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Questions You May Have After You File Your Tax Return

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Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are brief answers to three questions that we’re frequently asked at this time of year. Question #1: What tax records can I throw away now? At a minimum, keep tax records related to your return for

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Incivility: A Silent Sickness in Healthcare

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Principal Steve Diagostino, CPA/ABV collaborated with Dominique Burrows, Christopher O.L.H. Porter, PhD and Christine R. Stehman, MD to write an article published by the Kelley School of Business Physician MBA on incivility in health care. To read the article, click here.

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IRS Makes More Changes to the Withholding Process

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Last year, in line with the new tax law changes, the IRS provided new withholding tables that dictated how much tax was to be held back from employees’ paychecks. It looks like the IRS is planning to continue to make changes to Form W-4 (a.k.a. the Employee’s Withholding Allowance Certificate) for the 2020 tax year.

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Responding to the Nightmare of a Data Breach

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It’s every business owner’s nightmare. Should hackers gain access to your customers’ or employees’ sensitive data, the very reputation of your company could be compromised. And lawsuits might soon follow. No business owner wants to think about such a crisis, yet it’s imperative that you do. Suffering a data breach without an emergency response plan

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Simplifying the Accounting Rules for Convertible Debt and Equity

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Distinguishing between liabilities and equity on a company’s balance sheet may seem straightforward. But difficulties arise when it comes to the terms of complex securities and financial contracts like redeemable equity instruments, equity-linked or indexed instruments, and convertible instruments. The good news is that the Financial Accounting Standards Board (FASB) is currently working on a

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The 2018 Gift Tax Return Deadline Is Almost Here

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Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would be beneficial even if it isn’t required. Filing Requirements Generally, you must file a gift tax return for 2018

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Some Of Your Deductions May Be Smaller (Or Nonexistent) When You File Your 2018 Tax Return

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While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five deductions you may see shrink or disappear when you file your 2018 income tax return: 1. State and local

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Auditing Cashless Transactions

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Like most businesses, you’ve probably experienced a significant increase in the number of customers who prefer to make cashless payments. And you may be wondering: How does the acceptance of these types of transactions affect the auditing of your financial statements? Cashless transactions require the exchange of digital information to facilitate payments. Instead of focusing

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Private Companies: Have You Implemented the New Revenue Recognition Standard?

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Private companies that follow U.S. Generally Accepted Accounting Principles (GAAP) must comply with the landmark new revenue recognition standard in 2019. Many private company CFOs and controllers report that they still have significant work to do to meet the demands of the sweeping rules. If you haven’t started the implementation process, it’s time to get

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Investment Interest Expense

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As you likely know by now, the Tax Cuts and Jobs Act (TCJA) reduced or eliminated many deductions for individuals. One itemized deduction the TCJA kept intact is for investment interest expense. This is interest on debt used to buy assets held for investment, such as margin debt used to buy securities. But if you

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