Are You Tracking Mileage and Travel Expenses the Right Way?
If there’s one task at tax time that most people don’t prepare for, it’s providing documentation that allows you to take deductions for mileage and travel expenses. Although IRS audits overall may be relatively rare lately, these deductions are almost always reviewed, so it’s safer to play by the rules. In some cases, the IRS […]
When Kids Turn 18, Your Role in Their Healthcare Changes
It’s the nightmare scenario for any parent. Your 18-year-old son is off to college. The campus is about a five-hour drive. Late one night, you get a call from a friend who says your son was in a serious car accident. He’s unconscious in an ambulance and headed to the local hospital. Emergency surgery is […]
When Was the Last Time You Reviewed Your Employee Handbook?
When we meet with clients, it’s not uncommon for the client to mention a dispute with an employee about overtime, disability, health benefits and other issues. The first question we always ask is, “Is it covered in your employee handbook?” Unfortunately, many companies don’t realize that the employee handbook should be a priority until after […]
Should You Move Your Accounting System to the Cloud?
According to the RightScale 2017 State of the Cloud Report, 95 percent of respondents are using the cloud. In fact, 85 percent are using multiple clouds. But what exactly is the cloud, or cloud computing? What are the pros and cons? Does it make sense to move your accounting system to the cloud? To be […]
What You Need to Know About the New Lease Accounting Standard
In January of 2016, the International Accounting Standards Board (IASB) issued its new lease accounting standard, which has been in development for years with the Financial Accounting Standards Board (FASB). The FASB released its own version of the standard weeks later. While there are many details, nuances, and even differences between the IASB and FASB […]
7 Ways to Improve Cash Flow and Reduce Risk
President Donald Trump famously said, “Cash is king.” Like him or not, he was onto something. Cash flow is the lifeblood of business and critical to growth. Business owners learn very quickly that it’s difficult to survive when cash outflow consistently exceeds cash inflow. Every business, especially startups, must closely monitor cash flow to prevent […]
When and How to Collect Social Security
The Social Security Act was signed by President Roosevelt in 1935, due in large part to the economic hardships brought on by the Great Depression. Although some of its provisions were intended to provide immediate relief for families, Social Security was primarily created to provide reliable income that would serve as a safety net for […]
LLC or S Corp: Which Legal Entity Should You Choose for Your Business?
How you structure your business, or the type of legal entity you choose for your company, has implications that go far beyond taxes. It can impact how your business operates and grows, how it is financed, and the level of exposure to liability. This is why the LFL Veritas approach is always to consider business […]
The Classification Conundrum: Employee or Independent Contractor?
Many employers, from large enterprises to small startups, don’t understand the distinction between an employee and an independent contractor as defined in the Fair Labor Standards Act. In some cases, workers are intentionally misclassified as independent contractors to save the employer money. When a worker is classified as an independent contractor instead of an employee, […]
Pennsylvania Offers 2017 Tax Amnesty Program
From April 21 through June 19, 2017, the Pennsylvania Department of Revenue will offer tax amnesty to taxpayers who owe past-due taxes. During this 60-day period, the Pennsylvania Department of Revenue will waive all penalties and half of the interest owed by those who apply and pay delinquent taxes. Which Taxes Are Eligible or Not […]