/covid-19/guidance-on-calculating-maximum-ppp-loan-amounts/) - On Friday, April 24, the Small Business Administration (SBA) released additional guidance regarding how various types of businesses should calculate the maximum Paycheck Protection Program (PPP) loan amount for which they qualify. The new SBA guidance offers specific instructions for the following entities: Self-employed with no employees Self-employed with employees Self-employed and reports income on
- [Employee Retention Tax Credits and Your Business](https://www.lkcpas.com/financial-sense-blog/employee-retention-tax-credits-and-your-business/) - As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. Whether the impact is on a global, national, or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. As a small
- [CARES Act FAQ: Mid-Sized Business Lending Program](https://www.lkcpas.com/covid-19/cares-act-faq-mid-sized-business-lending-program/) - On March 27 th , President Trump enacted the Coronavirus Aid, Relief, and Economics Security (CARES) Act. The historic $2.2 trillion stimulus bill includes $454 billion to support Federal Reserve emergency lending facilities to help mid-sized businesses dealing with losses resulting from the coronavirus pandemic. The legislation instructs the US Department of the Treasury to
- [SBA Issues Supplemental PPP Guidance](https://www.lkcpas.com/covid-19/sba-issues-supplemental-ppp-guidance/) - On April 14, the Small Business Administration (SBA) released new guidance regarding the Paycheck Protection Program (PPP), a $350 billion program that targets aid to small businesses dealing with losses resulting from the coronavirus pandemic. The PPP was created as a part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed
- [CARES Act FAQ: Payroll Tax Deferral](https://www.lkcpas.com/covid-19/cares-act-faq-payroll-tax-deferral/) - On March 27 th , President Trump enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The historic $2.2 trillion stimulus bill contains a variety of provisions, including a deferment of payroll taxes for employers. Below, we address some of the common questions regarding these tax law modifications. If you cannot find the answer
- [Where’s My Recovery Rebate?](https://www.lkcpas.com/covid-19/wheres-my-recovery-rebate/) - As part of the recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act, direct economic recovery payments are being distributed to eligible American taxpayers. Distribution of recovery rebates began this week. If you are expecting a federal recovery rebate, but have not yet received it, visit the IRS website for more information. The IRS
- [Small Business Funds from Virus Aid Package is Dwindling](https://www.lkcpas.com/financial-sense-blog/small-business-funds-from-virus-aid-package-is-dwindling/) - As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. Whether the impact is on a global, national or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. As a small
- [CARES Act FAQ: Retirement Plan Withdrawals](https://www.lkcpas.com/covid-19/cares-act-faq-retirement-plan-withdrawals/) - On March 27th, President Trump enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The historic $2.2 trillion stimulus bill includes an allowance for penalty-free early withdrawals from retirement accounts. Below, we address some of the common questions regarding this particular initiative. If you cannot find the answer to your question, please do not
- [CARES Act FAQ: Employee Retention Credit](https://www.lkcpas.com/covid-19/cares-act-faq-employee-retention-credit/) - On March 27th, President Trump enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The historic $2.2 trillion stimulus bill includes a wide range of business tax provisions, including a new credit for employers that retain their employees. Below, we address some of the common questions regarding this particular initiative. If you cannot find
- [Watch Out for Coronavirus-Related Scams](https://www.lkcpas.com/covid-19/watch-out-for-coronavirus-related-scams/) - On Thursday, April 2, the Internal Revenue Service (IRS) issued a warning concerning the development of new scams related to the coronavirus, particularly the recovery rebates legislated by the CARES Act. It is not surprising that criminals are taking advantage of the chaos resulting from the coronavirus outbreak to perpetrate fraud. The IRS has observed
- [CARES Act FAQ: Net Operating Loss & Other Tax Modifications](https://www.lkcpas.com/covid-19/cares-act-faq-net-operating-loss-other-tax-modifications/) - On March 27th, President Trump enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The historic $2.2 trillion stimulus bill contains a variety of modifications to key business tax provisions, such as regulations regarding Net Operating Losses. Below, we address some of the common questions regarding these tax law modifications. If you cannot find
- [Coronavirus is Rewriting the Future of Business](https://www.lkcpas.com/financial-sense-blog/coronavirus-is-rewriting-the-future-of-business/) - As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. Whether the impact is on a global, national or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. Specifically, topics such
- [CARES Act FAQ: Paycheck Protection Program](https://www.lkcpas.com/covid-19/cares-act-faq-paycheck-protection-program/) - On March 27th, President Trump enacted the Coronavirus Aid, Relief, and Economics Security (CARES) Act. The historic $2.2 trillion stimulus bill includes a $349 billion paycheck protection program (PPP) that targets aid to small businesses dealing with losses resulting from the coronavirus pandemic. The PPP uses the already-existing small-business loan framework of the Small Business
- [How Lewis & Knopf, CPAs, P.C. is Addressing the Coronavirus (COVID-19)](https://www.lkcpas.com/firm-news/covid-19/) - To our clients and friends, At Lewis & Knopf, the health and safety of our employees and our clients is of paramount importance. For this reason, we are taking specific precautions to protect our staff and visitors during the current outbreak of Coronavirus. With more confirmed cases being reported, we are considering the potential impact
- [Update to Lewis & Knopf's COVID-19 Strategy](https://www.lkcpas.com/firm-news/update-to-lewis-knopf-covid-19-strategy/) - On March 11, the World Health Organization characterized COVID-19 as a pandemic. Because of this, many businesses, including schools, entertainment venues, and restaurants, are closing their doors temporarily. While we technically remain open during this busy time of year, we are severely limiting the number of team members within our physical offices at this time.
