E. Cohen & Company CPAs, Here Are Your Articles for Thursday, May 31, 2018
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Saved Articles

  • Is This Your Situation: Figuring Out Contractor Tax Breaks

    Did you know that if you're a contractor, you may have some tax breaks coming your way? But you have to know what they are! Click through to learn how you can work with your accountant to get what's coming to you.

    Saved on 05-03-2020 - Remove
  • Is This Your Situation: Confused About a Sole Source Award

    Do you know when a government can issue a sole source award? We can help you better understand when and why this may happen. Click through to learn more about these awards and exactly how they are issued.

    Saved on 05-03-2020 - Remove
  • Moving and Mileage: Roundup of TCJA Changes

    The new year brings a suspension of moving expenses, but higher depreciation limits for cars, trucks and vans. Click through for IRS information on tax reform changes to expenses for moving, mileage and travel.

    Saved on 05-03-2020 - Remove
  • Hobby vs. Business: What's the Difference to the IRS?

    It's an old tax question, but the answers don't get any easier: what is the difference between a hobby and a business? It's a subtle point, but an important one. Click through for insights into IRS guidance.

    Saved on 05-03-2020 - Remove
  • Get a Tax Break From Past-year Losses

    There are many tax breaks out there, but some of them are a little harder to unearth than others. If you've had a year when deductions exceeded income, you may be entitled to a refund. Click through for an intro to the complex rules surrounding net operating losses.

    Saved on 05-03-2020 - Remove
  • QDIAs for Retirement Plans: Does Your Company Need Them?

    Having a qualified default investment alternative relieves you and plan fiduciaries of certain liabilities. Click through to enhance 401(k) plans by providing investments with potential for long-term growth regardless of how engaged employees are.

    Saved on 05-03-2020 - Remove
  • 5 Steps to the Successful Multi-Office Business

    Your company is expanding -- and that's great! You've grown from one office to two, three, or even more. But you need to be able to manage all of them to continue to grow. Click through for some help in multi-office management.

    Saved on 05-02-2020 - Remove
  • The IRS Looks Into Executive Compliance

    The IRS is taking a special look at the tax situation surrounding executive compensation. This may sound simple, but there are a lot of complexities you need to know about. Click through for an introduction to the key issues.

    Saved on 05-02-2020 - Remove
  • When Is a Child Truly a Dependent?

    When is your child a child, at least in the eyes of the IRS? To claim your child as your dependent, your child must meet either of two tests. Click through to learn what the tests are and whether you meet them.

    Saved on 05-02-2020 - Remove
  • The Ins and Outs of Form 1099

    A 1099 tax form is a record that someone was paid non-salary income. It comes in multiple versions, and there's a good chance you'll be dealing with one or more of them each tax season. Click through for a rundown of how they work.

    Saved on 05-02-2020 - Remove
  • Why Do You Need a Business Valuation?

    What is a valuation, and why do you need one? Having an up-to-date business valuation on hand will guard against numerous eventualities. Click through to learn why a valuation is essential to business success.

    Saved on 05-01-2020 - Remove
  • Is This Your Situation: Are Financial Forecasts Just the Beginning?

    Is your company meeting its forecast and running as effectively as possible? If so, you may not need to read further. But perfect companies rarely exist. Click through to see how financial forecasts can enable you to exceed expectations.

    Saved on 05-01-2020 - Remove
  • Are New Sick Leave Rules Coming to Your Area?

    What seems like the mundane world of paid-time-off and sick-leave policies is receiving attention in the form of new regulations. Click through for some new rules in Chicago and Cook County -- they may come to your area next.

    Saved on 05-01-2020 - Remove
  • The Latest Fraud Problem: Synthetic Identities

    The most common form of identity theft these days is synthetic identity theft. If that sounds ominous to you, you're right to be scared. Click through to find out about this new twist on fraud and how to spot it.

    Saved on 05-01-2020 - Remove
  • Why Parents Should Contribute to Their Kids' Roth IRAs

    IRAs for your kids is an opportunity to teach them about estate planning, to see firsthand how stocks work and to watch their own money grow. Click through to make your children into savers when they are young.

