You may need to add RMDs to your year-end to-do list

| Tax Briefs

As the end of the year approaches, most of us have a lot of things on our to-do lists, from gift shopping to donating to our favorite charities to making New Year’s Eve plans. For taxpayers “of a certain age” with a tax-advantaged retirement account, as well as younger taxpayers who’ve inherited such an account, there may be one more thing that’s critical to check off the to-do list before year-end: Take required minimum distributions (RMDs). A huge penalty After you reach age 70½, Read more [...]

Could an FSA offer the benefits flexibility you need?

| Business Briefs

Business owners have to make tough choices when it comes to providing benefits to their employees. Many companies, especially newer or smaller ones, may understandably prioritize flexibility. No one wants to get locked into a benefits offering that’s cumbersome to administer and expensive to maintain. Well, there’s one possibility that has the word “flexible” built right into its name: the health care Flexible Spending Account (FSA). And these arrangements certainly offer that. No HDHP Read more [...]

Why you may want to accelerate your property tax payment into 2017

| Tax Briefs

Accelerating deductible expenses, such as property tax on your home, into the current year typically is a good idea. Why? It will defer tax, which usually is beneficial. Prepaying property tax may be especially beneficial this year, because proposed tax legislation might reduce or eliminate the benefit of the property tax deduction beginning in 2018. Proposed changes The initial version of the House tax bill would cap the property tax deduction for individuals at $10,000. The initial version Read more [...]

The Crystal Client Spotlight Shines on Heat Exchanger Design

| Client Spotlight

What weighs 8500 pounds, fits in a 7 foot square box and can cool the air from 5000°F to 120°F within two seconds?  It’s none other than a hypersonic wind tunnel that simulates earth reentry conditions which was buiIt for the aerospace program at the University of Arlington in Texas. This is one of many ground-breaking heat exchangers designed and fabricated by Heat Exchanger Design (HED), an Alerding CPA Group client since 1999. HED prides themselves on being the “worldwide leaders in Read more [...]

2017 might be your last chance to hire veterans and claim a tax credit

| Tax Briefs

With Veterans Day on November 11, it’s an especially good time to think about the sacrifices veterans have made for us and how we can support them. One way businesses can support veterans is to hire them. The Work Opportunity tax credit (WOTC) can help businesses do just that, but it may not be available for hires made after this year. As released by the Ways and Means Committee of the U.S. House of Representatives on November 2, the Tax Cuts and Jobs Act would eliminate the WOTC for hires after Read more [...]

How to bring your nonprofit to life

| Business Miscellaneous

By Evan Rauch, CPA     Every day, individuals are inspired to make a difference in our world by giving back.  Whether it is someone who works to help raise awareness and provides support to those who are dealing with drug addictions or a group starting a local youth football program allowing kids the opportunity to compete in team sports, there are many ways to support our communities. The individuals or groups who work to make these ideas and goals a reality oftentimes are so focused on Read more [...]

Valuation often affects succession plans in hard-to-see ways

| Business Briefs, Business Miscellaneous

Any business owner developing a succession plan should rightfully assume that regular business valuations are a must. When envisioning the valuation process, you’re likely to focus on its end result: a reasonable, defensible value estimate of your business as of a certain date. But lurking beneath this number is a variety of often hard-to-see issues.   Estate tax liability   One sometimes blurry issue is the valuation implications of whether you intend to transfer the business to the next Read more [...]