- [What Does Paid Sick Leave Mean for My Organization?](https://www.lkcpas.com/firm-news/what-does-paid-sick-leave-mean-for-my-organization/) - On Wednesday, March 18, President Trump enacted a coronavirus emergency relief package, the Families First Coronavirus Response Act. The legislation includes relief for American workers required to take time off work because of the coronavirus, the Emergency Paid Leave Act of 2020. In order to help employers manage the cost of paid sick leave, the
- [Federal Tax Filing Deadline Extended to July 15](https://www.lkcpas.com/firm-news/federal-tax-filing-deadline-extended-to-july-15/) - On Friday, March 20, 2020, Secretary of the Treasury Steve Mnuchin released a statement that the federal tax filing deadline has moved in response to the ongoing coronavirus (COVID-19) pandemic. The new deadline of July 15, 2020, corresponds with the tax payment deadline previously rescheduled earlier in the week. The details of this release can
- [Do I Qualify for Paid Sick Leave Under the New Coronavirus Act?](https://www.lkcpas.com/firm-news/do-i-qualify-for-paid-sick-leave-under-the-new-coronavirus-act/) - On Wednesday, March 18, President Trump enacted a coronavirus emergency relief package, known as Families First Coronavirus Response Act. The legislation includes relief for American workers required to take time off work because of the coronavirus, the Emergency Paid Sick Leave Act of 2020. The act includes both paid leave benefits for American workers and
- [Maintaining Your Mental Health During the Coronavirus Pandemic](https://www.lkcpas.com/financial-sense-blog/maintaining-your-mental-health-during-the-coronavirus-pandemic/) - There is a lot of scary stuff happening right now. Many are struggling to maintain good mental health in light of the Coronavirus pandemic. For some, the mental strain is exacerbated by the fact that so many are practicing social distancing. So how can you maintain or strengthen your mental health in the midst of
- [CARES Act Summary Coronavirus Relief: Phase Three](https://www.lkcpas.com/covid-19/cares-act-summary-coronavirus-relief-phase-three/) - As of March 27, 2020, both the United States House and Senate have voted to pass a sweeping $2.2 trillion stimulus package designed to abate the economic damages caused by the coronavirus (COVID-19) pandemic. The Coronavirus Aid, Relief, and Economic Security (CARES) Act is the third piece of legislation crafted to address the economic havoc
- [CARES Act FAQ: Emergency Economic Injury Grants](https://www.lkcpas.com/covid-19/cares-act-faq-emergency-economic-injury-grants/) - On March 27th, President Trump enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The historic $2.2 trillion stimulus bill includes $10 billion in funding to provide emergency grants to small businesses and nonprofits that apply for economic injury disaster loans. Below, we address some of the common questions regarding this particular initiative. If
- [CARES Act FAQ: Recovery Rebate](https://www.lkcpas.com/covid-19/cares-act-faq-recovery-rebate/) - On March 27th, President Trump enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The historic $2.2 trillion stimulus bill includes an estimated $300 billion in direct payments to eligible American taxpayers. Below, we address some of the common questions regarding this particular initiative. If you cannot find the answer to your question, please

## Pages

- [Home](https://www.lkcpas.com/) - TaxCaddyReady to Learn More?Team FeatureTo learn more about Vicki, click here Vicki began her career with Lewis and Knopf, P.C. in 2001 as an administrative assistant and now serves as the firm’s portal administrator. In her day-to-day role, she maintains and supports the firm’s net client portals and performs other office administrative tasks. SummerPlanning ahead
- [Calculators & Financial Tools](https://www.lkcpas.com/calculators-financial-tools/) - Calculators & Financial Tools Resources General Resources Financial Sense Blog Firm News The Edge Financial Rx Search Financial Sense BlogWhat To Do When You Get an IRS Notice (And Why You Don’t Need to Panic) January 14, 2026 What Is Advisory — And Is It Right for You? January 14, 2026 Firm NewsLewis & Knopf
- [About](https://www.lkcpas.com/about/) - Our Firm Lewis & Knopf, CPAs, P.C. is a full-service accounting and consulting firm serving entrepreneurial clients interested in furthering their financial well-being by creating strategies designed to increase their net worth. Our mission illustrates our methodologies and explains the critical relationship between sound business, personal financial success, and security for your family.We take a
- [TaxCaddy Resource Center](https://www.lkcpas.com/taxcaddy/) - TaxCaddy Resource Center THANK YOU TO ALL OUR CLIENTS WHO ARE CONNECTED WITH TAXCADDY. We have had an amazing launch of TaxCaddy and hundreds of our clients have signed up and connected with us! We have heard valuable feedback from you and we are striving to improve our process to make each year better. As
- [Contact](https://www.lkcpas.com/contact/) - Contact Us 5206 Gateway Centre, Suite 100Flint, MI 48507P: 810.238.4617P: 877.244.1787F: 810.238.5083Monday – Friday 7:30am – 4:30pm 215 N Water Street, Suite 101Owosso, MI 48867P: 810.238.4617Call for Appt.
