You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they could not be claimed because you did not have enough deductions to itemize. How much do you need? You can itemize deductions if the total of your allowable itemized write-offs […]
On February 27, 2025, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines. No fines or penalties will be issued, and […]
The Corporate Transparency Act (CTA) requires the disclosure of the beneficial ownership information (otherwise known as “BOI”) of certain entities from people who own or control a company. However, on Friday March 1, 2024, a U.S. District Court ruled the CTA unconstitutional in a case brought by the National Small Business Association (“NSBA”). Although unconstitutional, […]
As each year winds to a close, owners of established businesses can count on having plenty of at least one thing: information. That is, they have another full calendar year of financial results to peruse, parse and ponder over. Indeed, you should not let this valuable data go to waste. Within your company’s financial statements lies […]
Technology is transforming the accounting profession. When businesses moved from paper ledgers to spreadsheets, it improved the timeliness, accuracy and integrity of accounting-related data. Likewise, cloud computing and the ability to remotely access real-time data have allowed accounting departments to be far more responsive to an increasingly distributed workforce. Artificial intelligence (AI) is the latest […]
Data breaches can be costly. The average total cost of a data breach has risen to roughly $4.45 million, according to a 2023 survey of information technology (IT) security professionals by the Ponemon Institute (a research center dedicated to privacy, data protection and information security policy). That figure has grown 15% overall in the last […]
Accrual-basis financial statements are considered by many to be the gold standard in financial reporting. But with the increasing cost and complexity of today’s accounting rules — in particular, the updated lease guidance that went into effect last year — some private companies are seeking a simpler alternative to U.S. Generally Accepted Accounting Principles (GAAP). […]
When one spouse in a married couple is not earning compensation, the couple may not be able to save as much as they need for a comfortable retirement. In general, an IRA contribution is allowed only if a taxpayer earns compensation. However, there is an exception involving a “spousal” IRA. It allows contributions to be […]
Does your organization offer health care and retirement benefits for its employees? Benefit plans with 100 or more participants are generally required to have their annual reports audited under the Employee Retirement Income Security Act of 1974 (ERISA). Here is some guidance to help plan administrators fulfill their fiduciary responsibilities for hiring independent qualified public […]
If you are planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its […]