Dealing With an IRS Audit
IRS data indicate that fewer than 1% of all individual income tax returns are audited each year. However, some taxpayers are more vulnerable than others. Find out in this month’s newsletter if you’re one of the few likely to face more scrutiny.
Deciding About a Vacation Home
The onset of spring leads to thoughts of summer vacations. If you are considering the the purchase of a second home specifically for vacations, here are some of the issues to think about, so you can make a well-reasoned decision.
ESOPs as Retirement Plans
Among the retirement plans that small businesses can offer to their workers are employee stock ownership plans (ESOPs). An ESOP is a process for transferring ownership of the company to employees. How does that work as a retirement plan? In some ways, an ESOP is similar to a profit-sharing plan (see the CPA Client Bulletin, January 2017), in which the company makes cash contributions. With a “vanilla” or unleveraged ESOP, the company funds the plan by contributing shares of its stock, or cash to buy those shares.
Use our handy tax calendar for upcoming taxes due in April of 2017.