- [SafeSend Returns](https://www.lkcpas.com/safesend-returns/) - SafeSend Returns To log into your SafeSend Client Portal: https://lewisknopfcpaspc.ssportal.com/ To register your SafeSend account and for tutorials on use: Client-Portal-ExperienceClient-Portal-OverviewVideo-Client-Portal-Experience We are now utilizing SafeSend Returns to deliver tax returns electronically. SafeSend Returns is an intuitive application with a step-by-step, automated filing experience. Learn More about the SafeSend Client Experience For a walk-through of the 1040
- [School Districts](https://www.lkcpas.com/industries/school-districts/) - School Districts School districts are not just a focus of our firm, they’re a passion. There is no greater investment in a community than its children and their future. We have the highest respect for the professionals who dedicate their lives to educating our children, and we are proud to work with so many school
- [Industries](https://www.lkcpas.com/industries/) - Industries Specialized expertise isn’t developed overnight. One engagement with a client doesn’t make anyone an expert on an industry. So what does it take to make an industry expert? Many engagements over many years. Working hard to stay on top of industry news and trends. Knowing what it takes to stay competitive and profitable.At Lewis
- [Security Update for NetClient CS Portal Login](https://www.lkcpas.com/secure-client-login/security-update-for-netclient-cs-portal-login/) - Security Update for NetClient CS Portal Login Lewis & Knopf with the help of our software provider Thomson Reuters are implementing a security update to your Client Portal. Included with this security update, there will be several options available to verify your identity when you log in. These changes take effect on November 3, 2023. We have
- [Manufacturing](https://www.lkcpas.com/industries/manufacturing/) - Manufacturing Managing a manufacturing company is not for the faint of heart. Competitive environments can be brutal, consumer demands are relentless and costs seem to rise on a daily basis. With the influx of global imports, rapidly advancing technologies and an ever-changing economic landscape, manufacturers today are facing some very challenging times.Success in this demanding
- [Construction](https://www.lkcpas.com/industries/construction/) - Construction The construction industry can change drastically from one day to the next. Even slight changes in the economy, stock market or interest rates can have big effects on developers and investors. To remain profitable and positioned for growth, companies need a business advisory firm that knows the industry inside and out and can assist
- [Assurance](https://www.lkcpas.com/services/assurance/) - Assurance Lewis & Knopf provides traditional audit and accounting services, enhanced by personal attention and management assistance. Our team is trained to search for trends that may have been overlooked and to identify opportunities that will increase the profitability and effectiveness of your organization. We are personally committed to understanding your business. Always available for
- [Resources](https://www.lkcpas.com/resources/) - Resources Track Your Refund Business Expense LogIf you use a car, travel away from home, entertain, or make gifts in connection with your trade or business, you must substantiate your expenses[Download] 2021 Calendar of Due Dates[Download] 2023 Tax Rate Card Use this printable card as a handy resource to view rates for 2023. [Download] WebTaxGuideThis
- [Secure Client Login](https://www.lkcpas.com/secure-client-login/) - Secure Client Login ATTENTION: Security Update for NetClient CS Portal Login To access the client portal, click here Login: Password: Forgot password? Supported Internet Browsers and SoftwareTo use web services products, you are in need of the following:Windows 7 or higher. (The electronic portal is not supported on operating systems that are no longer supported
- [BDO Alliance USA](https://www.lkcpas.com/about/bdo-alliance-usa/) - BDO Alliance USA We are an independent member of the BDO Alliance USA, a nationwide association of independently owned local and regional accounting, consulting and service firms with similar client service goals. By supplementing our services, the BDO Alliance USA allows us to:Enhance our client services and broaden our capabilities overallExpand our domestic and international
