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Records Retention Schedule

“How long should I keep this?” is a question we hear all the time from our clients and is not always easy to answer. As a general rule, records should be preserved only as long [...]

Guidelines for Monetary Donations

You must have a bank record or a written statement from the charity to deduct any donation of money, regardless of amount. The record must show the name of the charity and the date and [...]

Important Reminders for Year-End Holiday Giving

Important reminders to keep in mind while planning your holiday and year-end charitable giving include the following: Qualified Charities. It is important to check to see if the charity is eligible to receive tax-deductible donations. [...]

Tax Increase Prevention Act of 2014

The Tax Increase Prevention Act of 2014 (the Act) was passed on December 16, 2014. Thankfully, the Act retroactively extends most the federal income tax breaks that would have affected many individuals and businesses, but [...]

The Importance of Accountable Expense Reimbursement Plans

Most companies cover their employees’ business expenses by reimbursing them for their actual expenses or by paying a travel or mileage allowance. Such arrangements are subject to strict tax rules concerning what qualifies as a [...]