On the Summit CPA Virtual CFO Blog we publish a post every weekday, 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.
- 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.
- Is it Fraud or Negligence? What’s the Difference? Every year there are thousands of investigations launched by the IRS in their fraud prevention campaign. IRS criminal investigations during the 2017 tax filing year identified potentially $2.5 billion in tax fraud and the conviction rates were 91.5%. However, the IRS understands that not everyone is out to commit fraud and that mistakes can happen to anyone. What you need to know is the difference between fraud and negligence.
- Company Buyout Pros and Cons- If your employer offers you a buyout, should you take it? This post covers 10 considerations you should make if your employer offers you a buyout.
- 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.
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