- [Nonprofit](https://www.lkcpas.com/industries/nonprofit/) - Nonprofit Our professionals are well versed in the challenges facing nonprofit organizations. At Lewis & Knopf, we are determined to see that our nonprofit clients remain financially sound and operationally efficient.Our engagement team will work closely with your directors and key staff members to focus on areas that are crucial to nonprofit entities, including donor
- [Auto Dealerships](https://www.lkcpas.com/industries/auto-dealerships/) - Auto Dealerships Auto dealerships are unique. Competition, e-commerce and manufacturer intervention are all shaping this constantly-changing industry. These forces make it necessary for dealers to clearly define their vision and strategic direction. You need business advisors who have experience working with dealerships and understand the challenges you face. Lewis & Knopf has the experience to
- [Small Business Services](https://www.lkcpas.com/services/small-business-services/) - Small Business Services Helping You See The Big PictureAs a business owner, you are constantly faced with the daunting struggle of rapidly changing laws, tax codes, and economic conditions that could easily throw your business off course. That’s why you need an advisor who will look out for your company and make you aware of
- [Estate and Trust Services](https://www.lkcpas.com/services/estate-trust-services/) - Estate and Trust Services While an estate plan doesn’t transfer your memories and experiences, it can help to pass on your assets in a way that reflects your values, your goals and the full life you have lived. Estate planning can also help you take care of your family when you’re no longer able to
- [Careers](https://www.lkcpas.com/careers/) - Careers Your Future is a Blank Canvas. Make it a Masterpiece with Lewis & Knopf. As you ponder your future, consider joining a firm where you can make a difference; where your talents are recognized; where you can develop as a professional. Your career is about reaching your full potential while crafting your own unique story. At
- [Healthcare and Professional Services](https://www.lkcpas.com/industries/healthcare-professional-services/) - Healthcare and Professional Services As a professional services provider, your focus is on your clients. Whether you are a doctor, lawyer, architect, engineer or other service professional, we know you put in long hours to meet client needs and grow your business. Often, there isn’t much time left to address management practices, operational efficiencies and
- [Services](https://www.lkcpas.com/services/) - Services Whether you are a small business, big business, not-for-profit or an individual, we have you covered. As a full-service accounting and business advisory firm, our engagement teams are hand-picked to guarantee the right fit for each client engagement. Do you need someone who knows the ins and outs of running a successful business? We
- [Our Angle on Service](https://www.lkcpas.com/about/our-angle-on-service/) - Our Angle on Service At Lewis & Knopf, we remain sensitive to our clients’ concerns and strive to always be cost-effective with both the firm and our clients. We are committed to improving our efficiencies without sacrificing the quality of our service.But don’t just take our word for it! You can see our efficient, cost-conscious
- [Our Mission and Values](https://www.lkcpas.com/about/our-mission-and-values/) - Our Mission and Values Helping ClientsAchieve Financial SuccessAt Lewis & Knopf, we pride ourselves on the unique approach we take toward our client relationships. Working primarily with privately held, entrepreneurial organizations, our services go beyond what you might expect from a traditional accounting firm. While other firms focus solely on the “oversight and control” aspects
- [Tax](https://www.lkcpas.com/services/tax/) - Tax The key to minimizing taxes is planning. Knowing how the tax laws apply to you or your business is just the beginning; equally important is having a clear vision of your goals and objectives. This coordination of tax knowledge and objectives can open the door to new opportunities and creative strategies.At Lewis & Knopf,
- [Consulting](https://www.lkcpas.com/services/consulting/) - Consulting You have a vision, but how do you make it a reality? Who’s going to help you take that vision and create a real-life road map to make it happen? We are.Lewis & Knopf will guide you in developing a strategy that is just right for turning your vision into reality. Nothing inspires us
