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    Take your audit to the next level with management letters
    Posts

    Management letters: Follow up on your auditor’s recommendations

    In today’s uncertain market, maintaining the status quo might be dangerous. Businesses must “level up” by being proactive and adaptable...

    GST tax
    Posts

    The GST tax and your estate plan: What you need to know

    A not-so-fun truth is this: the generation-skipping transfer (GST) tax is one of the toughest and most complicated in the...

    R&D payroll tax credit
    Posts

    Inflation Reduction Act expands valuable R&D payroll tax credit – part two

    Most news coverage surrounding the recently signed Inflation Reduction Act (IRA) focused on its health care and climate change sections....

    R&D payroll tax credit
    Posts

    Inflation Reduction Act expands valuable R&D payroll tax credit – part one

    Most news coverage surrounding the recently signed Inflation Reduction Act (IRA) focused on its health care and climate change sections....

    financial distress debt in business
    Posts

    Do you know the signs of financial distress in a business?

    The financial figures do not tell the entire story. Knowing how to see warning signs of coming issues allows investors,...

    Common Tax Myth
    Posts

    Effective and Marginal Tax: Understanding the difference

    The tax code contains several terms we rarely use in everyday conversation. Two of the more common are Marginal Tax...

    DAF Benefits and Disadvantages for Charitable Trust and Giving to Charity or to Donate Appreciated Stock
    Posts

    CLTs: A charitable trust that takes the lead

    Do you tend to temporarily donate property to a charity without permanently giving it up? Then, consider the advantages of...

    funding from outside investors
    Posts

    Businesses looking for outside investors need a sturdy pitch deck

    Is your company prepared to look for outside investors for funding? For example, you might be a start-up needing funding...

    Financial Forecasts and Projections
    Posts

    Forecasts vs. projections: What’s the big difference?

    Financial statements consider past results. But there are occasions when you need forward-looking reports, like forecasts and projections, to: Support...

    IRS Guidance on the Clean Vehicle (CV) Credit for Electric Cars
    Posts

    The Clean Vehicle Credit comes with caveats – part two

    The Inflation Reduction Act (IRA) includes various tax incentives to reduce the severe effects of climate change. The Qualified Plug-in...

    IRS Guidance on the Clean Vehicle (CV) Credit for Electric Cars
    Posts

    The Clean Vehicle Credit comes with caveats – part one

    The Inflation Reduction Act (IRA) includes various tax incentives to reduce the severe effects of climate change. The Qualified Plug-in...

    Posts

    Take a balanced approach to retirement and estate planning using a split annuity

    The biggest problem for those who are approaching or have already reached retirement is striking a balance between the necessity...

    IRS Letter for Penalty Relief Notices and Rebate Payments
    Posts

    IRS offers penalty relief for the 2019 and 2020 tax years

    Although the recently announced student loan debt relief has garnered much attention, another federal relief program from the same announcement...

    Posts

    Does your business barter? Here are some facts you should know

    Many small businesses are cash-strapped in the current economy. Instead of paying cash, they can find it advantageous to barter...

    Posts

    Leveraging internal audits

    Internal audit departments are typical in businesses. They check to see if the company is accurately reporting financial data according...

    Posts

    Careful planning required for beneficiaries to borrow from a trust

    Intrafamily loans allow you to help loved ones out financially while potentially lowering gift and estate taxes. However, what about...

    Posts

    The Inflation Reduction Act includes extensive tax provisions – part two

    The Inflation Reduction Act (IRA) has its approval from the U.S. Senate and House of Representatives. The bill should be signed into law...

    Posts

    The Inflation Reduction Act includes extensive tax provisions – part one

    The Inflation Reduction Act (IRA) has its approval from the U.S. Senate and House of Representatives. The bill should be...

    Posts

    Hidden back-to-school tax deductions

    As the summer draws to a close, back-to-school advertising is ramping up. Parents, guardians, and teachers can take advantage of...

