News

Late last year, Congress passed, and the President signed into law, the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Among its most notable rule changes are those pertaining to 401(k) plans. Here are some key highlights.

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might claim a lower deduction for vehicle-related expense for 2020 than you can for 2019.

If you’re working with multiple vendors, keeping track of things like pricing or lead times can be tricky. Depending on the vendors you use, these can also vary between them.

Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity.

At the beginning of the year, many people make resolutions about improving their physical fitness and overall well-being. Employers may seek to give these goals a boost in the longevity department by offering an employee wellness program. If your organization is doing so, or considering such a program, it’s important to be aware of the many federal laws involved. Here are five of the most important federal laws to consider:

You may already know how CPAs can help businesses uncover and prevent fraud. But what about when a fraud incident leads to civil litigation? An experienced CPA can help your legal team collect and summarize complex financial documents and reconstruct lost or stolen records. CPAs can also serve as expert witnesses in court.

With the beginning of a new year, Intuit has released new versions of QuickBooks Desktop 2020 Pro, Premier, Accountant, Enterprise and Mac. These updated versions are complete with new and improved features to help you run your business. The tools are to empower you and help you work more efficiently.

Some benefit plans are required to include an opinion from an independent qualified public accountant (IQPA) when filing Form 5500 each year. The IQPA examines the plan’s financial statements and schedules to ensure they’re presented fairly and in conformity with Generally Accepted Accounting Principles (GAAP). The financial statements and IQPA opinion are often referred to collectively as the “audit report.”

If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes.

With the beginning of a new year, Intuit has released new versions of QuickBooks Desktop 2020 Pro, Premier, Accountant, Enterprise and Mac. These updated versions are complete with new and improved features to help you run your business. The tools are to empower you and help you work more efficiently. Check out the new features and improvements.

Preventing fraud from costing your company can sometimes seem like a game of whack-a-mole: Squash one scheme and another one pops up. Business service scams are particularly abundant. Fraud perpetrators know that business owners don’t always have time to verify the identities of salespeople or service reps and the legitimacy of their claims.

2019 IRA contributions can be made until the tax filing deadline of April 15, 2020. Good news, the contribution limit increased in 2019 by $500 to $6000. Those age 50 and older can contribute an additional “catch-up” contribution of $1000 for a total of $7000.