Our Blog: Flagel Voice

Who Are the Latest IRS Targets? A List of 22 Audit Triggers

What triggers an IRS tax audit? While the IRS Continue Reading

What to Consider Before Jumping on the Hiring Bandwagon

The U.S. Department of Labor has released its Continue Reading

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Who Are the Latest IRS Targets? A List of 22 Audit Triggers

What triggers an IRS tax audit? While the IRS isn’t about to publish a list, there are a number of items that are known to raise the IRS’s interest in a return. What are your chances of being audited? For individuals, it depends on your income. In fiscal year 2013, returns reporting income of under $200,000 […]

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What to Consider Before Jumping on the Hiring Bandwagon

The U.S. Department of Labor has released its early jobs report. The findings: Unemployment has fallen to 6.1 percent – its lowest level since September 2008. In addition, about 288,000 new domestic jobs were added in June. These statistics exceed economists’ expectations, but they can be misleading for several reasons.       Who Has the Jobs? States with […]

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How to Prevent a Struggling Business from Crumbling

Once upon a time, Crumbs Bake Shop was the sweetheart of New York City. It started in 2003 as a mom-and-pop bakery on New York’s Upper West Side and eventually grew into the nation’s largest cupcake retailer, peaking at 70 stores. In 2010, Crumbs was included on Inc. Magazine’s list of 500 fastest growing companies. […]

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Selling Your Home? Tax and Other Considerations

The prime residential real estate selling season is in full swing — and 2014 might be a good time to sell, depending on your situation. So, while prospective sellers are making their properties look like model homes in the hopes of raking in a nice profit, this is a good time to review how taxes will factor […]

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Businesses: Tame the Variable Interest Rate Rollercoaster

On the heels of the financial crisis, banks tightened their lending policies and many companies couldn’t qualify for inexpensive fixed-rate loans. Instead, they took on variable-rate loans. Interest payments that fluctuate based on the U.S. prime rate or London InterBank Offering Rate (LIBOR) index are a viable option, as long as rates continue to hover […]

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Lower Tax Bill with a Last-Minute Retirement Account Contribution

Tax Day is right around the corner. If your tax bill is higher than you’d like, there may still be an opportunity to lower it: If you qualify, you can make a deductible contribution to a traditional IRA right up until the Tuesday, April 15, 2014 filing date and still benefit from the resulting tax savings on […]

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Another Alternative to GAAP for Private Companies

Reporting common control lease arrangements just got a little easier for certain private companies. Accounting Standards Update (ASU) 2014-07, Consolidation (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements, eliminates the requirement to apply the variable interest entity (VIE) model when certain conditions are met. Instead, the Financial Accounting Standards Board (FASB) believes disclosing the […]

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Think the ACA Thresholds Don’t Apply to Your Business? Not So Fast

The Obama Administration’s most recent change to the Affordable Care Act (ACA) may have given some employers the wrong impression. With this modification, employers with 50 to 99 employees now have until 2016 to comply with the “Shared Responsibility” provisions of the law. Some employers — especially those who are close to the threshold of 99 employees — […]

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Important Tax and Insurance Claim Considerations after a Disaster

Equity crowdfunding has been touted as a promising growth opportunity for private businesses under the 2012 Jumpstart Our Business Startups (JOBS) Act. In theory, it allows for a wider pool of investors with fewer restrictions. But many private companies are waiting for the SEC to issue its final regulations on crowdfunding before they can solicit investors from the […]

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