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Accounting & Finance Articles

Welcome to our Resources section, where you will find articles on accounting and finance for businesses and individuals, as well as resources to aid in business financial planning across a variety of industries we serve. Please contact us for personalized advice in accounting and finance. Maxwell Locke & Ritter is here to offer trusted guidance.

 

“Phishing” scams are cyberattacks are designed to hook unsuspecting victims into revealing sensitive information, but now there’s a new twist aimed largely at small businesses: Voice phishing scams (also known as “vishing” using social engineering).

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Consider these seven significant federal tax breaks that are scheduled to expire at the end of 2020, unless Congress renews them.

Regardless of the size of your nonprofit institution, taxes can be a daunting task. Being prepared early in your operation will set you up for success during tax season or for IRS audits. These tax exemption tips for nonprofits will help keep you organized and knowledgeable about key ins-and-outs. They may even help you gain volunteers and track the funds you collect.

Due to declining health care spending during the COVID-19 pandemic, we anticipate receiving a medical loss ratio rebate from our ERISA group health plan insurer. Can we use the rebate to pay plan administrative expenses?

It is important for both employers and employees to keep abreast of the latest changes regarding flexible spending accounts (FSAs), including those that may affect important decisions before the end of 2020.

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One practical way businesses are doing what they can to cut costs, is to provide flexibility with a cafeteria plan, where employees choose only the benefits they want and as a result employers pay only for selected benefits.

Employees are currently out-of-luck when it comes to deducting home office expenses. However, for a self-employed individual, federal income tax home office deductions can be a major tax-saver

Debt forgiveness can be helpful to those struggling to survive financially, but you should be aware that it can also trigger some negative tax consequences. Here’s what you need to know.

Comprehensive due diligence is essential if your business plans to acquire or merge with another organization. With a poor due diligence effort, complications could arise with the potential to significantly affect the profits or viability of the transaction.

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Recordkeeping for reimbursing business travel expenses can be cumbersome. Instead of reimbursing employees for the actual costs they incur for out-of-town lodging, meals and incidentals, some employers opt to pay fixed travel per diems. These amounts are based on IRS-approved rates that vary from locality to locality. 

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