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Direct tuition payments may benefit your grandchildren and your estate plan

Grandparents often want to play a role in financing their grandchildren’s education. If you’re one of them, it’s important to consider the impact that different financing options will have on your estate plan. Make direct tuition payments A simple but effective technique is to make tuition payments on behalf of your grandchild. So long as […]

Who can or should take the American Opportunity credit?

If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. If your income is too high, you won’t qualify for the credit — but your child might. There’s one potential downside: If your dependent child claims the credit, you must forgo your dependency […]

Does the IRS consider your business a hobby?

If you run a business “on the side” and derive most of your income from another source (whether from another business you own, employment or investments), you may face a peculiar risk: Under certain circumstances, this on-the-side business might not be a business at all in the eyes of the IRS. It may be a […]

Offer plan loans? Be sure to set a reasonable interest rate.

Like many businesses, yours may allow retirement plan participants to take out loans from their accounts. Such loans are governed by many IRS and Department of Labor (DOL) rules and regulations. So if your company offers plan loans, your plan document must comply with current laws — including setting a “reasonable” interest rate. Agency perspectives […]

Nonprofits can save with an accountable plan

Your not-for-profit can’t generally reimburse employees for business expenses tax-free just because staffers submit expense records. However, you can if you have a properly executed accountable plan. Under such a plan, reimbursement payments will be free from federal income and employment taxes for recipient employees and not subject to withholding from their paychecks. Additionally, your […]

Questions About Agreed Upon Procedures

An agreed upon procedures (AUP) engagement uses procedures similar to an audit, but on a smaller and limited scale. Here’s how a customized AUP engagement differs from an audit and can be used to identify specific problems that require immediate action. How do AUPs compare to audits? The American Institute of Certified Public Accountants (AICPA) […]

Tonneson & Company, PC Acclaimed by Accounting Today and Ranked Among the Top 100 a Best Accounting Firm to Work For

Accounting Today pairs annually with the Best Companies Group to identify and honor employers in the accounting industry who have succeeded in creating a positive and exemplary career environment for all employees. The conclusions are reached through a two step survey process. The first step of the process is to examine each nominated firm’s workplace […]

Great Thanks to Participants and Sponsors!

The 4th annual Tonneson + Co 5K benefitting the Wakefield Interfaith Food Pantry’s Kids First program took place on Sunday, July 24, 2016 and was a great success! Approximately 200 people ranging in age from 6 to 76 registered for the race and enjoyed the beautiful weather as they ran or walked around Lake Quannapowitt. […]

2016 5k for the Wakefield Food Pantry Information

Join us Sunday, July 24th at 8:30am for the 4th Annual Tonneson 5k for the Wakefield Interfaith Food Pantry’s “Kids First” Program! Children deserve every opportunity to grow and learn.  The “Kid’s First” Program ensures children in our community receive nutritious meals throughout the summer months and a jump start for a positive school year. […]

A Night to Remember!

On Saturday, March 19, 2016, T+Co attended the Catie’s Closet Annual Gala “A Night to Open Doors” at the Andover Country Club. Attendees enjoyed the opportunity for a chance to win various raffle items, participate in a silent auction, and be able to purchase a custom-made bracelet specially designed for the Gala. Also, a live […]