M&A Trends: What’s Hot and How to Help Prevent Pitfalls
Last year was the hottest year for mergers and acquisitions (MAs) since the financial crisis began in 2007, according to recent estimates. There's more good news: 2015 is expected to be even hotter. Here are some recent trends and best practices to consider if you're contemplating buying or selling a business in the near future.
The Latest News on the Personal Use of Company Cars
The use of a company car remains a popular perk for employees. But this benefit isn't completely free to employees under current tax law. Essentially, personal use of a company car is treated as a taxable fringe benefit, subject to income tax withholding by the employer. This process is often complicated by the complexity of the tax rules. The IRS just released relevant figures for 2015. This article explains what you need to know.
Businesses: How to Help Prepare for Audit Season
Are you ready for your company's external financial statement auditors to start their fieldwork? A little advanced preparation can go a long way toward facilitating the process, minimizing adjustments and surprises, lowering future accounting fees and getting more value out of the audit process. Here's a checklist that can help clients gear up for the upcoming audit season.
Ten Tax Breaks Available for Parents
The cost of raising a child has skyrocketed from $25,000 when the U.S. Department of Agriculture began tracking it in 1960 to more than $245,000 for the average middle-class family in 2013. And this doesn't include the cost of college. Fortunately, the IRS provides parents with some financial assistance by offering various tax breaks for raising children.
Congress Renews Business Terrorism Insurance Protection
Many business owners are relieved that President Obama finally renewed the Terrorism Risk Insurance Act (TRIA) on January 12. The renewal will extend protection for six more years and shift more of the burden for covering terrorism losses to private insurers than the previous version of the law. Here's an overview of the government's renewed program for businesses. A sidebar discusses personal terrorism coverage.
Important Tax Figures for 2015
Every year, the dollar amounts allowed for various federal tax benefits are subject to change based on inflation adjustments and legislation. Here are some important tax figures for 2015, compared with 2014, including the estate tax exemption, Social Security wage base, qualified retirement plan and IRA contribution limits, driving deductions, allowable business write-off amounts and more.
Act NOW to Benefit from Business Tax Breaks Extended by Congress
In addition to the tax breaks for individuals in the just-passed Tax Increase Prevention Act of 2014, there are also many tax deductions and credits extended for businesses. But you have to act quickly because, in some cases, the tax breaks are only extended through December 31, 2014. This article provides a rundown of the most important business provisions in the law, as well as a few tax breaks that were not extended.
Congress Extends Many Tax Breaks for Individuals
Just before Congress adjourned, lawmakers passed new legislation that extends a variety of expiring tax breaks and provides some money-saving opportunities for parents of college students, employees, charitably inclined senior citizens, teachers and others. A new type of savings account was also created for disabled people. This article explains how individuals may be able to benefit from the law.