In This Issue

In the News

Tax Extenders:
3 Credits for Businesses on Their 2014 Returns


The Tax Increase Prevention Act of 2014 (TIPA) extended through Dec. 31, 2014, a wide variety of tax breaks, including many tax credits - which are particularly valuable because they reduce taxes dollar-for-dollar.


Here are three credits that businesses may benefit from when ...(Read More)





"Gilbert Associates consistently provides top-notch service while engaging our staff in a professional and friendly manner. We appreciate the partnership we've developed." 


-East Bay Zoological Society



Are you operating as effectively and efficiently as possible?  An evaluation of your internal processes may help identify areas that require some adjustments to ensure your organization is utilizing resources appropriately and that best practices are in place.  


Also, the start of the New Year is also a great time to consider whether you have set reasonable compensation for yourself.  The IRS is paying attention to this issue and you should too! 


Our team is here to help, give us a call so you can Relax.


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Improve Your Business with an Internal Audit 


Taking a systematic look at your operations and finances - sometimes called an internal audit - is often the best way to improve your company's efficiency and effectiveness. Though small companies rarely have an internal audit division, business managers can perform many of the same types of reviews as their larger counterparts, and reap many of the same benefits. Here's how to get started.

  • Make a plan. The beginning of a new year or the start of a new business cycle is often an ideal time to plan your internal audit. You'll want to brainstorm with managers and staff about your business's greatest risks, and consider operational areas where you'll gain the greatest "bang for the buck." ...(Read More)
The "Manufacturers' Deduction": It's Not Just for Manufacturers

The manufacturers' deduction, also called the "Section 199" or "domestic production activities" deduction, is 9% of the lesser of qualified production activities income or taxable income. The deduction is also limited to 50% of W-2 wages paid by the taxpayer that are allocable to domestic production gross receipts.

Yes, the deduction is available to traditional manufacturers. But businesses engaged in activities such as construction, engineering, architecture, computer software production and agricultural processing also may be eligible...(Read More)

Set Your Salary at a Reasonable Level


Compensation is a subject that never goes out of style. For owners of subchapter S corporations, the focus is typically on the definition of "reasonable" compensation. Since no specific authoritative guidelines exist, the determination comes down to facts and circumstances.


With potential penalties and payroll tax assessments at stake, setting your salary at a reasonable level can keep tax disputes at bay. Here are suggestions for a year-end review of your...(Read More)