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Put Cadillac Health Plans on Your Road Map

As 2015 nears its end, business owners are naturally looking ahead to 2016. When it comes to your company’s health plan, you might want to peer farther into the future, to 2018. That’s when a steep tax on high-cost health insurance under the Affordable Care Act, dubbed the Cadillac tax, will go into effect. Although some people have described this tax as an effort to rein in lavish health plans offered... Read More

QTIP Trusts Still Offer Advantages

For many people, trusts can play a role in estate planning. Indeed, a qualified terminable interest property (QTIP) trust may offer benefits to married couples. That’s especially true for people who are in a second (or even a third) marriage, because a QTIP trust can prevent a second spouse from disinheriting children from a first marriage. Extending control A QTIP trust allows the creator (grantor) to... Read More

Investing for the Long Term

August 2015 was a brutal month for stocks. There were constant reports that the Dow Jones Industrial Average (DJIA) was down hundreds of points for the day, even down by 1000 points during one daily trading session. Ultimately, where do you think August 2015 wound up as far as historical comparisons? As bad as the crash of late 2008? Or even the subsequent bottom of early 2009? Not exactly. August 2015 was... Read More

IRS Raises Tangible Property Expensing Threshold to $2,500; Simplifies Filing and Recordkeeping

The Internal Revenue Service today simplified the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items. The change affects businesses that do not maintain an applicable financial statement (audited financial statement). It applies to amounts spent to acquire, produce or improve tangible property that would... Read More

HLB International Appoints New Member in Mongolia

HLB International, one of the leading global accountancy networks with presence in 130 countries, has recently signed a new member in Mongolia – HLB Mongolia Audit LLC. Established in 2010 and based in Ulaanbaatar, the capital city of Mongolia, HLB Mongolia Audit LLC provides audit, accounting and tax services. HLB Mongolia’s Managing Partner Enkhtuya Chultemdorj commented “we are looking forward to... Read More

HLB International Appoints New Member in Gabon

HLB International, one of the leading global accountancy networks with presence in 130 countries, has recently signed a new member in Gabon – Premus Conseils. Established in 2010 and based in Libreville, the capital and largest city of Gabon, Premus Conseils provides audit, accounting, corporate finance and tax services to a variety of clients including in oil & gas, mining, forestry, agriculture... Read More

Year-End Estate Tax Planning

In 2015, the federal estate tax exemption is $5.43 million. With little planning, a married couple can pass up to $10.86 million worth of assets to heirs, so no estate tax will go to the IRS. Those numbers will increase in the future with inflation. With such a large exemption, you may think that estate tax planning is unnecessary. However, nearly half of all states have an estate tax (paid by the... Read More

Year-End Business Tax Planning

As usual, the Section 179 “expensing” deduction is set for a drastic reduction. And, as usual, business owners probably can make year-end plans for equipment purchases with the expectation that a higher deduction amount for 2015 will be enacted. Typically, purchases of business equipment are depreciated over several years, so the amount you spend can be deducted gradually from business income. However,... Read More

Year-End Charitable Tax Planning

The end of the year typically is a time for making charitable donations. If that’s your practice, consider contributing shares of appreciated stocks or stock funds instead of cash. As long as the shares have been held longer than one year, you’ll get a full tax deduction in 2015 for the appreciated assets, and the charity can easily cash in your gift. Example 1: Beverly Carson donates $20,000 to her... Read More