    Tech and Biotech Startups
    Posts

    CHIPS Act poised to boost U.S. businesses

    The CHIPS and Science Act of 2022, which includes the Creating Helpful Incentives to Produce Semiconductors for America Act, just...

    Goodwill in a bad economy
    Posts

    Goodwill in a bad economy

    Many companies and nonprofit organizations have been forced to reduce the value of acquired goodwill on their balance sheets due...

    giving excess gifts and filing a gift tax return vs. bequests
    Posts

    Are you and your spouse considering “splitting” gifts?

    Gift splitting can help you and your spouse maximize the amount of wealth that can be transferred tax-free and is...

    Fair Value in Accounting
    Posts

    FAQs about fair value in accounting

    Recent guidance from accounting rule makers requires the “fair value” reporting of specific items on the balance sheet. Here are...

    bonus depreciation bonus
    Posts

    Businesses must act now to make the most out of bonus depreciation – part two

    The potential business value of bonus depreciation for taxpayers rose significantly with the Tax Cuts and Jobs Act (TCJA), but...

    bonus depreciation bonus
    Posts

    Businesses must act now to make the most out of bonus depreciation – part one

    There have been different levels of bonus depreciation available for some time. For example, taxpayers could often claim a bonus...

    Inventory Management for Start-Up Business Expenses and Accounting Methods
    Posts

    Deciding between cash and accrual accounting methods

    Small businesses typically begin with the cash-basis accounting technique. However, many eventually switch to accrual-basis reporting to comply with U.S....

    Crummey Powers in Family Trust and Estate Planning
    Posts

    Power up your trust with Crummey powers

    After accounting for inflation, the unified gift and estate tax exemption is up from $11.7 million in 2021 to $12.06...

    Selling Business or Trade Property Results in Tax Consequences
    Posts

    The tax mechanics involved in the sale of trade or business property

    What tax consequences result from selling a piece of the property employed in your trade or business? A variety of...

    New log standard business mileage tax deduction rates for 2024/2025
    Posts

    Your business mileage deduction just became more valuable

    Your business mileage tax deduction is now more valuable for the rest of 2022 after a recent announcement by the...

    reporting subsequent events
    Posts

    Timing counts: Reporting subsequent events

    Significant events or transactions may occur after the reporting period has ended but before the completion of financial statements. Examples...

    Avoid Federal Gift and Estate Tax Uncertainty With a SLAT Spousal Trust
    Posts

    Opening up to SLAT opportunities

    Planning for estate taxes can get challenging when there are several parties. For instance, you might worry about supporting your...

    new business partner
    Posts

    Tax considerations when adding a new partner at your business

    The business decision to add a new partner has several financial and legal repercussions. Imagine that you and your existing...

    from C corporation to S corporation
    Posts

    Tax issues to assess when converting from a C corporation to an S corporation

    In the correct situations, operating as an S company may assist small firms in lowering federal employment taxes. However, before...

    audit opinions for related-party transactions
    Posts

    Eyes on related parties

    Business transactions with related parties, such as friends, family, parent firms, subsidiaries, and affiliated entities, may occasionally occur at above-...

    ERISA
    Posts

    ERISA and EAPs: What’s the deal?

    When considering an employee assistance program (EAP), many business owners wonder if the Employee Retirement Income Security Act (ERISA) will...

    buy-sell agreements
    Posts

    Add estate planning flexibility with a power of appointment

    Even the most well-laid plans can go wrong. Events may occur after your death that you did not anticipate or...

    Going Private Versus Public Company
    Posts

    Going private

    The news media has recently focused on initial public offerings (IPOs) involving special purpose acquisition companies (SPACs). However, amid the...

    accelerate depreciation of taxable income and defer deductions
    Posts

    Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions

    Businesses typically desire to defer the recording of taxable income to future years while attempting to accelerate deductions in the...

    Defined-value gifts
    Posts

    Defined-value gifts: Plan carefully to avoid unpleasant tax surprises

    An increase in the federal gift and estate tax exemption for 2022 makes it at its most significant level ever....

