2018 - Page 8 of 17

Nov
12
2018

Despite recommendations made in previous audits, the IRS still fails to use Currency Transaction Reports (CTRs) in an effective manner, according to a Treasury Inspector General for Tax Administration (TIGTA) audit. Financial institutions must file CTRs with the Financial Crimes Enforcement Network for transactions that exceed $10,000 or multiple currency transactions that aggregate more than $10,000 in one day. The IRS isn’t making “systemic use” of data derived from CTRs in its examinations, the audit noted.

Nov
11
2018

Thank you

Nov
10
2018

Why your nonprofit’s internal and year end financial statements may differ

If your not-for-profit prepares internal financial statements for your board on a monthly, quarterly or other basis, you may notice that they deviate in significant ways from year end statements. What’s going on? Most likely, differences are due to cash basis vs. accrual basis accounting. Your auditors likely convert your cash basis financials to accrual basis statements. The statements also may differ because your auditors have proposed adjusting certain entries for reasonable estimates.

Nov
09
2018

Friday!!

Nov
09
2018

2018 tax return questions?

Do you have questions about your 2018 tax return? The IRS has launched a webpage titled “Tax Reform,” with links to detailed information related to the Tax Cuts and Jobs Act. The page has three sections, the first of which addresses individual taxpayers, on topics such as withholding; tax credits and deductions; and issues affecting members of the U.S. Armed Forces. Section 2 deals with business taxpayers and covers income, credits and deductions, depreciation,

Nov
09
2018

Now’s the time to review your business expenses

As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether you’d benefit from accelerating certain expenses into this year. There’s no master list of deductible business expenses in the Internal Revenue Code (IRC). Some deductions are expressly authorized or excluded, but most are governed by the general rule of IRC Sec. 162, which permits businesses to deduct their “ordinary and necessary” expenses.

Nov
08
2018