What Are All These Codes and Deductions on My Paycheck?
At some point in your life, you probably looked at your paycheck and said, “How is it possible that I make this much money, but I’m only taking home this much money?” Everyone understands that taxes are withheld from their paychecks, but many of the codes and deductions might as well be written in a […]
4 Keys to a Successful Year-End Inventory Process
Accurate year-end inventory counts aren’t just about generating reports and preparing financial statements for the bank, your investors and your accountant. Year-end inventory is about creating a snapshot of what you have so you can fulfill orders, understand sales trends and deliver the best possible customer service. It’s about detecting and addressing shrinkage, which costs […]
Cyber Fraud: Knowing the Threats and What You Can Do About It
Every once in a while, some of our employees will get an email that appears to be from the managing partner here at LFL Veritas. The email might say something as simple as, “Are you in today?” The email looks legitimate and has our logo, but when you hover over the links and look at […]
Should I Consider Combining Long-Term Care and Life Insurance?
We have an aging population. It’s not uncommon for people to spend more than a third of their lives in retirement. You work hard and save money so you can enjoy those years and pass something down to your children. But what happens if you get sick for a long period of time? Most health […]
Opportunity Zone Funds: What They Are and How They Work
One of the key components of the 2017 tax reform legislation that didn’t receive much attention was the Investing in Opportunity Act. This created the Opportunity Zone program, which is intended to stimulate private investment and job creation in economically distressed communities rather than relying on taxpayer dollars. Since the regulations were just finalized in […]
Collecting Sales Tax in the Wake of Wayfair: What You Need to Know
For years, if your company sold products online, a state could only require you to collect state sales tax if you had a physical nexus (offices, distribution centers, payroll, etc.) in that buyer’s state. The Supreme Court ruled in 1967 and again in 1992 that this physical presence test would apply. For example, if a […]
What Does Google Know About Me?
LFL Veritas thanks Ron Buesing of Certus Technologies for sharing his expertise for this blog post. Quite frankly, the amount of data that Google collects about people each day is shocking. What’s even more shocking is that the average person has no idea what information they permit Google to collect, who has access to this […]
New Jersey Says “Happy Holidays” with the Gift of Tax Amnesty
The New Jersey Division of Taxation recently announced a two-month Tax Amnesty program to allow qualified individuals and businesses to file past returns and pay back taxes with one-half of interest owed and no penalties. All returns and payments must be received or postmarked by January 15, 2019. The state has gone to great lengths […]
How a Data Governance Program Helps You Take Control of Your Company Data
According to the 2017 Data Genomics Index, the amount of data grew at a rate of 48.7 percent in 2017. That means we’re close to doubling the number of files created every two years. However, one-third of all stored data hasn’t been modified in three years, and 9 percent hasn’t been modified in seven years. […]
Year-End Tax Moves to Consider Before December 31
There are only a few weeks left in 2018, but you still have time to take steps that can put you in a more favorable tax position. Because of the new tax law, many taxpayers aren’t sure about what year-end actions make the most sense. For example, are certain tax incentives that are available in […]