CPA Blog

Would an adoption assistance program suit your company?

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Published: Wednesday, 31 July 2024 12:43

Written by Phillip Strickler, CPA.CITP

There’s no one-size-fits-all benefits package for today’s businesses. The optimal combination of tax-friendly fringe benefits depends on various factors, including the size and demographics of your workforce. One option to consider, if you haven’t already, is an adoption assistance program.

Purpose and covered expenses

The purpose of adoption assistance programs is to provide participants with payments or reimbursements for qualified adoption expenses. Under the Internal Revenue Code, such programs must adhere to formal, written plan documents that specify the terms under which payments or reimbursements will be provided.

Adoption assistance programs are generally funded by employers. Because of the relatively limited number of potential participants, they’re often offered as a menu item in cafeteria plans.

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Business website expenses: How they’re handled for tax purposes

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Published: Tuesday, 30 July 2024 10:13

Written by Phillip Strickler, CPA.CITP

Most businesses have websites today. Despite their widespread use, the IRS hasn’t issued formal guidance on when website costs can be deducted.

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Strategic planning for businesses needs to include innovation

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Published: Wednesday, 24 July 2024 09:17

Written by Phillip Strickler, CPA.CITP

When the leadership teams of many companies engage in strategic planning, they may be inclined to play it safe. And that’s understandable; sticking to strengths and slow, measured growth are often safe pathways to success.

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How are Series EE savings bonds taxed?

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Published: Tuesday, 23 July 2024 12:14

Written by Phillip Strickler, CPA.CITP

Savings bonds are purchased by many Americans, often as a way to help fund college or show their patriotism. Series EE bonds, which replaced Series E bonds, were first issued in 1980. From 2001 to 2011, they were designated as “Patriot Bonds” as a way for Americans “to express support for our nation’s anti-terrorism efforts,” according to the U.S. Treasury Department.

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