A commonly overlooked step to protecting your personal tax and financial data is using strong passwords to protect online accounts and digital devices from data theft. The Internal Revenue Service, state tax agencies and tax industry remind taxpayers that using strong passwords and keeping them secure are critical steps to preventing thieves from stealing identities or [...]
As Cyber Monday kicks off the holiday shopping season, the Internal Revenue Service and its partners urged the public to shop safely by securing their computers and mobile phones. The IRS, state tax agencies and the tax industry mark the fourth annual National Tax Security Awareness Week with tips on basic safeguards everyone should take, but [...]
Abacus CPAs, LLC, is partnering with the Internal Revenue Service, state tax agencies, the nation’s tax industry, and other partners to elevate awareness around basic security. Abacus CPAs, LLC, joins a nationwide campaign to mark the annual National Tax Security Awareness Week, calling on individuals to safeguard themselves against identity theft as the tax season approaches, [...]
[Springfield, MO – November 25, 2019] – Abacus CPAs, LLC is proud to announce that Cristian Rath has been honored with the Inaugural Abacus Communication Award, “Abe’s Golden Microphone,” which is the highest award that Abacus bestows. Rath, who joined the firm in October 2015, is a distinctive leader with confidence in communication, the ability [...]
Every new company should launch with a business plan and keep it updated. Generally, such a plan will comprise six sections: executive summary, business description, industry and marketing analysis, management team description, implementation plan, and financials. Now, ideally, you would comprehensively update each section every year. But if the size, shape, and objectives of your company [...]
Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a cost [...]
As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit (described below). Most employers end up paying an effective FUTA tax rate of 0.6%. An employer taxed [...]
Autumn brings falling leaves and … the gridiron. Football teams — from high school to pro — are trying to put as many wins on the board as possible to make this season a special one. For business owners, sports can highlight important lessons about profitability. One in particular is that you and your coaches must [...]
These days, most businesses need a website to remain competitive. It’s an easy decision to set one up and maintain it. But determining the proper tax treatment for the costs involved in developing a website isn’t so easy. That’s because the IRS hasn’t released any official guidance on these costs yet. Consequently, you must apply existing [...]
Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable to you to the extent of your corporation’s “earnings and profits.” But it’s not deductible by the corporation. Different approaches Fortunately, [...]
