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Taking distributions from your traditional IRA

Taking distributions from your traditional IRA

November 6, 2019
Prudently planning how to take money out of your traditional IRA can mean more money for you and your heirs.
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The chances of an IRS audit are low, but business owners should be prepared

The chances of an IRS audit are low, but business owners should be prepared

November 6, 2019
Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018, the IRS audited approximately 0.6% of individuals. Businesses, large corporations and high-income individuals are more likely to be audited but, overall, audit rates are historically low.
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Watch out for tax-related scams

Watch out for tax-related scams

November 6, 2019
In general, the IRS sends bills or notices to taxpayers and gives them time to respond with questions or appeals. The tax agency also doesn’t threaten taxpayers with arrest.
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How you can help stop elder financial abuse

How you can help stop elder financial abuse

November 6, 2019
If you have vulnerable elderly relatives, friends or neighbors, do your part to protect them from fraud and exploitation.
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The connection between fraud and geometry

The connection between fraud and geometry

November 6, 2019
Fraud experts have long suggested that the presence of three conditions, known as the “fraud triangle,” greatly increases the likelihood that an employee will commit fraud. Over the years, this conceptual framework has been expanded to become a “fraud diamond.” Understanding these models can help you protect your business.
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Encourage sales staff to walk an ethical line

Encourage sales staff to walk an ethical line

November 6, 2019
Too often sales staffs are encouraged to focus on short-term goals, which makes them more likely to do “whatever it takes” to get a sale. It’s up to you and your managers to prioritize the kind of ethical behavior that’s crucial to your company’s long-term success.
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When the early bird commits the fraud, you need to catch it

When the early bird commits the fraud, you need to catch it

August 28, 2019
Early revenue recognition has long accounted for a substantial portion of financial statement fraud. By recording revenue early, a dishonest business seller or an employee under pressure to meet financial benchmarks can significantly distort profits.
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The tax implications of a company car

The tax implications of a company car

August 28, 2019
Providing an auto for an owner’s or key employee’s business and personal use comes with complications and paperwork. Personal use will have to be tracked and valued under the fringe benefit tax rules and treated as income. This article only explains the basics.
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Expenses that teachers can and can’t deduct on their tax returns

Expenses that teachers can and can’t deduct on their tax returns

August 28, 2019
For 2019, qualifying educators can deduct some of their unreimbursed out-of-pocket classroom costs under the educator expense deduction. This is an “above-the-line” deduction, which means you don’t have to itemize your deductions in order to claim it.
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Businesses can utilize the same information IRS auditors use to examine tax returns

Businesses can utilize the same information IRS auditors use to examine tax returns

August 7, 2019
The IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws and regulations.
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Take a closer look at home office deductions

Take a closer look at home office deductions

August 7, 2019
Be aware that claiming expenses on your tax return for a home office has long been a red flag for an IRS audit, since many people don’t qualify. But don’t be afraid to take a home office deduction if you’re entitled to it. You just need to pay close attention to the rules to ensure that you’re eligible — and make sure that your recordkeeping is complete.
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The “kiddie tax” hurts families more than ever

The “kiddie tax” hurts families more than ever

August 7, 2019
The TCJA doesn’t further expand who’s subject to the kiddie tax. But it has effectively increased the kiddie tax rate in many cases.
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