Casualty Losses and Income Limitations

by Jim Wagoner, CPA | Partner, Director of Tax Services Storms, floods, car accidents, and thefts happen, and more often than not, insurance does not cover the total amount of the stolen or damaged property.  As a result, the government allows a taxpayer a casualty or theft deduction on the individual’s income tax return in order to help ...

It’s tax time: Dinner’s on us

By Dana Hunsinger, Indy Star Reporter As an accountant, Marie Jett has been able to figure one thing for sure: Work is her life right now. She’s clocking 70-hour weeks, leaving the office at 10:30 p.m. some nights and logging time on the weekends. It’s tax season crunch time, and that has Jett and the nation’s 1.3 million accountants ...

Noah Built an Ark, What Are You Doing?

by Tim Ayler, CPA | Partner, Director of the Construction Services Group No matter what your upbringing, there is a good chance you have heard the story of Noah and the ark. While the events happened a long time ago, it is relevant in today’s construction economy.  How?  Because Noah believed it was going to rain and instead of just watching it ...

New Retirement Plan Deposit Rules

by Stacey L. Spencer, QKA, Manager, Employee Benefits Services Group Effective January 14, 2010, the Department of Labor (DOL) has established a final safe harbor rule as to what constitutes a timely deposit of participant contributions to small employee benefit plans (those with fewer than 100 participants).  To be considered timely, employee contributions, ...

Deduct 2010 Haiti Donations in 2009

by Larry Brodnik, CPA, Senior Tax Partner Several organizations have started relief efforts to help with the citizens of Haiti. If you are donating to charities providing earthquake relief in Haiti, you may be able to claim those donations on your 2009 tax return.

What Tax Breaks Were Extended for 2010?

by Jim Wagoner, CPA, Partner, Director Tax Services Many business tax breaks expired at the end of 2009. Unless Congress acted to retroactively revive them, all of the following business tax breaks will not be available this year because they expired at the end of 2009. The tax breaks that would be extended by the “Tax Extenders Act” as passed by the ...

Develop a Well-Designed Record Retention Policy

by Amanda Meko, CPA, Partner/Director of the Not for Profit Services Group Record retention problems have diminished somewhat as organizations have gone paperless. But paperless doesn’t always mean paperless, and you still need to maintain a number of documents, such as tax, accounting, bank, corporate, personnel and property records.