Many 401(k) plans allow participants to borrow as much as 50% of their vested balance, up to $50,000. These loans are easy to get and interest rates are low, yet they should be considered only as last resorts. Here’s why:

1. You lose the benefit of tax-deferred compounding on the money you borrow.
2. You may have to reduce or eliminate contributions during the loan term – forfeiting employer matches and future earnings on those contributions.
3. If you lose your job, you typically have only between 30 and 90 days to repay the outstanding balance.
4. Your outstanding balance is taxed as a distribution (and 1 0% penalty applies if you are under 59½) if you don’t fulfill repayment terms.

Other rules and conditions apply. Contact us for more details.

This secure tool, available on IRS.gov allows taxpayers to view their IRS account balance, which will include the amount they owe for tax, penalties and interest. Taxpayers may also continue to take advantage of the various online payment options available by accessing any of the payment features including: direct pay, pay by card and Online Payment Agreement.

The new features added include the ability to:

• View up to 18 months of tax payment history
• View payoff amounts and tax balance due for each tax year
• Obtain online transcripts of various Form 1040-series through Get Transcript
• Give feedback on their experience with their online account and make suggestions for improvement.

One of the advantages of operating your own business is hiring family members.  If you are self-employed, hiring your children to work for you can provide spending money for them and tax savings for you. But make sure you follow the guidelines.

Employee fraud is a significant problem faced by organizations of all sizes, types and industries. While we would all like to believe our employees are loyal and working for the benefit of the organization, unfortunately there are still many reasons why some employees may commit fraud.

You may have a refund waiting for you.

DEADLINE – TUESDAY APRIL 18th

The IRS estimates $1 Billion in refunds for unfiled 2013 tax returns.  The IRS grants a 3 year window to file a tax return in order to receive a refund if you are owed one.  It is very interesting that so many people have not filed their 2013 tax return.  The IRS estimates the midpoint for potential refunds for 2013 at $763.

Although tax season doesn’t officially begin until next week, it is important to get ready and file as early as possible to avoid any unneeded stress by using these tips to prepare for the 2017 tax season now.

Here are a few tips to prepare for Tax Season 2017

Earlier this year new overtime rules were published modifying the regulations under the Fair Labor Standards Act (FLSA). The final rules are effective December 1, 2016.

The rulings may impact the way you classify and compensate your employees.

As we near the 4^th quarter, small business owners and individuals should begin thinking ahead as the 2016 tax season is right around the corner.

The federal highway funding extension bill contains several tax provisions, including changing the due dates for partnership and corporate tax returns.  Other changes affect mortgage interest statements, basis of inherited assets, and the six-year statute of limitation.  Read more about it at http://www.journalofaccountancy.com/news/2015/jul/tax-return-due-dates-changed-201512746.html.

On September 11, 2016, The Arkansas Society of Certified Public Accountants (Arkansas CPA Society) will mark its 100th anniversary. The organization has since grown to become one of the largest professional associations in Arkansas with more than 3,600 members.

To recognize the centennial anniversary, Arkansas Governor Asa Hutchinson has issued an official Proclamation, declaring September 11, 2016 as Certified Public Accountants Day, to honor and celebrate the Centennial anniversary of the Arkansas Society of CPAs and to increase awareness of the significance of the organization and its importance. Allen Pierce, was among the distinguished group of CPA’s invited by Arkansas Governor Asa Hutchinson to celebrate such an important event for the accounting industry.