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VOS CPAs, PLLC
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Want to get tax information from the IRS on your mobile phone? The tax agency has a mobile app that is available for use on any iOS or Android device. The free app, called IRS2Go, allows taxpayers to make payments from their bank accounts or through credit or debit cards. You can also check the status of a refund and get tax tips and other information. Visit https://bit.ly/2BTAVhB for more details. http://bit.ly/2hYzrgm
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The main difference between the cash and accrual methods of accounting is timing: Income is generally reported earlier under the accrual method. Two provisions of the Tax Cuts and Jobs Act could affect your choice of accounting method. First, starting in 2018, the gross-receipts threshold for using the cash method has been increased to $25 million. Second, you must now report revenue for tax purposes no later than for financial reporting purposes. These changes could prompt more companies to use the cash method. Contact us to discuss the pros and cons. http://bit.ly/2hYzrgm
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If a family-owned business is your main source of wealth, it’s critical to plan for the transition of ownership in your estate plan. One option if estate tax isn’t a concern is an estate defective trust. It’s designed so that your beneficiaries are the owners for income tax purposes, which will result in lower “familywide” taxes if your beneficiaries are in a lower tax bracket. And the assets remain in your estate for estate tax purposes and so will be eligible for a step-up in basis at death. Other strategies are available. Contact us to learn about your options. http://bit.ly/2hYzrgm
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Hurricane victims may qualify for tax relief. The IRS is granting more time for eligible victims of Hurricane Florence to complete certain tax-related tasks, including filing tax returns, making tax payments and other time-sensitive tasks. This relief is available to those in areas designated by the Federal Emergency Management Agency as qualifying for individual assistance. Currently, this includes the North Carolina counties of Beaufort, Brunswick, Carteret, Craven, New Hanover, Onslow, Pamlico and Pender. For details and an updated list: https://bit.ly/2D0KQr0; http://bit.ly/2hYzrgm
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They say cash is king. Well, one way to ensure there’s always a king in the castle is to maintain a cash reserve. But what’s the optimal amount? There’s no simple answer. Your bank’s liquidity covenants are a good place to start. To take it further, identify various liquidity metrics and compare them to industry benchmarks. Believe it or not, many companies suffer from hoarding too much cash. Maybe the best way to find the right balance between excessive and insufficient liquidity is to create financial forecasts for the next 12 to 18 months. Contact us for help. http://bit.ly/2hYzrgm
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Does your business reimburse employees’ work-related travel expenses? If you do, you know that it can help attract and retain employees. If you don’t, you may want to start. Changes under the TCJA make such reimbursements even more attractive to employees: Employees are no longer allowed to deduct such expenses. Travel reimbursements also come with tax benefits, but only if you follow a method that passes muster with the IRS. To learn more, contact us. We can help you determine whether you should reimburse such expenses and which method is right for you. http://bit.ly/2hYzrgm
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Many companies disclose environmental, social and governance (ESG) issues in their financial statements. Examples include footnotes about pollution, diversity and safety concerns. Sen. Mark Warner (D-VA) wants the GAO to study the benefits of mandatory ESG disclosures and ways to enhance their effectiveness. But some business groups would prefer continuing to allow companies to use judgment when disclosing ESG information. Independent auditors can provide a balanced perspective. Contact us to prepare or audit your 2018 sustainability report.
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When married couples neglect to prepare estate plans, state intestacy laws provide one for them. Unmarried couples, however, have no such backup plan. Because intestacy laws offer no protection to an unmarried person who wishes to provide for a partner, it’s essential for him or her at minimum to employ a will. For some unmarried couples, family members may be more likely to challenge a will simply because they disapprove of the relationship. To help reduce the risk of challenges, use separate attorneys, which can help refute charges of undue influence or fraud.
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Are you thinking about expanding your business to a second location? If so, make sure your company is truly ready. First ask whether you can duplicate the success of your current location at another one. Also look into how an expansion might create conflicts between the two locations. Explore the financial aspects, too. How will you fund the expansion? Can your cash flow keep up with building costs? And don’t overlook potential tax issues, especially when crossing state lines. We can help you fully assess the pluses and minuses of a potential business expansion. http://bit.ly/2hYzrgm
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The U.S. House is to take up a bill targeting Affordable Care Act (ACA) provisions. The proposed legislation, titled the “Save American Workers Act of 2018,” would, among other things, retroactively suspend the employer mandate under the ACA from 2015 through 2018. It would also change the definition of “full-time employee” for employer mandate purposes by increasing the requisite number of weekly hours worked from 30 to 40. The bill would also delay the excise tax on high cost employer-sponsored health coverage (the “Cadillac” tax) for an extra year, until 2023. http://bit.ly/2hYzrgm
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