admin CORPORATE TAX | 04/19/2024 Maximizing Tax Savings: Understanding the Interplay Between Section 179 and Bonus Depreciation Tax planning has evolved from a year-end exercise into an ongoing, strategic process. With regular consultation becoming essential, one significant opportunity for businesses lies in leveraging Section 179 and bonus depreciation. These provisions, particularly following changes introduced by the …
BUSINESS MANAGEMENT | 04/02/2024 In the modern business environment, technology and data accuracy are critical for effective decision-making and operations. For organizations undergoing software transitions—such as accounting, tax, or financial management systems—ensuring clean data is essential to avoid reporting errors, poor decision-making, and wasted resources. If your organization is preparing for a mission-critical software conversion, …
PROPERTIES | 04/01/2024 Key Insights for Filing a Real Estate Tax Appeal Property tax assessments play a critical role in determining your real estate tax obligations, which fund essential community services like education and public safety. However, inaccurate assessments can lead to overpayment of taxes. Understanding the assessment process and knowing how to navigate the …
BUSINESS MANAGEMENT | 03/22/2024 Optimizing Back-Office Operations for Franchise Success Whether you’re franchising a restaurant, gym, or another service-based business, maintaining organized back-office records and implementing effective accounting processes—both physically and digitally—is essential. A well-managed back office ensures financial stability and supports the growth of your franchise. The Role of the Back Office in Franchises …
CORPORATE TAX | 03/24/2024 If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. Credit fundamentals The FICA credit applies to tips that your staff …
TAX PLANNING | 03/03/2024 Key insights Establishing a trust can be a crucial part of estate planning, but understanding how the trust’s income will be taxed is equally important. Changes such as those introduced by the American Taxpayer Relief Act of 2012 (ATRA), which increased income tax rates and introduced the Net Investment Income Tax …
NONPROFITS | 03/01/2024 Key Insights Does allocating expenses across grants and programs frustrate you because of complexity and lack of automation? It’s a common nonprofit pain point. For nonprofits, it’s critical wages and expenses are appropriately allocated both for compliance purposes and management’s understanding of program performance. The allocation process is often manual and time-consuming. Review some …
CORPORATION TAX | 02/28/2024 Key insights Businesses must carefully evaluate loans between related companies so interest rates charged comply with the federal income tax rules. The IRS recently issued Advice Memorandum AM-2023-008, shedding light on treating intercompany interest rates in the context of group membership. Overcharging affiliates could lead to IRS scrutiny and potential adjustments. Let’s …
NONPROFITS | 02/02/2024 Nonprofit organizations often rely on donations to support their mission-driven work, but unfortunately, these valuable revenue streams can attract fraudsters looking to exploit these resources. Scammers frequently target nonprofits with fraudulent donation refund requests and attempts to harvest personal information, which can lead to significant financial losses and damage to the organization’s …
REGULATION | 01/01/2024 Earlier this week, the U.S. Department of Labor (DOL) finalized its ruling on determining employee versus independent contractor status under the Fair Labor Standards Act (FLSA). This decision follows the proposed regulations released in October, with the final ruling largely aligning with the earlier draft. The updated regulations mark a return to …