The IRS has announced the new limitations for pension plans and other retirement plans for 2014. Overall, the limits remain largely unchanged because the IRS stated the increase in the Consumer Price Index did not meet the statutory thresholds for their adjustment. 2014 limits that will remain the same as prior year include: The contribution…
Getting audited for your tax returns is an experience that many would be happy not to go through. A lot of business owners prefer not to undergo close scrutiny from any Internal Revenue Service agent. Such process can be taxing and strenuous, but this situation can be downplayed. According to Certified Public Accountants, only 1%…
If you own or operate your own business, then accounting is one of the most important facets you’ll encounter. Understanding financial records, how to compile them, and what to do with them are all important to the continued success of your company. With so many innovations in the accounting world, it can be difficult to…
Businesses frequently require transparency in a number of different fashions. One of the most common ways for a business to provide information about the financial dealings of the company is through overview accounting reports. In some instances, providing a thorough and accurate description of expenditures is necessary (especially if you want to comply with federal…
If you manage your own business, then everything associated with accounting should be in your purview. That is to say, you should understand cash flows, budgets and other monetary concerns. These pieces of information typically come from your Chief Financial Officer. Of course, most CFOs have to balance accounting with strategy, but more and more…
Accounting is one of the most vital aspects of your business, and, as such, you need appropriate accounting leadership. A financial controller provides a number of services that you can’t get from non-accountant employees. Of course, proper accounting is important, not just because it helps you keep good records. In fact, 50% of businesses in…
While well-established business owners tend to buy the services of professionals more easily when it comes to handling their accounting, legal matters or banking, young entrepreneurs stay away from them. However, when looking at the number of failed startups in the past few years, an assessment must be made on why these businesses fail. Having…
What Hasn’t Changed in 2014 As annualized inflation has been tame, the IRS has left some yearly limits and thresholds unaltered for 2014. Here is a list of key unchanged items:
Tax Changes Regarding COLAs for 2014 Our fourth part of the IRS 2014 Tax Changes series is dedicated to the changes regarding the Cost of Living Allowance (COLA). The first 3 articles of this IRS Tax Changes series focused of Tax changes related to the Health Care Reform, to Businesses and to Individuals and Households.