The TG Blog

Resources and articles to empower you and keep you up to date.

overhead costs

Accounting for Overhead Costs

December 11, 2018

Accurate overhead allocations are essential to understanding financial performance and making informed pricing decisions. Here’s guidance on how to estimate overhead rates to allocate these indirect costs to your products and how to adjust for variances that may occur. What’s included in overhead? Overhead costs are a part of every business. These accounts frequently serve…

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2019 Q1 Tax Calendar

2019 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

December 6, 2018

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January…

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child tax

Advising the Millennial Part V: Taxes for Soon-to-be (and Current!) Parents

December 3, 2018

Parenthood is an adventure.  It is challenging, exciting, fulfilling and – sometimes – stressful.  This is the second of two articles that address tax issues parents often encounter.  Our first article covered parents’ filing status change, income exclusions, some deductions, household employee requirements, and tax return filing for children.  This article covers tax credits parents…

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parents taxes baby

Advising the Millennial Part IV: Taxes for Soon-to-be (and Current!) Parents

December 3, 2018

One of the most exciting (and nerve-wracking) times of your life is having a child.  The uncertainty, anxiety and stress associated with planning for that special date can be overwhelming, and then they start to grow up!  Like all the wonderful and challenging moments that come with parenting, there are a variety of tax implications…

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cybersecurity

Cybersecurity Matters

November 30, 2018

Investors, lenders and other stakeholders have been vocal in recent years about pushing companies to provide more information in their financial reports about cybersecurity. Could your company do a better job disclosing cyberrisks and recent hacks? Most public companies could do better, according to recent testimony during congressional hearings by Jay Clayton, Chairman of the…

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tax tips

November/December 2018 Tax Tips

November 27, 2018

Should you donate your car to charity? Donating an old car to a qualified charity may seem like a hassle-free way to dispose of an unneeded vehicle, satisfy your philanthropic desires and enjoy a tax deduction (provided you itemize). But in most cases, it’s not the most tax-efficient strategy. Generally, your deduction is limited to…

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auditor looking at accounts payable AP statement invoice

4 Steps to Auditing AP

November 26, 2018

At most companies, the accounts payable (AP) department handles an enormous volume of transactions. So, the AP ledger may be prone to errors or used to bury fraudulent journal entries. How do auditors get a handle on AP? They use four key procedures to evaluate whether this account is free from “material misstatement” and compliant…

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catch-up contributions advantageous TCJA mature couple

Catch-Up Retirement Plan Contributions Can Be Particularly Advantageous Post-TCJA

November 26, 2018

Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) up to the regular annual limit? Then you may want to make “catch-up” contributions by the end of the year. Increasing your retirement plan contributions…

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GST Tax

GST Tax Exemption Has Increased, But Not Permanently

November 20, 2018

One change affecting estate plans under the Tax Cuts and Jobs Act is that, for the estates of persons dying after December 31, 2017, and before January 1, 2026, the generation-skipping transfer (GST) tax exemption amounts increase to an inflation-adjusted $10 million, or $20 million for married couples with proper planning ($11.18 million and $22.36 million, respectively, for 2018).

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revenue

Why Revenue Matters in an Audit

November 19, 2018

For many companies, revenue is one of the largest financial statement accounts. It’s also highly susceptible to financial misstatement. When it comes to revenue, auditors customarily watch for fictitious transactions and premature recognition ploys. Here’s a look at some examples of critical issues that auditors may target to prevent and detect improper revenue recognition tactics.…

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