    Saved on 05-01-2020 - Remove
  • 6 Retirement Mistakes to Avoid

    It's a "don't let this happen to you" situation: finding yourself nearing retirement with not enough money. Click through to learn about the mistakes you need to avoid.

    Saved on 05-01-2020 - Remove
  • The Latest Rules on Charitable Donations

    With a much larger standard deduction in play, and lower marginal tax rates, the charitable giving world has changed. Has anything else changed? Click through for the latest IRS guidance on charitable giving.

    Saved on 04-30-2020 - Remove
  • Social Security and Pensions: Post-Divorce Divisions

    Dividing assets after a marriage ends is never an easy proposition, and it can be especially difficult when Social Security and pensions are added to the mix. Click through for some insights into dividing these benefits.

    Saved on 04-30-2020 - Remove
  • Do You Need to Hire a Business Consultant?

    Feel like you could use some advice? Sometimes, an outside expert can give you a fresh perspective on the management of your company. Click through to learn about cost-effective ways to leverage a business consultant.

    Saved on 04-30-2020 - Remove
  • Know the Secrets Behind 'Miscellaneous Deductions'

    Tax breaks that don't fit into a particular category; what would you call them? Yup, that's what the IRS did -- miscellaneous deductions. Click through and see the one-hit wonders -- maybe you'll see a deduction you haven't considered yet.

    Saved on 04-29-2020 - Remove
  • The Advantages of Diversity Training

    You're thinking of implementing diversity training to advocate workplace diversity. Click through to see how such programs lead to higher employee retention rates, improved morale, reduced lawsuits and improved recruiting.

    Saved on 04-28-2020 - Remove
  • Is a 1031 Exchange Right for You?

    A properly structured Section 1031 exchange allows an investor to sell a property, reinvest the proceeds in a new property and defer the tax on the potential gain from the sale. Click through to see the impact of tax reform on 1031 exchanges.

    Saved on 04-28-2020 - Remove
  • Is This Your Situation: You're Confused About Firm Fixed Price Service Contracts

    Before you estimate your next government contract, it can be helpful to understand Firm Fixed Price (FFP) service contracts. Click through for an overview of FFP contracts and how they might work for you.

    Saved on 04-28-2020 - Remove
  • Bitcoin: What's Happening?

    Bitcoin, the digital currency, has been in the news a lot recently. What's it all about and how does it work? Is it something you should invest in? Click through for a quick review about this controversial financial product.

    Saved on 04-27-2020 - Remove
  • Is This Your Situation: Deciding Whether Contractors Can Claim R&D Benefits

    You may be able to take advantage of some valuable research and development tax benefits — that is, if you know the rules and how to take advantage of these provisions.  Click through to learn the basics of the potentially lucrative R&D provisions for contractors.

    Saved on 04-27-2020 - Remove
  • It Takes a Village to Execute a Contract

    No one person can completely fulfill a federal contract. It's always a team effort. Click through to learn what each department has to do to bring everything together.

    Saved on 04-27-2020 - Remove
  • Do You Know Your Lookback Period for Payroll Taxes?

    Your lookback period dictates your federal payroll tax deposit schedule, so "lookback period" is terminology that you should know. Click through to learn more about how lookback periods work, and how they affect payroll tax deposits.

    Saved on 04-26-2020 - Remove
  • Government Contract Execution Resources

    We have compiled a list of websites that may be helpful. Although most of them are intended primarily for Contract Execution, some may be useful for working on the Business (Cost) Proposal. Click through for this invaluable resource list.

    Saved on 04-26-2020 - Remove
  • Local Entertainment And Events Calendar: Including Virtual Events

    You'll always know where the fun's going on with our interactive local events calendar featuring social sharing, images, videos and ticket links. Click through to see what's happening or to add your own local events.

    Saved on 04-24-2020 - Remove
  • Is This Your Situation: Considering Whether a 401(k) Plan Is the Best Option for Your Business

    You want to provide your staff with a 401(k) plan to save for retirement. But this may not be your only or your best benefit option. Click through to learn about other retirement benefits you can offer your valued employees.

