On the Summit CPA Virtual CFO Blog we publish a post every week day, bringing you helpful information about accounting and finance, including cash flow management, business tax planning, and financial forecasting. Here are our top five posts last month:
- New Capital Expense Rules for 2018- CPA Director of Tax, Dave Danic, covers two things you need to know about the tax reform bill that was passed in December 2017 and its provisions intended to benefit small businesses.
- 120 is the Magic Number for 401(k) Plan Audits For the protection of everyone involved, the federal law requires that the annual audit on large 401k plans be performed by an independent, external accounting firm. This is to confirm that your Plan is operating in compliance with the written plan documents and federal regulations set forth by the IRS and Department of Labor- and to ensure that all plan financial information is being reported accurately.
- Do Your Family Loans have Tax Implications?- If you've ever considered giving a financial loan to a family member, read this post to learn how to avoid unintended tax consequences that can result from giving a family member a loan by learning the IRS rules around family loans.
- Tax Bracket vs. Tax Rate- The difference between your tax bracket and your tax rate is more than a trick question. One gives you an accurate reflection of your tax liability. While the other one is useful for planning purposes.
- The Fiduciary Responsibilities of a 401k Plan Administrator - As a 401k plan administrator you have specific fiduciary administrative duties you must adhere to in order to stay in compliance with ERISA, DOL and IRS regulations. Even if you hire a 3rd party CPA firm to assist as administrator and auditor, you are still responsible for administrative duties.