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If you think occupational fraud and abuse can’t happen at your company, think again. Fraud is a global epidemic. In a recent study, the Association of Certified Fraud Examiners (ACFE) estimates that the typical business loses 5 percent of its revenues each year to fraud....

With the midterm elections now behind us and control of the U.S. Senate set to shift parties in January, it’s time to revisit the valuable tax breaks that expired at the end of 2013. Will the lame-duck 113th Congress revive any of them for 2014? Or will nothing happen until the...

A year end checklist The end of the year is fast approaching, but there’s still time for business owners to plan to minimize tax liability. The following checklist is designed to help you review your 2014 transactions and activities and take beneficial action before Dec. 31. Have...

As we approach year end, it’s again time to focus on last-minute moves you can make to save taxes — both on your 2014 return and in future years. Here are a few ideas. Maximize the benefit of the standard deduction. For 2014, the standard deduction is $12,400 for married...

Are you a collector of antiques, artifacts or other goods? If your passion evolves into a full-fledged business with a profit motive, you may use a resulting tax loss to offset other income on your return. However, if the IRS classifies the activity as just a hobby — as it...

Many businesses scramble around at year end to come up with clever, relevant holiday gifts to send to customers to reinforce brands and cement business ties. But the most memorable ideas aren’t necessarily the most expensive. In today’s high-paced, electronic world, a...

Inventory is normally valued for tax purposes at cost or the lower of cost or market value. Regardless of which of these methods is used, the end-of-the-year inventory should be reviewed to detect obsolete or damaged items. The carrying cost of any such items may be written down...

The long-term capital gains rate is 0% for gain that would be taxed at 10% or 15% based on the taxpayer’s ordinary-income rate. If you have loved ones in the 0% bracket, you may be able to take advantage of it by transferring appreciated assets to them. The recipients can then...

For tax year 2015, the IRS recently announced annual inflation adjustments for many tax provisions, including the tax rate schedules, and other tax changes. IRS Revenue Procedure 2014-61 provides details about these annual adjustments. The tax items for tax year 2015 of greatest...

If your employer has a health care and/or dependent care FSA, before year end you must specify how much of your 2015 salary to convert into tax-free contributions to the plan. You can then take tax-free withdrawals next year to reimburse yourself for out-of-pocket medical and...