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Accelerating Tax Deductions for Prepaid Expenses

Wednesday, January 20, 2021

Accelerating deductions for prepaid expenses is a good way to save on your taxes for the current year. The general rule for prepaid expenses is that any prepayment for a service or benefit must be capitalized and amortized over the useful life of such payment. However, the IRS allows the accelerated deduction of certain prepaid expenses, with some complex restrictions involved. […]

Converting to a Roth IRA in these Pandemic Times

Tuesday, December 1, 2020

It is an understatement to say that 2020 has been associated with trying times – rapidly increasing unemployment, unprecedented business losses, and fears associated with the COVID-19 pandemic. However, amidst the uneasiness of the current environment exists great planning opportunities for the future. One of these potential opportunities is the conversion of a traditional IRA […]

Long-Term Part-Time Employees Now Part of 401(k) Plans

Tuesday, December 1, 2020

The Setting Every Community Up for Retirement Enhancement (SECURE) Act mandates plan sponsors to offer participation in their 401(k) plan to long-term part-time employees. Below are answers to some frequently asked questions about this new requirement. Who is considered a long-term part-time employee? For purposes of participation in a 401(k) plan, an employee is considered […]

Cybersecurity: More than Just IT

Tuesday, December 1, 2020

Many executives at small- and medium-sized businesses (SMBs) assume that they are too small to be of interest to hackers, or they rely heavily on their current information technology (IT) department to manage their cybersecurity needs and presume that they are protected. These assumptions result in an increasing trend of SMBs falling victim to cyber-attacks. […]

Selling a Corporation: Stock Sale versus Asset Sale

Tuesday, December 1, 2020

One of the biggest decisions facing business owners is selling the business. Many aspects of a business sale are determined during negotiation between the buyer and the seller. An impactful decision for corporate shareholders is whether the transaction shall be structured as a stock sale or an asset sale. A stock sale is when shareholders […]