With recent storms causing flooding and wildfires happening nationwide, it’s a very ideal time to implement or revisit the disaster recovery plan for your business.
A “disaster” can come in many forms, such as:
A fire, flood, hurricane, tornado or ice storm that damages, destroys or isolates your business’ premises.
A power surge that fries your computer systems and the intellectual property it contains.
You can only deduct losses from an S corporation, partnership or LLC if you “materially participate” in the business. If you don’t, your losses are generally “passive” and can only be used to offset income from other passive activities. Any excess passive loss is suspended and must be carried forward to future years.
Material participation is determined based on the time you spend in a business activity. For ... more
As an employee benefit plan sponsor, your job seems never ending with the numerous Department of Labor (DOL) rules and regulations concerning a plan fiduciary. If you take an organized, methodical approach, you can satisfy your fiduciary obligations without it becoming an unduly onerous process. An added plus is that the more methodical you are, the more evidence you’ll have to show that you’ve met your fiduciary duti... more
The income tax credit for certain energy-efficient home improvements and equipment purchases was extended through 2016 by the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). So, you still have time to save both energy and taxes by making these eco-friendly investments.
The credit is for expenses related to your principal residence. It equals 10% of certain qualified improvement expenses ... more
By David Ritter, CVA, MBA - Shareholder, Doeren Mayhew
Credit union mergers are occurring at the rate of approximately one per day in the United States. Given the current environment, it is safe to say that this trend will continue or even escalate. Some industry experts estimate that by the year 2020, only 3,600 credit unions will be in existence nationally from about 6,000 today. That’s a far cry from the nearly 9... more
By Jeffrey J. Powell, Managing Partner, Polaris Greystone Financial Group
The British have voted to leave the European Union (EU). This has come as a bit of a surprise because prior to the vote most polls were showing that the British would elect to stay in the EU, albeit by a narrow margin. Obviously the polls were wrong and the world’s reaction has been undoubtedly negative. The British pound dropped 8.28 percent a... more
Many businesses host a picnic for employees in the summer. It’s a fun activity for your staff and you may be able to take a larger deduction for the cost than you would on other meal and entertainment expenses.
Generally, businesses are limited to deducting 50% of allowable meal and entertainment expenses. But certain expenses are 100% deductible, including expenses:
For recreational or social act... more
With health care costs continuing to climb, tax-friendly ways to pay for these expenses are more attractive than ever. Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Accounts (HRAs) all provide opportunities for tax-advantaged funding of health care expenses. But what’s the difference between these three accounts? Here’s an overview:
If you’re covered by a qualified ... more
Doeren Mayhew recently conducted its annual client survey to measure the firm’s efforts and commitment on delivering insight, oversight and foresight to its clients. Striving to go beyond the traditional accounting firm model, Doeren Mayhew is always looking for ways to become a better business partner to our clients and their feedback is the means to help drive that effort.
We are happy to announce the firm continue... more
Late last week, the Financial Accounting Standards Board (FASB) issued a final standard related to the financial instrument impairment, commonly referred to as the current expected credit loss (CECL) model. The Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments documents the largest accounting changes the financial insti... more