The Proactive Solutions Blog

Form 5500 Due Date Is Approaching

August 1, 2016, is the deadline for filing Form 5500 for retirement or employee benefit plans on a calendar year. (The usual due date of July 31, 2016, is a Sunday.) 

Read full post  |  Posted by Steven M. Weber on 07.06.16

Internal Controls

Each year many business owners discover that their assets are not as well protected as they thought when they become victims to employee theft.  This is particularly true in small-business environments where a single employee manages all the finances.  Often, there are no “checks and balances” to verify the transactions are accurate.  Most employee thefts are perpetrated by highly trusted employees in key positions, involving substantial sums of money.

Read full post  |  Posted by on 06.30.16

Nonprofit Tax Legislation Addresses Donor Privacy and the Charitable Deduction

While a slim summer schedule has the House and Senate on extended recesses through much of July and August, legislators continue to introduce and vote on bills addressing noteworthy concerns in the nonprofit industry, with consequences both long and short-term.

Read full post  |  Posted by on 06.30.16

Make Time For Midyear Tax Planning

One benefit of midyear tax planning is that you have a solid foundation for making decisions and enough time to implement them.

Read full post  |  Posted by Steven M. Weber on 06.20.16

HSA Contribution Limits Barely Budge for 2017

The IRS recently announced the inflation-adjusted contribution limits for health savings accounts (HSAs) for 2017. HSAs combine high-deductible health insurance plans with a medical savings account.

Read full post  |  Posted by Steven M. Weber on 06.15.16

Renting Out Your Vacation Home

We are often asked “What are tax consequences of renting out our vacation home for part of the year?”

The tax treatment depends on how many days it's rented and your level of personal use. Personal use includes vacation use by your relatives (even if you charge them market rate rent) and use by nonrelatives if a market rate rent is not charged.

Read full post  |  Posted by James F. Weber on 06.02.16

Construction Fraud

Construction fraud: if something on the job smells funny, it probably stinks: six ways to freshen the air 

“Fraud is alive and well within the construction industry and permeates virtually all levels of construction activity for both domestic and international projects.”

The Association of Certified Fraud Examiners didn’t mince words when this was published in 2012. That’s not what you call good news if you’re a construction company owner or the person financially at risk on a construction project. In the past four years, nothing has changed.

Read full post  |  Posted by on 06.02.16

Prepaid debit cards offer benefits and drawbacks

Prepaid debit cards, also known as stored-value cards, can be useful when you lack a traditional checking account. In an increasingly plastic-dependent world, these cards can be substituted for cash, and you can use them to pay for airline tickets, hotel stays, electronics, and groceries. Money is transferred, or "loaded," to the card and is yours to spend until the card runs out of funds or is reloaded. Read more.

Read full post  |  Posted by James F. Weber on 05.31.16

Financial tips to follow when a spouse dies

The death of a spouse is emotionally and financially devastating. Making decisions of any kind is difficult when you're vulnerable and grieving, but having a plan to follow may help. Here are suggestions for dealing with financial tasks. Read more.

Read full post  |  Posted by James F. Weber on 05.31.16

How Employee Expenses Are Deducted

Questions on how to claim deductions for expenses you incur in connection with your employment? The expense include those for local transportation (other than commuting), business meals and entertainment (at 50% of cost), travel away from home, supplies, educations, etc.

Read full post  |  Posted by on 05.26.16

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