- [Client Testimonials](https://www.lkcpas.com/about/client-testimonials/)
- [Our Team](https://www.lkcpas.com/about/our-team/) - Our Team AllPrincipalDirectorManagerStaff Associate/AccountantAdministrativeAnita Abrol, CPAPrincipalNancy BrouwerManagerDenise CoonFirm AdministratorMichael EnglandStaff AccountantRebecca FletcherAccounting AssociateKayleigh FoltsAccounting AssociateShari FoltsManagerAllen “AJ” Gamble, CPAManagerJoel Gibbons, CPA, ABVPrincipalJames JohnsonInformation Technology AdministratorAkshay Kapoor, CPAPrincipalAshish Kapoor, CPAManagerMichael J. Krampe, CPAThomas Lillie, CPADirectorDavid MillhouseDirector of Tax ServicesVicki MullinPortal AdministratorRhonda MurrayManagerMelissa NicholsAccounting AssociateKiran PatelAccounting AssociateKenneth W. Rappuhn, II, CPAManagerSara RyalManagerJeffrey Sabolish, CPAPrincipalThomas Shade, CPADirectorAnne SlobinManagerKatrina
- [Pay Online](https://www.lkcpas.com/pay-online/) - Pay Your Invoice You can quickly pay all or part of your invoice from our secure payment page. Please fill out the initial information on this page and proceed to our secure payment page. Enter Amount: $ * First Name: * Last Name: * Business or Client Name: * Email: * Invoice Number: * ID
- [Job Openings](https://www.lkcpas.com/careers/job-openings/) - Job Openings Adding #YOU to the PictureLewis & Knopf, CPAs, P.C. is looking for recent college graduates and experienced professionals who want to be a part of our dynamic team. As you consider your future, consider what is important to YOU! Your career is about growing as a professional and continuing to enjoy your personal
- [Our Stories](https://www.lkcpas.com/careers/our-stories/) - Our Stories Begin Your Story Here. Here are our stories… real experiences from real Lewis & Knopf team members. Check out the videos below to find out how the #UnlimitedPossibilities at L&K helped these team members create a masterpiece career. Anita Abrol Greg Waller Joel Gibbons Linda Senior Kenny Rappuhn Careers Profession Focus Blog #Snapshot
- [Password Security Updates](https://www.lkcpas.com/secure-client-login/password-security-updates/) - Password Security Updates AttentionFor your protection we have enhanced our Portal Security Features (Updated: November 21, 2016)If your current password doesn’t meet the enhanced requirements, NetClient CS will prompt you to update it the first time you log in after Thursday, November 17, 2016.Your password will now expire after 90 days. In addition, your password
- [Right Networks Installation](https://www.lkcpas.com/right-networks-login/) - Right Networks Installation Secure Client Login Right Networks Installation Pay Online Federal Refund Status MI Return & Refund Status Quickbooks Online Remote Support Contact Us
- [Financial Rx](https://www.lkcpas.com/financial-rx/) - Financial Rx Volume 13 Issue 2 Volume 13 Issue 1 Volume 12 Issue 4 Volume 12 Issue 3 Volume 12 Issue 2 Volume 12 Issue 1 Volume 11 Issue 5 Volume 11 Issue 4 Volume 11 Issue 3 Volume 11 Issue 2 Volume 11 Issue 1 Volume 10 Issue 5 Volume 10 Issue 4 Volume
- [The Edge](https://www.lkcpas.com/the-edge/) - The Edge Volume 12 Issue 1 Volume 11 Issue 2 Volume 11 Issue 1 Volume 10 Issue 3 Volume 10 Issue 2 Volume 10 Issue 1 Volume 9 Issue 5 Volume 9 Issue 4 Volume 9 Issue 3 Volume 9 Issue 2 Volume 9 Issue 1 Volume 8 Issue 6 Volume 8 Issue 5 Volume
- [General Resources](https://www.lkcpas.com/general-resources/) - General Resources Lewis & Knopf, CPAs, P.C. offers several resources to our clients and friends. We have the helpful tools you need to guide you with basic, everyday financial decisions. While these tools are not a substitute for financial advice from a qualified professional, they can give you general guidelines for starting the decision making
- [Coronavirus Resource Page](https://www.lkcpas.com/about/covid-19/) - Coronavirus Resource Page Additional Links and Resources BDO Coronavirus Articles »Resources for Michigan Businesses During COVID-19 »Unemployement Insurance Fact Sheet »Unemployment Benefits for MI »AICPA Coronavirus Resource Center »Coronavirus Disease 2019 (COVID-19) »Coronavirus Emergency Loans Small Business Guide and Checklist »Paycheck Protection Program (PPP) Overvieww »Paycheck Protection Program Application »Non-Filer IRS Economic Impact Payment »CARES
