Photo source: Pexels.com Is your company struggling with pricing strategies that reflect current market needs while protecting your profit margins? You are not alone. To say that 2026 is a challenging year is an understatement. Even before the conflict in the Middle East became a fuel-cost nightmare, the Federal Reserve was struggling to manage inflation
Photo source: Pexels.com There has never been a better time to participate in a retirement savings plan—especially if you are approaching or are over the age of 50. New rules let individuals make even more “catch-up” tax-deferred contributions to savings. For closely held business owners and not-for-profit organizations that offer a sponsored retirement plan, however,
Photo source: Unsplash.com It’s 2009. The global real estate bubble has burst, leading to market collapse and a global bank crisis. People are losing their homes and jobs. The construction industry grinds to a halt. Entire neighborhoods are abandoned. Local businesses suffer. Despite these aftershocks, the economy and markets slowly recover from the “Great Recession.”
The rate of change has accelerated, and business owners are feeling it. A 2024 Pulse of Change Index by Accenture reported that the rate of change affecting businesses has risen by 183% since 2019. An article in Forbes also noted that 60% or more of business managers that they polled are on a three-year cycle
This blog post is updated to share recent updates from FinCEN, effective February 27, 2025. As of this update, FinCEN is not issuing late filing fines or penalties in connection with BOI reporting deadlines. Although further delay is possible, required Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA) gained traction for a
For decades now, executives in the nonprofit world have debated the merits of running their organizations like for-profit businesses. In fact, many organizations have hired executives who previously worked in the for-profit world to help them build strategy and metrics for revenue as well as for dynamic tax and assurance requirements. For these reasons (as
In conjunction with the Corporate Transparency Act put forth by the Financial Crimes Enforcement Network (FinCEN) and the U.S. Department of Congress, most businesses are now required to submit Beneficial Ownership Information (BOI) to FINCEN by January 13, 2025. The previous deadline stated was January 1, 2025, but after some back-and-forth through the court system,
Economists and tax strategists are speculating about changes to the tax code after the Presidential election. With the landmark Tax Cuts and Jobs Act (TCJA) of 2017 set to expire at the end of 2025, Congress will need to approve extension of certain provisions or make them permanent. If Congress takes no action, certain provisions
A federal district court in Texas issued a preliminary injunction that could prohibit the enforcement of the Corporate Transparency Act (CTA) and the Beneficial Ownership Information (BOI) reporting rule. This ruling means that the January 1, 2025, BOI filing deadline doesn’t have be met. According to a U.S. District Court judge of the Eastern District
Have you had this situation in your organization? A highly skilled professional is promoted to a management or administrative level and begins to struggle with execution and deliverables. Responsible for a team as well as their own work, they stop operating like a sports car and stall out like a horse-pulled wagon in the mud.
If your business completes minor repairs by year-end, you can deduct those costs on your tax return. But different tax rules apply to improvements. As opposed to repairs, improvements are capital expenditures that must be written off over time. Tax safe harbors How can you tell whether work on your building constitutes a repair or
As a small business owner, effectively managing your tax burden is crucial to your financial success. While preparing and filing tax returns is an unavoidable obligation, strategic tax planning helps ensure you don’t overpay on taxes while maintaining a strong financial position year-round. Just like having a solid business plan guides your operations, implementing a
Family owned or closely held businesses that survive into the next generation have one thing in common: good governance. Transitioning from first generation to second- or third-generation businesses is highly unlikely without succession planning and the involvement of younger family members and leaders. According to SCORE, almost 30 million businesses in the U.S. are majority
There is a tax rule that permits your business to deduct employee bonuses in the previous tax year if bonuses are paid within 2½ months after the end of that tax year. The business gets a needed tax deduction now and your employees don’t need to report the income until the following tax year. This
Whether your organization experiences cash flow issues, economic repercussions or fraud, there are steps you can take to navigate a potential financial crisis. A good first step is to contact your CPA. Your team should be available for you beyond an audit or tax filing. This article provides tips on planning and risk management to
Tax credits are far more valuable to businesses than tax deductions because they reduce your business tax liability dollar for dollar. For businesses, the aggregate value of tax credits may be limited by the general business credit (GBC), found in Internal Revenue Service Code Section 38. To identify more tax-saving opportunities for your business this
After a short Internet search, it is easy to find a handful of sites dedicated to small business resources in California. To make it even easier, this article summarizes each site and what small business owners can find for financing and business planning support in California. California has relatively high taxes and a high cost
Written by Crisanto Francisco. Previously published in Accounting Today The accounting industry is offering evidence and opinions on why remote audits are here to stay. As an audit partner in California, I have seen first-hand that securely transferred documents can allow audit teams to successfully perform audits remotely. Videoconferencing technology can also handle remote audit
You may have had a “good” audit, but there is always room for improvement. Use what you’ve learned to your advantage by making improvements in your processes and controls throughout the year. When in doubt, ask your audit team! 1. Don’t wait Don’t wait until your next audit for audit planning. Reach out to your
Surplus cash calculation and distribution is one of the most interesting parts of the financial statements of affordable housing entities. It determines the amount of residual cash available to make fees, distributions, ground leasing and deferred loan payments. Surplus cash distribution and the calculation itself are important to review during an audit because: Lenders, lessors,
The California State Treasurer’s office has begun sending email reminders to California employers to register for the CalSavers Retirement Savings Program (CalSavers). CalSavers was passed into law in 2016. California employers with five or more employees, and at least one of whom is age 18 or over, are required by state law to participate in
Ever since the Coronavirus Aid, Relief and Economic Security (CARES) Act introduced the Paycheck Protection Program (PPP) in late March 2020, the U.S. Small Business Administration (SBA) continues to release piecemeal guidance to the public. One major concern for the borrowers is whether they had met the requirement that the loan was necessary, as borrowers
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. The CARES Act is a $2 trillion relief package aimed at providing relief to the American economy in combating the effects of the coronavirus pandemic. While the CARES Act is not a tax relief measure, it does include
Before we know it, the new year will arrive. Rather than make resolutions, use the last few days of the year to take action on tax opportunities and business planning — bringing real benefits and results for your business. Just to make it fun, we have come up with 12 days of year-end planning for
When the 2017 Tax Cuts and Jobs Act (TCJA) went into effect, there were a lot of benefits for businesses and individuals in the area of corporate and personal taxes. Many new deductions were created for S-Corps and owners of pass-through entities. Along with the benefits, there is still a layer of complexity to the
Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there’s still a
It seems we may be closer to revised tax law for the 2017 tax year. At this rate, floor votes may still happen prior to the holiday break. But rest assured that legislators will pore over the published tax bill before a vote. Proposed Changes The House & Senate Republican Conference Committee have agreed in
Studies coming out this year about Americans’ financial literacy and savings rates show that employers could do a lot to improve the financial wellness of their employees — at minimal cost. A survey of 1,000 adults this year by Bankrate.com showed that 31 percent of people now have emergency funds to cover six months or
