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Resources

Accounting for Business

Welcome to our Resources section, where you will find articles pertaining to accounting for business, business financial planning, financial advice, and the industries of our clients. This section is a great source of information, but please contact us if you feel you need professional financial advice. Maxwell Locke & Ritter is here to offer trusted guidance.

 

Job applicants look at more than just wages when evaluating potential employers. They consider the whole compensation package, including fringe benefits and perks. These add-ons enable employers to cast a wider net in the job market, helping them attract and retain top-quality workers. Unfortunately, tax breaks for some fringe benefits were eliminated or suspended by the Tax Cuts and Jobs Act (TCJA). However, some other fringe benefits are still deductible by employers and tax-free to employees. Here are 14 popular benefits that remain on the books after the TCJA.

In merger and acquisition negotiations, taxes are an important consideration. Do you fully understand the tax consequences of purchasing the assets of a business? The rules are especially confusing if you operate the new entity as a so-called “pass-through” business. Here’s what you should know to help you comply with the rules and potentially lower taxes.

The Tax Cuts and Jobs Act imposes a new limitation on deductions for business interest expense. The IRS recently issued guidance in the form of proposed regulations. Here’s what you need to know.

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This short article provides five tips to help nonprofits gather more, and more meaningful, feedback from their clients. Suggestions include “take full advantage of social media,” “don’t neglect the off-liners” and “show your appreciation.”

Despite its name, the Tax Cuts and Jobs Act didn’t cut all types of taxes. It left several taxes unchanged, including the 3.8% tax on net investment income (NII) of high-income taxpayers. This brief article defines the NII tax and urges you to explore strategies for reducing it if you must pay it.

You may have breathed a sigh of relief after filing your 2018 income tax return (or requesting an extension). But is your office strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial records? Or perhaps your computer desktop is filled with a multitude of digital tax-related files? You’ll find it easier to file next year if you cut down on the clutter. To perform a summer cleanup, follow these retention guidelines.

Helping donors understand the requirements and benefits of their gifts to a not-for-profit will help the organization strengthen those relationships. This article discusses the varying deductibility of different types of gifts — including cash, property and vehicles — and when fair market value can be applied.

Many taxpayers learned some tough lessons upon completing their 2018 tax returns regarding the changes brought forth by the Tax Cuts and Jobs Act (TCJA). This brief article reviews the revisions to the tax brackets so readers can avoid unpleasant surprises next April.

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Nonprofit organizations have many board members who come from the business sector of their communities, and may not grasp the differences between nonprofit and for-profit financial reporting. This article provides some key aspects of how financial approaches and statements, particularly for assets and liabilities, differ.

Summer break is here, and parents are lining up activities for their kids to enjoy while school is out. If you plan on sending your child to day camp, you may qualify for a valuable tax break – the child and dependent care credit.