Should you offer spousal health care coverage?

| Business Briefs, Business Miscellaneous

When looking to manage benefits costs, employers have many ideas to consider. One in particular is whether and how to offer health care insurance to their employees’ spouses. The Affordable Care Act doesn’t require spousal coverage. It only requires coverage for dependent children. But many employees may frown on seeing spousal coverage suddenly become expensive or vanish entirely. So this is a question warranting careful forethought. 2 established ways Essentially, there are two established Read more [...]

When it happens to you: An overview of what to expect when the suspicion of employee fraud enters your office

| Business Briefs, Business Miscellaneous

By Jean R. Patterson, CPA, CFE (As printed in the July 19, 2016 issue of DE Dental Economics, a dental industry news publication.) When I meet dentists and they learn that I am a fraud examiner, their reactions are generally the same. I call it the "how-interesting-but-I-totally-can't-relate" response. I sometimes feel like I am selling hurricane insurance in the Midwest. While all agree that hurricane insurance is a good thing, they just do not feel they need it. Here are some of the more Read more [...]

Don’t roll the dice with your taxes if you gamble this year

| Tax Briefs

For anyone who takes a spin at roulette, cries out “Bingo!” or engages in other wagering activities, it’s important to be familiar with the applicable tax rules. Otherwise, you could be putting yourself at risk for interest or penalties — or missing out on tax-saving opportunities. Wins You must report 100% of your wagering winnings as taxable income. The value of complimentary goodies (“comps”) provided by gambling establishments must also be included in taxable income because Read more [...]

4 pillars of robust business growth

| Business Briefs

Many businesses start life small and simple. But with growth comes the need for a stronger company infrastructure and increased operational sophistication. As you pursue a more robust business, focus on these four pillars: 1. Organizational management Implement a formalized system for measuring performance that begins with written job descriptions and training. Issue a clearly written handbook of company policies. Give employees regular and constructive feedback. Taking these steps is not Read more [...]

Nonprofit functional expense reporting and how to make sure it’s accurate

| Audit and Accounting, Business Miscellaneous

By Natalie Hopkins and Chris Mennel     One of the fun parts about offering auditing and accounting services to various nonprofits (that’s right, we used fun and auditing in the same sentence #accountingnerd), is getting to see the operations of different types of organizations.  There are some amazing missions, people and passions in the nonprofit community.   While every organization is different, there are certain parallels in the composition of an organization’s audited financial statement, Read more [...]

The Crystal Client Spotlight shines on The AME Group

| Client Spotlight

Our client spotlight shines on The AME Group, a managed technology services company, which recently received two prestigious honors.  Last February, The Channel Company named it to their Elite 150 of CRN’s MSP500 for providing cutting-edge approaches to delivering managed services. Then in April, AME was nominated for TechPoint’s Mira Award honoring “The Best of Tech in Indiana”. The AME Group empowers its clients to thrive through innovative technology solutions with proactive network Read more [...]

3 strategies for tax-smart giving

| Tax Briefs

Giving away assets during your life will help reduce the size of your taxable estate, which is beneficial if you have a large estate that could be subject to estate taxes. For 2016, the lifetime gift and estate tax exemption is $5.45 million (twice that for married couples with proper estate planning strategies in place). Even if your estate tax isn’t large enough for estate taxes to be a concern, there are income tax consequences to consider. It’s possible the estate tax exemption could be Read more [...]

Prevent expense account padding with the right policies

| Business Briefs

By Sarah Seacat     Ask employees whether padding expense account reports is wrong and just about everyone will say “yes.” Yet, inflated expenses continue to cost businesses thousands of dollars annually. Based on the 2016 Association of Certified Fraud Examiners’ Report to the Nations on Occupation Fraud and Abuse, the average loss related to expense reimbursement is $40,000. For this reason, every company must establish the right policies to stop it. How it works To stop expense Read more [...]

Should you make a “charitable IRA rollover” in 2016?

| Tax Briefs

Last year a break valued by many charitably inclined retirees was made permanent: the charitable IRA rollover. If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions. Satisfy your RMD A charitable IRA rollover can be used to satisfy required minimum distributions (RMDs). You must begin to take annual RMDs from your traditional IRAs in the year in which Read more [...]