    Saved on 04-23-2020 - Remove
  • How to Avoid Financial Scams

    Con games are like weeds: They come back every year. But sometimes they can be hard to recognize, because the fraudsters get better at disguising them. Click through to learn the basics of financial scams and how to avoid them.

    Saved on 04-23-2020 - Remove
  • What Does It Mean to Be a Fiduciary?

    You may have heard about arguments coming out of Wall Street and Washington regarding fiduciary standards and controversial changes in regulations. Click through to get the scoop about what it means to be a fiduciary.

    Saved on 04-23-2020 - Remove
  • The Difference Between Contract Administration and Contract Management

    Many people use the terms "contract administrator" and "contract manager" interchangeably. However, they are very different. Click through for an examination of their separate roles and why it's essential you delineate these roles at your company.

    Saved on 04-23-2020 - Remove
  • Is This Your Situation: You’re Facing a Labor Category Audit

    A labor category audit could affect your next government contract, especially if you weren’t expecting it and don’t know what to do. Click through to learn more about these labor category audits and how to handle them for your business.

    Saved on 04-22-2020 - Remove
  • Effects of Reciprocal Agreements on Your Business

    Do you have employees who live in one state but work in another? If so, they probably are covered by a state reciprocal agreement, which eliminates dual taxation. Click through to learn more about tax reciprocal agreements.

    Saved on 04-22-2020 - Remove
  • Baby on the Way: Knowing All About Maternity and Paternity Leave

    There's a good chance you'll eventually have to deal with some kind of parental leave in your office, whether it involves an employee or employee spouse pregnancy, or an adoption. Click through for some insights in creating a policy.

    Saved on 04-22-2020 - Remove
  • Is This Your Situation: Sweating Over a Company Audit

    Getting ready for a financial statement audit is a huge task, and if it doesn't go well, the implications are serious. Click through to make sure you're ready.

    Saved on 04-22-2020 - Remove
  • Tips to Improve Company Morale

    Can low morale ultimately hinder your business from reaching its goals? Click through for simple and creative approaches to strengthen employee engagement.

    Saved on 04-21-2020 - Remove
  • ACA Affordability Threshold to Rise in 2019

    One of the main requirements of the Affordable Care Act's employer mandate is that health coverage must be affordable, based on annual standards set by the IRS. Click through for the details on the 2019 increase for one of those standards.

    Saved on 04-21-2020 - Remove
  • Know the FMLA Notice Requirements

    To receive FMLA-protected leave, eligible employees must provide adequate notice to their employers. If they don't, the leave could be delayed or denied. Click through for details on FMLA notice requirements.

    Saved on 04-21-2020 - Remove
  • Check Ups to Enhance Efficiency and Effectiveness

    In the world of government contracts, having a clear set of processes can mean the difference between success and failure. How well are you organized? Click through to learn how to evaluate your company.

    Saved on 04-21-2020 - Remove
  • Understanding Your Payroll Tax Liabilities

    Although the payroll taxes you’re liable for as an employer may seem obvious, some taxes are not so easy to identify. Click through to learn the common and not-so-common employer payroll taxes, including associated liabilities.

    Saved on 04-21-2020 - Remove
  • Challenging the IRS's Valuation of Your Company

    Experts say that the average business owner grossly underestimates the value of a business. Click through to discover how to anticipate IRS challenges and shoot back with your own valuation data.

    Saved on 04-21-2020 - Remove
  • What Is an Offer in Compromise with the IRS?

    To resolve IRS debt, should an offer in compromise be the right next step? What are the advantages? Click through to peruse the many factors to consider before attempting to settle with the IRS.

    Saved on 04-21-2020 - Remove
  • Seeing Your Way Through a Labor Category Audit

    These kinds of audits can make companies nervous, but it doesn't have to be that way. With a little preparation, the sailing can be smooth. Click through to learn what you can do to make life easier.

    Saved on 04-19-2020 - Remove
  • Questions About Government Contracting

    Whether you're new to the government contracting universe or have been doing it for a while, you probably have questions. Click through for some common questions, and the answers you need!

