Unexpected medical expenses and long-term healthcare costs are often overlooked or underestimated in financial, retirement, and estate planning, especially for affluent individuals and families. When it comes to tax-efficient healthcare coverage, Healthcare Savings Accounts (HSAs) can actually help you build wealth and view your healthcare coverage as a long-term investment rather than a cost.
Read MoreFor privately-held businesses, the Financial Accounting Standard Board (FASB) lease accounting standard (ASC 842) has been coming down the pipeline for some time. In 2016, the FASB introduced the standard as part of its efforts to improve consistency and transparency across lease accounting.
Read MoreAs we head into 2022, the rapid-fire legislative and regulatory changes we have become accustomed to over the past two years are showing no signs of slowing down. Keeping an open dialogue with your CPA will play a key role in creating and implementing a nonprofit accounting strategy that helps you fulfill your mission and maintain compliance.
Read MoreWe’re taking a look at some of the most significant changes the House presented in the latest version of the Act. Understanding what has changed, when these changes are set to take effect, and what else could be ahead can help you and your CPA ensure timely-filed, tax-efficient 2021 income tax returns.
Read MoreThe Infrastructure Investment and Jobs Act (Infrastructure Bill) aims to reach several lofty goals, which means it comes with a high price tag. While we had hoped to see some resolution, the legislation is still in negotiations. Congress continues to debate the budget reconciliation bill and methods to repay the cost of the legislation’s provisions. Uncertainty makes tax and estate planning more challenging
Read MoreInternal controls help you ensure the security of your financial and accounting information, employee and client data, and other proprietary and sensitive information. The use of cloud computing has increased, more employees have joined the remote workforce, and many businesses have taken their banking activities, human resources functions, and storefront sales to an online platform.
Read MoreThe waiting game continues for the highly-anticipated and widely-debated Infrastructure Investment and Jobs Act (Infrastructure Bill), making it more challenging for business owners to get a jump on specific aspects of year-end tax planning. Among other things, the Infrastructure Bill includes Biden’s plan to repair and improve roads, bridges, waterways, airports, and access to broadband across the nation. Why the wait?
Read MoreFor business owners and nonprofit leaders, financial statements are like doctor’s appointments. To keep your business healthy, you perform regular exams based on specific accounting periods, and you see your tax professional for intermittent check-ups and an annual physical. Financial statements generally include a balance sheet, income statement, and cash flow statement.
Read MoreThe term “healthcare worker” has generally become synonymous with “hero” since the start of the pandemic. To keep those heroes ready and able to provide essential functions on the front lines, healthcare providers have turned to a number of federal and state COVID-19 relief programs and legislative provisions along the way.
Read MoreA family limited partnership (FLP) is an estate planning option typically employed to champion a family’s wealth transfer objectives. Historically, FLPs have helped families address both collective and individual goals and coordinate and consolidate family assets and investments, such as closely-held business interests.
Read MoreThe economic impacts of COVID-19 continue to affect the “bread and butter” of individuals and families across the nation. Here is a look at what’s ahead for 2021 individual income taxes, including possible benefits and implications related to COVID-19.
Read MorePair a tough year with the complexities that come with existing and evolving tax legislation and regulations, and professional accounting advice becomes even more valuable than ever. Making sure you understand how new and evolving legislation and regulations affect your reporting requirements this year is one of the ways to protect your organization from future costs for correcting noncompliance.
Read MoreStarting your own practice takes a great deal of forethought and planning. Before all the pieces of running a business fall into place, you have to determine your business structure or entity type.
Read MoreIt is essential for taxpayers to understand when these transactions create reportable income or, possibly, foreign account reporting requirements.
Read MoreAs a business owner, you make critical decisions on behalf of your company every day. Outsourcing your bookkeeping services can help you meet your business goals by saving you time and money, and by helping you plan for what lies ahead.
Planning ahead for a life event can lead to significant tax savings as opposed to making adjustments and hoping for the best after the fact. How a change or event could affect your financial health is essential to understand, and so is having a grasp of all of your options before taking a financial leap or as you plan for an expected life event.
Read MoreNursing homes are facing unrivaled financial and operational challenges. The significant challenges prove that now is the time to leverage your nursing home’s professional relationships to the fullest. In terms of strategic planning, a CPA firm is an ally you need in your corner.
Read MoreAs a contractor or real estate developer, you know your trade well. You go into a build knowing it needs a solid foundation. Maybe you have to spend a little time silently correcting those who refer to the concrete slab as “cement,” but the point is, you know the project’s long-term structural integrity depends on the right mixture of compounds.
Read MoreFinancial statements provide business owners and management teams with valuable insights into their business’s financial health. The frequency of financial statements and the level of information included varies depending on a company’s specific needs and reporting requirements.
Read MoreThe pandemic has increased the need for people to rely on nonprofit services. Successful fundraising efforts require a lot of work, dedication and planning. The latest trends can help your nonprofits target their fundraising audience in the right way.
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