    IRS guidance on new catch-up contribution rules for tax-favored retirement plan
    Posts

    Establish a tax-favored retirement plan

    If your company doesn't already have a tax-favored retirement plan in place, now is a terrific moment to start. The...

    Critical Audit Matters, Risk, Esg Issues, and More Reported
    Posts

    New audit committee survey reveals trends on risks, ESG reporting, and more

    The Center for Audit Quality, an associate of the American Institute of Certified Public Accountants, released a survey titled "Audit...

    Selling property to family and what else requires a tax review for inherited IRA
    Posts

    Proposed regulations for inherited IRAs bring unwelcome surprises

    The first significant legislation signed into law addressing retirement savings since 2006 was in late 2019. Many improvements to retirement...

    Payment Apps Have New Tax Form 1099-K Filing Reporting Requirements
    Posts

    Businesses: Prepare for the lower 1099-K filing threshold

    This year, more workers may fall into the required reporting range of income. Therefore, businesses should be aware that they...

    deduct business meals
    Posts

    Fully deduct business meals this year

    The federal government is now subsidizing corporate meals. One of the COVID-19 relief laws doubles the typical deduction for 50% of...

    Health Savings Accounts
    Posts

    Inflation enhances the 2023 amounts for Health Savings Accounts

    The IRS has issued advice outlining the inflation-adjusted values for Health Savings Accounts (HSAs) until 2023. Because of the high...

    IRS Penalty Relief Notices
    Posts

    Businesses may receive notices about information returns that don’t match IRS records

    The Internal Revenue Service (IRS) sends notices to corporations, financial institutions, and other taxpayers who filed returns with information that...

    FAQs to Prepare for Tax Day with year-end tax reduction techniques
    Posts

    After tax day: Take these action steps

    The April deadline for filing taxes has passed, but that doesn’t mean you should forget about them until next year....

    The Homeowner Tax Break to reduce your bills, property taxes, and real estate probate costs or apply risk of depreciation recapture rules on home sale
    Posts

    Owning real estate in more than one state may multiply probate costs

    Probate avoidance or minimization is one of the goals of estate planning. It is especially significant if you own property...

    research tax credit for small business payroll taxes
    Posts

    The election to apply the research tax credit against payroll taxes

    The research and development (R&D) credit is a substantial tax break provided to eligible businesses. Claiming the credit requires intricate...

    deduct business trip costs
    Posts

    Can you deduct the costs of a spouse on a business trip?

    If you own a business and often travel for it, you may wonder if you can deduct the costs of...

    audit opinions for related-party transactions
    Posts

    Four levels of audit opinions

    The auditor’s report appears on the first page of the audited financial statements. One should not overlook that essential aspect...

    IRA contribution error with contributions to retirement savings to retire early
    Posts

    Congress eyes further retirement savings enhancements

    The bipartisan Setting Every Community Up for Retirement Enhancement Act (SECURE Act) became law in 2019, marking the first important...

    DAF Benefits and Disadvantages for Charitable Trust and Giving to Charity or to Donate Appreciated Stock
    Posts

    The donor-advised fund: A powerful vehicle for charitable giving

    Consider a donor-advised fund (DAF) if charitable giving is essential to you. Usually sponsored and managed by a community foundation...

    Benchmarking and Forecasting with Data Analytics in Financial Statements
    Posts

    Take your financial statements to the next level

    Spring is the time of year that calendar-year-end businesses issue financial statements and prepare tax returns. This year, take your...

    Withdraw Cash at Minimum Tax Cost From Your Closely Held Corporation
    Posts

    Making withdrawals from your closely held corporation that aren’t taxed as dividends

    Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is...

    Reduce Gift Tax Rate
    Posts

    Use the net gift technique to reduce your gift tax rate

    If you’re concerned about the impact of transfer taxes on your gifts, consider making “net gifts” to your loved ones....

