Gambling Income and Losses

The IRS recently released a “Tips” sheet on gambling income and losses offering some very important points to remember when playing the ponies, rolling the dice or pulling the slots. All gambling income must be reported on your tax return; […]

Internal Control and Fraud

A lot of business owners think of internal control as unproductive overhead costs; just a waste of time and money.  At the same time, a lot of business owners suffer from gnawing doubts about whether any of their employees are […]

The Accelerated Depreciation Dilemma

Companies are able to recover the cost of equipment purchases through depreciation expense, a non-cash expenditure that reduces taxable income without reducing cash flow. Depreciation expense can be claimed in a steady, annual manner over the useful life of the […]

Does Your W-4 Need to be Updated?

An employee’s Form W-4 can be quickly forgotten after initial preparation, but it can be a powerful tax planning tool. With the passing of another April 15th deadline, now is a good time to review your W-4 and update it […]

Consider Your Options Before Cashing Out Your 401(k)

Many 401(k) participants make a costly mistake by cashing out their 401(k) plans when changing jobs.   Instead of leaving the funds in the existing plan or rolling them into another tax-deferred retirement account, they choose to cash out.  While this […]

FASB Endorses VIE Alternative for Private Companies

Many nonpublic businesses have leasing arrangements between entities with overlapping ownership; that is, both entities have substantially the same ownership (common control) without either entity having a direct ownership interest in the other.  Owners of nonpublic companies frequently form separate […]