Issuing financial statements that comply with U.S. Generally Accepted Accounting Principles (GAAP) requires significant time, expertise and resources. Although lenders and other stakeholders often prefer — or require — GAAP statements, some small business owners may find that tax-basis reporting is a practical alternative. If you use financial statements only for tax compliance and internal […]
It’s easy to focus on the excitement of a big win. However, federal tax law generally treats lottery prizes, gambling winnings and other awards as taxable income. Knowing the basic rules can help you avoid surprises when you file your 2026 return next year. Lottery prizes Of course, the chances of winning big in the […]
Fraud prevention starts at the top — with the board of directors. In fact, an engaged audit committee (or other oversight team, such as an advisory board) can help protect your organization from criminal threats, both internal and external. Reviewing financial statements and audit results remains an important responsibility of the committee. However, audit committees […]
Financial information is the foundation for every important business decision. Whether your goal is to improve cash flow, launch a new offering, hire additional workers or expand into a new market, accurate data enables you to make decisions confidently. An experienced advisor can help prepare this data and ensure your business is poised to capitalize […]
Increasing revenue is not the only way to strengthen your business’s financial performance. Another option is to take a closer look at operating expenses and determine whether every dollar you spend delivers value. A systematic review of major expense categories can uncover opportunities to reduce waste and protect your bottom line without sacrificing long-term growth. […]
On July 4, 2025, President Trump signed the One Big Beautiful Bill Act into law, marking a significant milestone in U.S. tax legislation. This bill, which passed the Senate on July 1 and the House on July 3, introduces a wide array of tax changes affecting individuals, businesses, and green energy provisions. Here’s a detailed […]
Financial forecasting provides a roadmap to guide your organization on the path to success. Forecasts support strategic planning by helping you allocate resources efficiently, manage risks effectively and optimize capital investments. However, today’s dynamic marketplace is uncharted territory, so you cannot rely solely on historical data. Reliable forecasts also consider external market trends and professional […]
Tuesday, April 15 is the deadline for filing your 2024 tax return. However another tax deadline is coming up the same day, and it is essential for certain taxpayers. It is the deadline for making the first quarterly estimated tax payment for 2025 if you are required to make one. Basic details You may have […]
The Child Tax Credit (CTC) has long been a valuable tax break for families with qualifying children. Whether you are new to claiming the credit or you have benefited from it for years, it is crucial to stay current on its rules and potential changes. As we approach the expiration of certain provisions within the […]
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 […]