- [Small Business Association of Michigan 2018](https://www.lkcpas.com/snapshots/michigan-small-business-2018/) - Snapshots Small Business Association of Michigan 2018 Careers Job Openings Christmas 2018 Halloween 2018 Small Business Association of Michigan 2018 Spring 2018
- [Spring 2018](https://www.lkcpas.com/snapshots/spring-2018/) - Snapshots Spring 2018 Careers Job Openings Christmas 2018 Halloween 2018 Spring 2018 2016 After Tax Season Party Winter 2016 Fall 2015 Winter 2015
- [Christmas 2018](https://www.lkcpas.com/snapshots/christmas-2018/) - Snapshots Christmas 2018 Careers Job Openings Christmas 2018 2016 After Tax Season Party Winter 2016 Fall 2015 Winter 2015
- [Halloween 2018](https://www.lkcpas.com/snapshots/halloween-2018/) - Snapshots Halloween 2018 Careers Job Openings Christmas 2018 2016 After Tax Season Party Winter 2016 Fall 2015 Winter 2015
- [Profession Focus Blog](https://www.lkcpas.com/profession-focus-blog/) - Lewis & Knopf Profession Focus Blog Careers Profession Focus Blog #Snapshot of Life at L&K Our Stories Job Openings Current Openings »We’re looking forward to learning more about you! Whether you are a recent graduate or an experienced professional, we welcome your talent. We are constantly looking for motivated, bright individuals to join our team.If
- [#Snapshot of Life at L&K](https://www.lkcpas.com/careers/snapshot-of-life-at-lk/) - #Snapshot of Life at L&K Begin Your Story Here. A rewarding career includes maintaining an active personal life. At Lewis & Knopf, CPAs, P.C., we emphasize the need for a strong balance between hard work and personal time, which is why we offer flexible schedules to fit your unique situation. COMPENSATION BENEFITS AND REWARDSAt Lewis & Knopf,
- [Vlog](https://www.lkcpas.com/vlog/) - Video Blog Quickbooks Text could go here. Text could go here. Text could go here. Text could go here. Previous Next 2018 Tax Tips Text could go here. Text could go here. Text could go here. Text could go here. Text could go here. Previous Next Quickbooks 2018 Tax Tips Resources General Resources Financial Sense
- [Welcome!](https://www.lkcpas.com/merger/)
- [Financial Sense Blog](https://www.lkcpas.com/financial-sense-blog/)
- [Firm News](https://www.lkcpas.com/firm-news/)
- [Around the Office and the Community](https://www.lkcpas.com/snapshots/around-the-office-and-the-community/)
- [Fall 2010](https://www.lkcpas.com/snapshots/fall-2010/)
- [Brighton Holiday Glow](https://www.lkcpas.com/snapshots/brighton-holiday-glow/)
- [Tax Season](https://www.lkcpas.com/snapshots/tax-season/)
- [Lewis & Knopf’s Girls Day Out](https://www.lkcpas.com/snapshots/lewis-knopfs-girls-day-out/)
- [Tax Season 2014](https://www.lkcpas.com/snapshots/tax-season-2014/)
- [Summer Fun 2014](https://www.lkcpas.com/snapshots/summer-fun-2014/)
- [Winter 2015](https://www.lkcpas.com/snapshots/winter-2015/)
- [Fall 2015](https://www.lkcpas.com/snapshots/fall-2015/)
- [Winter 2016](https://www.lkcpas.com/snapshots/winter-2016/)
- [Snapshots](https://www.lkcpas.com/snapshots/)

## Layout Parts

- [Test Layout](https://www.lkcpas.com/tbuilder-layout-part/test-layout/) - Upload Documents Browse your PC, Mac, tablet, or mobile phone and upload PDF files, Excel spreadsheets, Word documents, and more. Smart Links Take a Photo Use the TaxCaddy mobile app to photograph and upload documents as you receive them. Categorize them in the app and you’re done!
- [TaxCaddy Layout 2](https://www.lkcpas.com/tbuilder-layout-part/taxcaddy-layout-2/) - Message Your Tax Professional Have a question about something? Send your tax professional a message directly from TaxCaddy. Done Uploading With a simple click of a button, you can inform your tax professional that you are done uploading your tax documents.

## Videos

- [Quickbooks](https://www.lkcpas.com/videos/quickbooks/) - Text could go here. Text could go here. Text could go here. Text could go here.
- [2018 Tax Tips](https://www.lkcpas.com/videos/tax-tips/) - Text could go here. Text could go here. Text could go here. Text could go here. Text could go here.

## Team

- [Allen “AJ” Gamble, CPA](https://www.lkcpas.com/our-team/allen-gamble/) - Allen “AJ” Gamble, CPA, holds the esteemed position of Manager within the Assurance Engagements department of the firm, where he specializes in overseeing audits, reviews, and compilations. AJ’s journey within the company commenced in 2017, starting from an Intern role and gradually advancingthrough positions such as Staff Accountant and Senior Staff Accountant before reaching his current managerial role.
