Coming Soon: Deadline to Reverse 2016 Roth Conversions

Do you regret converting your traditional IRA into a Roth IRA? Fortunately, a taxpayer-friendly aspect of the Roth conversion rules is that you have until October 15 (adjusted for weekends) of the year following the year of a conversion to reverse it. In other words, the deadline for reversing any 2016 Roth conversions is October […]

Work Opportunity Tax Credit: What Business Owners Need to Know

The Work Opportunity tax credit (WOTC) is a federal income tax credit that’s available to businesses that hire members of certain “targeted” groups. Here’s how your business may be able to benefit from this potentially lucrative tax break. WOTC at Work Calculating the Work Opportunity tax credit (WOTC) can be confusing. Here’s an example to […]

Outsource Some of Your Headaches

A popular way for employers to reduce their paperwork and compliance headaches is to outsource business functions such as bookkeeping and accounting. In fact, more than 55 percent of American businesses outsource some of their functions, according to one survey done by the Society of Human Resources Management. Among the reasons: It cuts costs and […]

Nonprofits: Outsourcing Can Help Solve Understaffing Problems

What should you do if your not-for-profit organization is short on staff and you don’t have the funds or confidence in the future to hire employees — or even to retain all the ones you have? Skip Steps One and Two Make the Most of Your Volunteer Workforce There’s nothing wrong with asking volunteers to […]

Do Not Take Tax Chances on Gambling

At the slots or online, remember to keep records. The Basics of Reporting Winnings You generally must file a tax return and include all winnings in gross income. Gambling income includes, but is not limited to winnings from lotteries, raffles, horse races and casinos. It also covers cash winnings and the fair market value of […]

Your Provisional Billing Rates

Do you have approved provisional billing rates for your interim billing and financing on your U.S. government contracts? The contract clause in the Federal Acquisition Regulation (FAR) 52.216-7, Allowable Cost and Payment, is included in your cost reimbursable contracts. Paragraph (e) of this clause provides that: Until final annual indirect cost rates are established for […]

Bid-Rigging Schemes Can Be Difficult to Detect

A competitive bidding process is meant to ensure that contracts are awarded to the most qualified vendor at a fair price. A well-designed and suitably controlled process can level the “playing field” with all bids being judged solely on their merits. False Bids Made One Company Appear the Best Choice Two men entered guilty pleas […]

Could Travel Per Diems Simplify Employee Expense Reimbursements?

The process of submitting and approving expense reports for business travel can be an administrative hassle if your business reimburses employees for actual travel expenses. Fortunately, the IRS offers simplified alternatives that can save time and reduce recordkeeping. Per Diems vs. “High-Low” Rates Instead of reimbursing employees for their actual expenses for lodging, meals and […]

How to Maximize Tax Breaks for Work-Related Education Costs

School is back in session. So, it’s time for a refresher on tax breaks for work-related education expenditures. Here’s what individual taxpayers need to know. Are You Self-Employed? Self-employed individuals may be eligible to deduct qualified work-related education expenses on their business tax forms. Self-employeds don’t have to worry about the 2%-of-adjusted-gross-income limit for itemized […]

Not-for-Profits Join the Crowdfunding Movement

Crowdfunding is creating a buzz for not-for-profits around the nation. Crowdfunding was first used by entrepreneurs to attract small-sized investments to for-profit ventures, primarily via the Internet. The global crowdfunding market is projected to become a $90 billion to $96 billion industry by 2025, according to a study commissioned by the World Bank. Now not-for-profit […]