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Trusted Answers From Licensed Business Professionals

How Accountants Can Reduce Their Professional Liability Exposure


The industry outlook for professional liability insurance rates is expected to be flat with the potential for only modest price increases year over year. Given the relatively stable cost environment and increasing risks for practitioners, now may be the right time to increase your professional liability insurance coverage. More importantly, it's imperative that accountants identify ways to reduce their exposure. .
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Important Year-End Tax Planning Tips For Small Businesses

Businesses are running out of time to implement and act on year-end tax planning strategies. In addition, most companies have a few variables added to the mix this year. Mainly, the nineteen notable expired tax benefits from the prior year and those that are set to expire at the end of this year. How should your business prepare? Read More.

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A Lesser-Known Way To Maximize Your Tax Deductions

Tax planning over the long-term should not just focus on your projected income in relation to expenses. Rather, the timing for the payment of those expenses in itself can easily yield thousands of dollars in tax savings. So, what is this lesser-known tax planning technique? Read More.

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Will There Ever Be An Internet Sales Tax?


The Marketplace Fairness Act (MFA) was expected to be passed by Congress up until Speaker John Boehner halted any momentum. The MFA bill was in place to level the playing field for brick and mortar businesses by mandating that internet sellers collect sales tax even if they sell goods or services to an out of state buyer. Does this mean that there will never be an internet sales tax? .
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Taxes When Working and Living In Different States

This past year we received over 850 state tax questions related to employees living in one state, but working in another. The big concern is that they will have to file and pay taxes in both states. Fortunately, some states have reciprocal agreements in place to alleviate this tax burden. Read More.

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When Can You Deduct Commuting Costs?


Frequently, taxpayers question whether or not they can claim their commute as a tax deduction via the standard mileage provision. Although your daily commute to work is considered a personal expense, there are several instances in which a travel deduction can be claimed. .
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Your Business May Be Subject To Trailing Sales Tax Nexus

Most businesses are well aware that their company may have to collect state sales tax if they have tax nexus. This may mean that the business has a physical location in the state, employees work within that state, and there is significant business being conducted within those borders. If your business does have nexus within a particular state, there could be long-term tax implications for doing business there. For instance, some states have implemented trailing sales tax nexus rules which require business to collect sales tax even if they no longer have tax nexus. Is your business liable for trailing sales tax nexus? Read More.

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Is Your Small Business Getting Enough Value From Your CPA?

Your accountant should deliver enough value to justify the cost that your business bears for retaining their services. Having said that, it is in many cases the business that doesn’t extract enough value from their CPA. Are you happy with your current CPA & are you getting enough value from them? If not, we have some suggestions. Read More.

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Inherited IRA Withdrawal Options


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I recently have inherited an rollover IRA account from my deceased father. I'm required to select a distribution option, which I am having difficulty understanding. Can you briefly explain the following options: total distribution, systematic/RMD for inherited or roth inherited IRA? .
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What Will Lower Oil Prices Mean For You?

The price of oil continues to drop due to concerns of a global economic slowdown coupled with an apparent boom in US oil production. Even more, the recent 20% price drop over the past month is showing no signs of stabilizing. Having said that, consumers and certain businesses stand to benefit as a result of the big drop in oil prices. Read More.

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