- [Rebecca Fletcher](https://www.lkcpas.com/our-team/rebecca-fletcher/) - Rebecca has been a valuable member of the Lewis & Knopf team since 2021. In her capacity as an accounting associate, her primary responsibilities involve providing services to the firm’s small business clients.Rebecca is a determined professional, who attributes her career success to consistent hard work.A native of Flint, Michigan, Rebecca currently resides there with
- [Anne Slobin](https://www.lkcpas.com/our-team/anne-slobin/) - Anne began her time at Lewis & Knopf in 2010, bringing with her over 30 years of experience in the profession. In her current role as a manager, she works in the small business services department. Anne honed her skills with tax work and bookkeeping services when she worked with Hirzel, Jackson & Swaine, PC, Stein
- [Vicki Mullin](https://www.lkcpas.com/our-team/vicki-mullin/) - Vicki began her career with Lewis and Knopf, P.C. in 2001 as an administrative assistant and now serves as the firm’s portal administrator. In her day-to-day role, she maintains and supports the firm’s net client portals and performs other office administrative tasks.Vicki attended Baker College where she earned an Associate of Business Administration degree. Soon
- [David Millhouse](https://www.lkcpas.com/our-team/david-millhouse/) - Dave joined Lewis & Knopf as a principal when his previous firm, Millhouse & Holaly, LLP, merged with the firm in 2001. As director of tax services, David provides comprehensive tax, accounting, and consulting services to the firm’s clients. He works closely with clients with multi-state operations in a variety of industries, including construction, dealerships,
- [Thomas Shade, CPA](https://www.lkcpas.com/our-team/thomas-shade-cpa/) - Tom is a Director at Lewis & Knopf, CPAs, P.C. In this role, his tenacity, decisiveness, and visionary nature help him guide the firm’s strategy and day-to-day operations. Always looking for ways to make the firm more efficient and productive, Tom has driven initiatives to improve the firm’s profits, utilize a more efficient tax preparation
- [Gregory Waller, CPA](https://www.lkcpas.com/our-team/gregory-waller-cpa/) - Greg joined Lewis & Knopf, CPAs, P.C. in 1991. Currently, he serves as the firm’s managing principal, specializing in service to closely-held businesses. Greg describes his ideal client as a small to medium-sized, family-owned business with a specific vision for growth and expansion. He also enjoys working with clients who are looking for a trusted
- [Michael J. Krampe, CPA](https://www.lkcpas.com/our-team/michael-j-krampe-cpa/) - Michael joined Lewis & Knopf in 2015. He serves clients in a variety of industries, including farming, medical, construction, retail and real estate. In addition to his client responsibilities, Michael is also the chair of the firm’s tax committee.With over 30 years of accounting experience, Michael always strives to do his best for his
- [Kayleigh Folts](https://www.lkcpas.com/our-team/kayleigh-folts/) - Since July of 2019, Kayleigh has been a valuable member of the Lewis & Knopf team. She currently serves as an accounting associate.Kayleigh credits her mother, who also works in accounting, as her inspiration for choosing to pursue a career in the field. Every day her chief goal is to put forth her best effort
- [Thomas Lillie, CPA](https://www.lkcpas.com/our-team/thomas-lillie-cpa/) - As a Director at Lewis & Knopf, CPAs, P.C., Tom enjoys working with clients who are interested in growing their business and personal wealth. Tom helps clients to first establish goals, objectives, and risk tolerances and then assists them with planning and proper implementation. Tom works with businesses in a variety of industries, including real
- [Katrina Smith](https://www.lkcpas.com/our-team/katrina-smith/) - Tina joined the Lewis & Knopf team in 1996. As an accounting associate, her focus is primarily on preparing financial statements for governmental entities and small businesses and monthly bookkeeping.Tina attributes much of her success to her continuous hard work and client dedication. She strives on a daily basis to meet client expectations and deadlines.
- [Shari Folts](https://www.lkcpas.com/our-team/shari-folts/) - Shari began her tenure with Lewis & Knopf in 2011, joining the firm with over a decade of experience in the profession. In her current role as a manager, she works in the small business services department, primarily performing bookkeeping and tax preparation and planning, as well as helping her clients set up QuickBooks.While attending
- [Rhonda Murray](https://www.lkcpas.com/our-team/rhonda-murray/) - Rhonda joined the firm in 1996 as part of the administrative support team. In her role as a manager, she works within the Small Business Services department as a QuickBooks Pro Advisor. Described as loyal and friendly, she was inspired to pursue a career in accounting while working in her first position at Lewis &
- [Sara Ryal](https://www.lkcpas.com/our-team/sara-ryal/) - Sara joined the Lewis & Knopf team in 2005. As a manager and QuickBooks Certified ProAdvisor, she fills the role of small business services strategy coach, where she specializes in assisting with accounting system design, maintaining efficient accounting processes, and preparing business and personal taxes. Sara helps clients choose more effective processes for their business,
- [Michael England](https://www.lkcpas.com/our-team/michael-england/) - Michael has been a valuable member of the Lewis & Knopf team since he served as an accounting intern in 2019. In his current role as a staff accountant, his responsibilities include tax planning and preparation for estate and trust services, as well as conducting audits.Prior to joining the firm, Michael worked for over six
- [Melissa Nichols](https://www.lkcpas.com/our-team/melissa-nichols/) - Melissa has been a valuable member of the Lewis & Knopf team since 2021. In her capacity as an accounting associate, her primary responsibilities involve providing services to the firm’s small business clients. Before joining the firm, Melissa Nichols served for 16 years as the regional manager of Fresh Roasted Almond Company in Lapeer, Michigan.A
- [Kiran Patel](https://www.lkcpas.com/our-team/kiran-patel/) - Since 2019, Kiran has been a valuable member of the Lewis & Knopf team. In her capacity as an accounting associate, her primary responsibilities involve providing services to the firm’s small business clients. Prior to joining Lewis & Knopf, Kiran worked for both the Flint Journal and a local public accounting firm.A friendly and focused
- [Kenneth W. Rappuhn, II, CPA](https://www.lkcpas.com/our-team/kenneth-w-rappuhn-ii/) - Kenny serves as a Manager in the Assurance and Advisory (A&A) Department at Lewis & Knopf, CPAs, P.C. Joining the firm in 2016, Kenny has swiftly ascended through various roles, including intern, Staff Accountant, and Senior Staff Accountant, to his current managerial position. Residing in Davison, Michigan, Kenny is an active member of professional organizations such as
- [Josh Legant](https://www.lkcpas.com/our-team/josh-legant/) - Joshua Legant has been a valuable member of the Lewis & Knopf team since 2020. In his role as a staff accountant, he provides tax and audit services for the firm’s clients.Prior to joining Lewis & Knopf, Josh served in the United States Air Force for seven years. He achieved the rank of technical sergeant
- [Joel Gibbons, CPA, ABV](https://www.lkcpas.com/our-team/joel-gibbons-cpa-abv/) - Joel began his career in public accounting in 2007 with Lewis & Knopf. He is responsible for handling complex tax returns and multi-state tax issues. Joel is accredited in business valuation and leads our firm’s business valuation practice. Joel works with clients in a variety of industries, including small businesses, restaurants, manufacturing, medical, and retail.
