In This Issue
Pay Attention to Storage Costs and Ways to Reduce Them
Reducing the cost of storage - especially the expense of stockpiling operational records, inventory, and raw materials - can be a real challenge for any business. Dilemmas abound: What records should be kept and for how long? When and how should the firm dispose of obsolete inventory? Should on-site or off-site storage be ...(Read More)  

Client Quote
"Highly responsive, thorough and professional. That describes Gilbert Associates - a name I can trust."

-Point West Rotary Club Foundation

Most people would agree that interaction with the IRS is stressful.  In this publication we provide insight to help you avoid becoming of interest to the IRS as well as four expense items to be mindful about, so that you don't become a target.
We also share details about three ways that the IRS has simplified the process for employers to use per diem rates, which is relevant if you have employees that travel on company business. 
If you have questions, we have answers, give us a call and let us make sense of it all, so you can relax! 
   Gilbert CPA Logo
How to Use Business Travel Per Diems

If your employees travel away from home as part of their jobs, your
business may be allowed to deduct a portion of the ordinary and necessary expenses associated with this travel. That's the good news.

The bad news is that maintaining adequate records to substantiate such expenses can be cumbersome and time-consuming. Employees must keep all receipts related to these expenses and also maintain records noting the time, place and business purpose of ...(Read More)  
4 IRS Hot Buttons: Defending Your Business Against Tax Audits

Everyone has at least one pet peeve. The IRS has many. Here are some items that the tax agency may target on a business's tax return - and ways to help safeguard against an IRS audit.

1. Owners compensation.  A privately held C corporation may try to overpay its owners in lieu of paying dividends to avoid double taxation. Conversely, an S corporation that's not subject to corporate-level taxes might try to underpay its owners to minimize payroll taxes and, instead, make higher distributions. The IRS is on the lookout  ...(Read More)