Treasury Puts a Date on When Cash May Run Out: Oct. 17

WASHINGTON — The Treasury has handed Congress an urgent deadline: Oct. 17. On that day, unless Congress were to raise the debt ceiling, the Treasury would have only $30 billion cash on hand, putting the United States on the precipice of an unprecedented default, the...

Federal Government Shutdown – It’s Deja vu All Over Again

There’s an old adage that “there’s nothing new under the sun” and so it is inside the Beltway.  As you are well aware, the federal government suspended most of its operations on Oct. 1 after Congress failed to pass a bill to extend funding to mid-November, the first...

Forward roll: How companies can move beyond traditional budgeting

For more than a decade, Tim Quinn, CPA, CGMA, negotiated the tedious, back-and-forth magic of building the annual budget for Northern Quest Resort & Casino. Every year, it was the same time-consuming endeavor: Quinn, the company’s vice president of finance, would...

IRS Contractor Employees Owe Millions in Tax Debts

The report, from the Treasury Inspector General for Tax Administration, pointed out that the IRS’s own employees and contract employees are required under the Internal Revenue Manual to pay any federal tax debts and file their taxes on time, but employees of IRS...

2014 Income Tax Bracket Increase Estimates Revealed

Although slow rises in prices have been paired with only modest wage increases in many sectors of the current economy, taxpayers will at least receive some relief in 2014, thanks to the mandatory annual inflation adjustments provided under the Tax Code, according...

Selling your business

Selling your business can be a rewarding time where you receive the value of your years of time and effort you invested to build a company. Many sellers are then surprised to learn that the proceeds from the sale left over to them, after paying taxes, can sometimes be...

Six Common Errors Un Successful Business Owners Make

In my last blog I discussed one of these errors – selling your business the wrong way. On November 21st, 2013 I, along with several other speakers will present these errors and talk about how to avoid them. This is a great opportunity to meet us if you are not already...

Accrued Employee Bonuses May not Be Deductible When Accrued

In an IRS Legal Advice issued by Field Attorneys employee bonuses paid after year end (within 2 and ½ months) that are accrued as of the year-end could be deductible in the year paid instead of the year accrued. Basically, if the amount is not fixed and the right to...

IRS Finalizes Rules on Additional Medicare Tax

The Internal Revenue Service has released the final regulations for the 0.9 percent Additional Medicare Tax that was imposed as part of the Affordable Care Act. The final regulations that were released last week more or less adhere to the proposed regulations that...