- [Jeffrey Sabolish, CPA](https://www.lkcpas.com/our-team/jeffrey-sabolish-cpa/) - Jeff joined Lewis & Knopf in 2007 as a manager. In his current role as principal, he assists clients in a wide array of industries, but his main focus is construction businesses and school districts. In particular, Jeff provides assurance and tax work for construction companies, auditing for school districts, and tax planning and accounting
- [James Johnson](https://www.lkcpas.com/our-team/james-johnson/) - James joined Lewis & Knopf, CPAs, PC in 1999. As the firm’s Information Technology Administrator, he maintains the internal and external infrastructure of the firm. James is responsible for all servers, laptops, desktops, and portable and mobile devices, as well as the design and implementation of new operating systems, hardware and security devices. In addition,
- [Denise Coon](https://www.lkcpas.com/our-team/denise-coon/) - Denise joined Lewis & Knopf, CPAs, P.C. in 2000. As the firm administrator, she is responsible for staff supervision and training, strategic planning, human resources, quality control and marketing strategy.Prior to joining the firm, she served as an account representative at Electronic Data Systems (EDS). Her current and previous roles have given her the necessary
- [Ashish Kapoor, CPA](https://www.lkcpas.com/our-team/ashish-kapoor-cpa/) - Since 2020, Ashish has been a valuable member of the Lewis & Knopf team. He currently serves as a manager in the firm’s Tax Department. In this role, he specializes in tax work for foreign corporations—inbound and outbound—doing business in the United States and expatriates living abroad. He works primarily with clients in the manufacturing,
- [Anita Abrol, CPA](https://www.lkcpas.com/our-team/anita-abrol-cpa/) - Anita is a Principal at Lewis & Knopf CPAs, P.C. Her areas of expertise include healthcare, high net worth individuals, professional services, and estates and trusts. Anita has helped numerous physicians set up their professional practices from scratch, including their billing systems, office procedures and accounting cycle. Under her guidance and planning her clients have
- [Akshay Kapoor, CPA](https://www.lkcpas.com/our-team/akshay-kapoor-cpa/) - Akshay joined Lewis & Knopf, CPAs, P.C. in 2004. As a principal, he provides audit, accounting, and tax preparation services to the firm’s clients. Akshay works with a diverse client base including corporations, not for profits, and local government. He specializes in serving school districts and the healthcare industry.Akshay began his public accounting career at

## Testimonials

- [Testimonial — William Khouri](https://www.lkcpas.com/testimonial/testimonial-william-khouri/) - "Our second year with Lewis & Knopf has been impressive yet again. Every interaction with their team has been positive and professional. Using TaxCaddy was a breeze, and during this busy season, I want to express our appreciation for their excellent service. Thank you!" — William Khouri

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- [QuickBooks](https://www.lkcpas.com/category/quickbooks/)
- [Volume 15 Issue 3](https://www.lkcpas.com/category/financial-rx/volume-15-issue-3/)
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- [Volume 16 Issue 1](https://www.lkcpas.com/category/financial-rx/volume-16-issue-1/)
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- [Volume 14, Issue 5](https://www.lkcpas.com/category/the-edge/volume-14-issue-5/)
- [Volume 14 issue 6](https://www.lkcpas.com/category/the-edge/volume-14-issue-6/)
- [Volume 14, issue 8](https://www.lkcpas.com/category/the-edge/volume-14-issue-8/)

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