    Saved on 04-19-2020 - Remove
  • When Employees Cross State Lines

    Even small companies can find themselves with employees who have to commute across state borders to work. This can make payroll difficult. Click through for an introduction to the complex tax rules.

    Saved on 04-17-2020 - Remove
  • How to Prepare for a Business Valuation

    Just as running a successful business takes planning and disciplined effort, effective business valuation requires organization and attention to detail. Click through to learn how to get started.

    Saved on 04-16-2020 - Remove
  • Bracket Changes and More From the IRS

    Washington is abuzz with talk of tax reform, although there's no certainty what, if anything, will happen. But the IRS is proceeding, for now, as if 2018 will be business as usual. Click through for bracket and deduction changes.

    Saved on 04-14-2020 - Remove
  • How to Use a Contracts Manager and an Attorney

    When delving into the complex world of government contracts, it pays to have some experts on your team, such as a contracts manager and an attorney. Click through to learn about these two professionals and how they can help.

    Saved on 04-13-2020 - Remove
  • What Your Accountant Can Be Doing for You

    Accountants are not just tax experts — there's a lot they could be doing for you. Click through to learn all the different ways your accountant could be helping your business.

    Saved on 02-23-2020 - Remove
  • Keep Your Smartphone Apps Secure

    We use our smartphones for so many things today that we take them for granted -- along with the security issues. How do you protect your personal information when you're on your phone? Click through to feel more trust in the apps you're using.

    Saved on 02-18-2020 - Remove
  • Is This Your Situation: Figuring Out Why You Need a Business Valuation

    Every business owner has probably heard of business valuations, but may not be sure of the hows and the whys. Click through for an introductory explanation of why a business valuation may be right for you.

    Saved on 02-16-2020 - Remove
  • IRS Updates Its Per Diem Rates

    Every year the IRS issues revised per diem rates for taxpayers, covering ordinary and necessary business expenses incurred while traveling away from home. Click through for the recently published 2017-2018 rates.

    Saved on 02-14-2020 - Remove
  • How the Government Issues a Sole-Source Award to a Non 8(a) Company

    The government may issue a Sole Source Award when there is only one company or organization that can satisfy the agency's needs.  The rules can be rather complex. Click through for some help in navigating through them.

    Saved on 02-07-2020 - Remove
  • What Is Your 'CPARS' -- and Why Is It Important?

    The Contractor Performance Assessment Reporting System (CPARS) is a key part of many government contracts. Click through to learn how to make it work for you.

    Saved on 05-28-2020 - Remove
  • How to Use an Estimate at Completion

    How do you know if your government contract is going to lead to profitability? You need an estimate of the amount of hours that it will take to complete a project, milestone or contract period. Click through to learn the details.

    Saved on 05-28-2020 - Remove
  • Standard Mileage Rates for 2018 Are Up

    If you use your automobile for work, moving, or in service of a charity, the IRS may be giving you a small break in the new year. Click through for the annual adjustment to standard mileage rates.

    Saved on 05-07-2020 - Remove
  • How Do You Handle Sales Tax?

    Does your company need to collect sales tax on purchases made in and out of state? If you’re not already familiar with this process, it can seem complicated. Click through to better understand the basics of sales tax for your products.

    Saved on 05-07-2020 - Remove
  • Adult Children and Filial Responsibility Laws

    In some jurisdictions, special laws may require adult children to contribute to their parents' care if Medicare isn't yet applicable. But federal rules may actual block their enforcement. Click through to learn more about filial responsibility.

    Saved on 05-07-2020 - Remove
  • What We Like About Federal Government Contracting

    Many companies may be nervous about getting involved with the federal government. However, we think this can be a great niche to be in, especially for small businesses. Click through for our insights into federal government contracting.

    Saved on 05-07-2020 - Remove
  • Medicaid Trusts: Key for Long-Term Medical Planning

    Is it possible to protect your estate and still qualify for Medicaid? Yes it is, with the right kind of trusts. Click through to learn about the different kinds of Medicaid trusts and how they might be able to help you.

    Saved on 01-27-2020 - Remove
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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