Responding to the Nightmare of a Data Breach
It’s every business owner’s nightmare. Should hackers gain access to your customers’ or employees’ sensitive data, the very reputation of your company could be compromised. And lawsuits might soon follow.
Should 360-Degree Performance Evaluations be Anonymous?
It’s no surprise that 360-degree performance evaluations have grown in popularity. We live and work in an age of data — the more, the better, to avoid inaccurate assessments based on biases or small sample sizes.
If Art Donations are Part of Your Estate Plan, Consider These Four Tips
Charitable giving is a key part of estate planning for many people. If you have a collection of valuable art and are charitably minded, consider donating one or more pieces to receive tax deductions. Generally, it’s advantageous to donate appreciated property to avoid capital gains taxes.
Auditing Accounting Estimates and the Use of Specialists
The Public Company Accounting Oversight Board (PCAOB) recently voted to finalize two related standards aimed at improving audits of accounting estimates and the work of specialists.
Properly Funding Your Revocable Trust is the Key to Unlocking Its Benefits
If your estate plan includes a revocable trust — also known as a “living” trust — it’s critical to ensure that the trust is properly funded. Revocable trusts offer significant benefits, including asset management (in the event you become incapacitated) and probate avoidance.
Still Working After Age 70½? You May Not Have to Begin 401(k) Withdrawals
If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan no later than April 1 of the year after which you turn age 70½.
Keep a Close Eye on Your Employment Records
Every employer needs to keep records on pay, hours, workplace injuries and the like. And, of course, the fun doesn’t end there — you’ve also got to maintain other documentation, such as job descriptions, annual objectives and performance reviews.
Transparency is Key with Related Party Transactions
In recent years, external auditors have focused more attention on related party transactions. Although related party transactions aren’t necessarily bad, they do raise some concerns about the risk of misstatement or omission in financial reporting.
Stretch Your College Student's Spending Money with the Dependent Tax Credit
If you’re the parent of a child who is age 17 to 23, and you pay all (or most) of his or her expenses, you may be surprised to learn you’re not eligible for the child tax credit. But there’s a dependent tax credit that may be available to you.
Companion Piece: Create a "Road Map" for Your Estate Plan
No matter how much effort you’ve invested in designing your estate plan, your will, trusts and other official documents may not be enough.