    Reading the Fine Print in Audit Disclosures
    Posts

    Audit disclosures: Why the fine print is important

    Footnotes appear at the end of a company’s audited financial statements. These audit disclosures provide insight into account balances, accounting...

    Tax Deadlines
    Posts

    2022 Q2 tax calendar: Key deadlines for businesses and other employers

    Is this year’s April 18 filing deadline applicable to your company? What additional tax deadlines are there for businesses and...

    turnaround acquisitions
    Posts

    Approach turnaround acquisitions with due care

    Economic changes wrought by the COVID-19 pandemic and other factors drove historic global mergers and acquisitions (M&A) activity in 2021....

    activity-based costing
    Posts

    The ABCs of activity-based costing

    As reported on your company’s income statement, revenue and expenses have limited usefulness to people inside the organization. Managers often...

    leverage your startup expenses and tax aspects of operating a business
    Posts

    Important tax aspects of operating your business as a sole proprietor

    If you’re in business for yourself as a sole proprietor or plan to start a business, you need to know...

    Planning and Preparation for Protecting family estate while kids filing their own taxes
    Posts

    Does your trust need protection?

    Designing an estate plan can be a delicate balancing act. On the one hand, you want to preserve as much...

    What contemporaneous records do I need to keep? CPA preparations or compilations
    Posts

    Preparations vs. compilations

    Your business needs financial statements. That way, management can monitor performance, attract investment capital, and borrow money from a bank...

    The best defense for what to do when audited on audits of an IRS Tax Return Audit
    Posts

    Keeping meticulous records is the key to tax deductions and painless IRS audits

    If you operate a business or are starting a new one, you know you need to keep records of your...

    IRS tax return filing requirements to avoid court cases
    Posts

    The IRS again eases Schedules K-2 and K-3 filing requirements for 2021

    The IRS announced additional relief for pass-through entities required to file two new tax forms for the 2021 tax year....

    Separation of Duties for Start-Up Business Expenses and Accounting Methods
    Posts

    Entrepreneurs and taxes: How expenses are claimed on tax returns

    While some businesses have closed since the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited several reasons they...

    Business forecasting and harvesting your capital losses
    Posts

    How to forecast smarter

    Forecasting key business metrics can help reduce excess inventory and other overhead, offer competitive prices, and keep your business on...

    The Kiddie Tax - Child Credits for 2021 Gift Return
    Posts

    The 2021 gift tax return deadline is almost here, too

    April 18, 2022, is the deadline for filing your federal income tax return. However, keep in mind that the 2021gifttax...

    Business Owner Employee Tax Limits not filing on time for Independent Contractor vs. Employee and retirement plans for small businesses
    Posts

    Numerous tax limits affecting businesses have increased for 2022

    Many tax limits that affect businesses get indexed annually for inflation. However, a number of them have increased for 2022....

    Financial Statements: A Guide to Optimal Business Decisions
    Posts

    Let your financial statements guide you to optimal business decisions

    Now that 2022 is up and running, business owners can expect to face a few challenges and tough choices as...

    Payment Apps Have New Tax Form 1099-K Filing Reporting Requirements
    Posts

    New tax reporting requirements for payment apps could affect you

    Do you run a business and accept payment through third-party apps such as Zelle, Venmo, Square, or PayPal? The new...

    Health Care Reporting Deadlines
    Posts

    2022 deadlines for reporting health care coverage information

    Before we talk about reporting deadlines, let's first discuss who actually needs to report that health care coverage information? Since...

    2022 Year-End Tax deadlines
    Posts

    2022 calendar of tax deadlines

    We want to help make sure you don’t miss any important 2022 tax deadlines. So, we’ve provided this summary of...

    Tip Tax Credit for Food and Beverage Restaurant Business
    Posts

    Businesses with employees who receive tips may be eligible for a tax credit

    If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for...

    Managing Inventory
    Posts

    Reporting and managing inventory

    Ineffective inventory management and reporting can result in bloated working capital and impaired business profits. In industries that rely on...

