Rightsizing your sales force
December 22, 2020 Knowledge Center
Rightsizing your sales force

With a difficult year almost over, and another one on the horizon, now may be a good time to assess the size of your sales force. Maybe the economic changes triggered by the COVID-19 pandemic led you to downsize earlier in the year. Or perhaps you’ve added to your sales team to seize opportunities. In […]

Prevent retail return fraud from damaging holiday profits
December 22, 2020 Knowledge Center
Prevent retail return fraud from damaging holiday profits

For most retailers, this is the most profitable season of the year. However, customer returns in January can cut deeply into December revenues — particularly if the returns are fraudulent. U.S. retailers suffer annual losses of $18.4 billion from fraudulent returns, according to data analytics company Appriss and the National Retail Federation (NRF). And as […]

Nonprofit endowments require knowledge and resources
December 18, 2020 Knowledge Center
Nonprofit endowments require knowledge and resources

If the events of 2020 have taught not-for-profits anything, it’s that financial reserves are essential to long-term survival. An endowment is different from operating reserves and generally is designed to provide steady income to a nonprofit while its core investments grow untouched, but that steady income can be a financial safeguard in times of crisis. […]

Miller Kaplan Names New Managing Partner
December 17, 2020 Press Releases
Miller Kaplan Names New Managing Partner

Miller Kaplan, a top-100 certified public accounting firm, is pleased to announce that Michael Kaplan, CPA has been elected by his fellow partners to serve as Managing Partner, effective January 1, 2021. “The partners are all very focused on how the firm can continue to evolve its services and technology to best serve our clients […]

Can you qualify for a medical expense tax deduction?
December 16, 2020 Knowledge Center
Can you qualify for a medical expense tax deduction?

You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. But with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes. Itemizers must meet a threshold For […]

Put your company’s financial statements to work for you
December 15, 2020 Knowledge Center
Put your company’s financial statements to work for you

It’s almost time for calendar-year businesses to prepare their year-end financial statements. If used correctly, these reports can be a valuable management tool. Use them in benchmarking and forecasting to be proactive, not reactive, to market changes. 1. Benchmarking Historical financial statements can be used to evaluate the company’s current performance vs. past performance or […]

2 options for families with disabled loved ones: ABLE accounts and SNTs
December 15, 2020 Knowledge Center
2 options for families with disabled loved ones: ABLE accounts and SNTs

If you have a family member who’s disabled, you likely know that financial and estate planning can be tricky. You don’t want to jeopardize his or her eligibility for means-tested government benefits such as Medicaid or Supplemental Security Income (SSI). A special needs trust (SNT) is one option to consider. Another is to open a […]

Review your estate plan in light of a new presidential administration
December 14, 2020 Knowledge Center
Review your estate plan in light of a new presidential administration

As President-elect Joe Biden moves forward with the transition and prepares for the inauguration next month, you may be wondering how the federal estate tax may be affected. During the campaign, Biden pledged to roll back many of President Trump’s tax policies. In response to the Tax Cuts and Jobs Act (TCJA), Biden has promised […]

How COVID-19 could impact year-end inventory counts
December 11, 2020 Knowledge Center
How COVID-19 could impact year-end inventory counts

Many businesses are closed or are limiting third-party access as COVID-19 surges across the United States. These restrictions could still be in place at year end — a time when external auditors traditionally observe physical inventory counts for calendar-year entities. Here’s how you can identify and overcome the challenges associated with inventory counts during the […]

Family business owners must weave together succession and estate planning
December 10, 2020 Knowledge Center
Family business owners must weave together succession and estate planning

It’s been estimated that there are roughly 5 million family-owned businesses in the United States. Annually, these companies make substantial contributions to both employment figures and the gross domestic product. If you own a family business, one important issue to address is how to best weave together your succession plan with your estate plan. Rise to […]

Maximize your 401(k) plan to save for retirement
December 8, 2020 Knowledge Center
Maximize your 401(k) plan to save for retirement

Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a smart way to build a substantial sum of money. If you’re not already contributing the maximum allowed, consider increasing your contribution rate. Because of tax-deferred […]

IRS releases final instructions for payroll tax form related to COVID-19 relief
December 8, 2020 COVID-19
IRS releases final instructions for payroll tax form related to COVID-19 relief

In response to the COVID-19 pandemic, the federal government enacted legislation that includes deferral of the employer’s portion of Social Security tax. The IRS then significantly revised Form 941-X, “Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund,” to allow for adjustments and corrections to COVID-19 tax relief on previously filed Forms 941. The IRS recently released the […]