October 2022

Shannon T. Forkin CPA, CGMA Tax Partner

Featured Article From Our Experts Employee Expenses & Reimbursements – Don’t Forfeit the Employer Deduction and Tax-Free Benefit to the Employee  Most companies cover their employees’ business expenses by reimbursing them for their actual expenses or by paying a travel or mileage allowance. Such arrangements are subject to strict tax rules concerning what qualifies as a legitimate reimbursement arrangement and what is treated (at least for tax purposes) as additional compensation to the employee. It depends on whether the employer’s payments are made in accordance with what the IRS calls an accountable plan. This article explains the rules, the kinds of expenses that are reimbursable and how to document them.  Read More

Renting Out Your Vacation Home? Know the Tax Implications What are the tax implications when a taxpayer who owns a vacation home rents it out? The answer depends on various factors, such as the amount of time the home is rented out and the number of days used by the owner. The calculation of taxable income can be complex. This article explains.  Read More

Check Kiting Is No Small Matter Despite the business community’s rapid adoption of digital payment methods, some companies continue to rely on paper checks. But there’s a long-standing problem with checks: They make businesses vulnerable to several damaging types of fraud, including check kiting. This article describes how a check-kiting scheme works.  Read More

Beware of “Wash Sales” When Selling Securities Under the “wash sale” tax rule, if a taxpayer sells stock or securities for a loss and buys back substantially identical stock or securities within the 30-day period before or after the sale date, that loss can’t be claimed for tax purposes. This article provides some key details for taxpayers about this often-surprising rule.   Read More

Talking About the “Sandwich Generation” The “sandwich generation” includes people who are caught between caring for their aging parents and still raising or helping their children. This brief article encourages those in the middle part of the sandwich to initiate family discussions with the other two parts to discuss tax and financial planning issues. Read More

Register for our 45th Annual Tax & Financial Planning Conference on November 10, 2022!  Join us for our Annual Tax & Financial Planning Conference. This conference is designed to bring you up to date on recent tax, accounting and financial updates and provide key year-end strategies to help you lighten your tax burden and better achieve your financial objectives. The conference will be held in person, and CPE credit will be offered. Register Now

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About Dannible & McKee, LLP Dannible & McKee, LLP has been providing audit, tax, accounting and financial management consulting services to clients nationwide since 1978. Throughout this forty plus years' history, we have been wholly dedicated to the success of our clients. Every aspect of our business has been guided by our values and our commitment to putting each client's interests first. In a complex profession, we have found our greatest rewards in the simplicity of helping good people prosper. Delivering confidence in every financial decision is our goal for our clients, and it's also the most significant way we can contribute to their long-term success. To learn more about Dannible & McKee, visit us at: www.dmcpas.com.