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What Is Exit Planning?
Exit Planning - It might not be what you think There’s a sign outside our office that lets the public know that our Firm assists in exit planning. Unfortunately it seems that a lot of people think this is a plan to exit the world of the living. Not so. A good exit...
Estate Planning Is As Important As Ever
By Arthur M. Brown, JD, LLM, CPA Levine, Staller, Sklar, Chan & Brown, P.A. Many of our clients associate estate planning with tax planning. While estate planning is often driven by a desire to minimize estate tax, tax savings is only one aspect to consider....
A Little Planning Can Go a Long Way
By Clayton Himstedt, CPA, MBA The passing of a loved one is often a very difficult time in an individual’s life. In the case of a long term illness, the loved one has the time to inform family members of the estate assets and the proper distribution of those assets....
Quickbooks Tip of the Month: November 2017
It's time to update your Quickbooks 1099 vendor list. Believe or not, the year is almost over and it is a perfect time to update your 1099, miscellaneous vendor list in QuickBooks. The IRS requires all 1099 vendors to provide to the payor a signed W-9 which is to be...
Required Minimum Distribution
Sadly, the money that we defer from taxes in our 401(k)s and IRAs during our working lives must eventually leave the shelter of the retirement umbrella whether we like it or not. What is a required minimum distribution? The discussion below is not relevant to...
Business Health Checkup: 5 Tips to improve cash flows
One of the most important aspects of maintaining a healthy business is ensuring that the business has strong cash flows. The cash conversion cycle (CCC) is the time span between a business disbursing and receiving cash. The cycle can begin in a variety of ways...
Quickbooks Tip of the Month: August 2017
What is the recommended Quickbooks company file (.qbw) size? The recommendation is that a Quickbooks company file (.qbw) size for Pro/Premier should not exceed 150Mb. For Enterprise the file should not exceed 1GB. If the file is larger than the recommended size, it is...
Quickbooks Tip of the Month: January 2018 – Payroll and information returns
For businesses that are preparing year-end payroll and information returns from Quickbooks, the following tips are helpful in order to avoid the most common mistakes: Budget ample time and set aside uninterrupted time to prepare year-end tax forms such as W-2s, W-3,...
Foreign Tax Implications for Individuals
By: Terri L. Marakos, CPA With the expansion of the global economy, the involvement of taxpayers in foreign activities has become commonplace. Even not-so-sophisticated investors often hold the securities of companies with foreign activities and that pay foreign...