    IRA Trust Savings
    Posts

    With proper planning, a charitable remainder trust can replicate a “stretch” IRA

    The “stretch” IRA generally no longer exists. But with a substantial balance in a traditional IRA, a properly-designed charitable remainder...

    Section 1031 like-kind exchange
    Posts

    Defer tax with a like-kind exchange

    Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax...

    owning a corporate aircraft
    Posts

    The tax implications of owning a corporate aircraft

    If your business is successful and you do a lot of business travel, you might consider buying a corporate aircraft....

    Prepare for a new year by reviewing your estate plan
    Posts

    Prepare for a new year by reviewing your estate plan

    Hopefully, you already have a sound estate plan in place to protect the interests of your heirs and minimize potential...

    fraud risks
    Posts

    How to assess fraud risks today

    Auditing standards require external auditors to consider potential fraud risks. These auditors watch out for conditions that provide the opportunity...

    holiday tax breaks
    Posts

    Businesses can show appreciation — and gain tax breaks — with holiday gifts and parties

    With Thanksgiving just around the corner, the holiday season will soon be here. Your business may want to show its...

    2022 Cost-Of-Living
    Posts

    Don’t forget to factor 2022 cost-of-living adjustments into your year-end tax planning

    The IRS recently issued its 2022 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year,...

    Posts

    Do you have a will

    The need for a will as a key component of your estate planning may seem obvious. You’d be surprised, though,...

    Posts

    Data visualization: A picture is worth 1,000 words

    Graphs, performance dashboards and other visual aids can help managers, investors and lenders digest complex financial information. Likewise, auditors also...

    Posts

    What business owners should know about stop-loss insurance

    When choosing health care benefits, many businesses opt for a self-insured (self-funded) plan rather than a fully insured one. Why?...

    Posts

    Thinking about participating in your employer’s 401(k) plan? Here’s how it works

    Employers offer 401(k) plans for many reasons, including to attract and retain talent. These plans help an employee accumulate a...

    Posts

    Get your piece of the depreciation pie now with a cost segregation study

    If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation,...

    Posts

    10 financial statement areas to watch for COVID-related effects

    The COVID-19 pandemic is still adversely affecting many businesses and not-for-profit organizations, but the effects vary, depending on the nature...

    Posts

    Going concern disclosures today

    With the COVID-19 pandemic well into its second year and the start of planning for the upcoming audit season, you...

    Posts

    EIDL program retooled for still-struggling small businesses

    For many small businesses, the grand reopening is still on hold. The rapid spread of the Delta variant of COVID-19...

    Posts

    Related-party transactions draw attention from auditors

    Related-party transactions and financial connections are a normal part of operating a business. But these arrangements have gotten a bad...

    Posts

    Tax depreciation rules for business automobiles

    If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The...

    Posts

    Opening a new location calls for careful planning

    The U.S. economy has been nothing short of a roller-coaster ride for the past year and a half. Some industries...

    Posts

    3 essential estate planning strategies not to be ignored

    With most tax planning, there are certain strategies that are generally effective and shouldn’t be ignored. The same holds true...

    Posts

    Restating financial results

    In the first half of 2021, there was a surge in financial restatements. The reason relates to guidance issued by...

    Posts

    Think like a lender before applying for a business loan

    Commercial loans, particularly small business loans, have been in the news over the past year or so. The federal government’s...

    Posts

    Want to find out what IRS auditors know about your business industry?

    In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues...

    Posts

    Financial reporting issues to consider in “going private” transactions

    In the midst of mounting inflation, supply shortages, geopolitical turmoil, threats of cyberattacks and continuing COVID-19 concerns, public stock prices...

    Posts

    Expanding succession planning beyond ownership

    Business owners are regularly urged to create and update their succession plans. And rightfully so — in the event of...

    Posts

    A tenancy-in-common interest can ease distribution of real estate

    If your estate includes significant real estate investments, the manner in which you own these assets can have a dramatic...

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