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The last month or so of the year offers accrual-basis taxpayers an opportunity to make some timely moves that might enable them to save money on their 2016 tax bill. Record and recognize The key to saving tax as an accrual-basis taxpayer is to properly record and recognize...

It’s not too late to take steps to significantly reduce your 2016 business income tax bill and lay the groundwork for tax savings in future years. Here’s a summary of some of the most effective year-end tax-saving moves for small businesses under the existing Internal...

Year end may seem far away. But now’s a good time to start looking ahead to what itemized deductions you may be able to claim for the 2016 tax year. Following is a list of selected deduction and exclusion items to consider. Don’t use the list as a tax planning worksheet. Rather,...

For retailers, manufacturers and many other businesses, a significant amount of working capital is tied up in inventory. But how accurate is the amount reported on the balance sheet? To best answer that question, a physical count of raw materials, work-in-progress and finished...

Recently, the IRS released the 2016 annually adjusted amount for the unified gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption: $5.45 million (up from $5.43 million in 2015). But even with the rising exemptions, annual exclusion gifts offer a...

For retailers, manufacturers and many other businesses, a significant amount of working capital is tied up in inventory. But how accurate is the amount reported on the balance sheet? To best answer that question, a physical count of raw materials, work-in-progress and finished...

From the Thanksgiving kick-off of the holiday season through December 31, many businesses find themselves short-staffed as employees take time off to spend with family and friends. But if you limit how many vacation days employees can roll over to the new year, you might find...