Are You Managing Your Art as an Asset? You Should Be
Kaufman Rossin
by Emma Sanders
2y ago
A proper asset management strategy can help you maximize value of art and collectibles In March of 2020, a Michael Jordan NBA rookie card sold for $48,600. Two months later, in May of 2020, it sold for $87,825 – a 180% return. That appreciation is just one example of how online and private sales of art and collectibles have skyrocketed during the COVID-19 pandemic. Everything from paintings and sculptures to Hermes Birkin bags and antique rugs – and of course NFTs – have seen increases in valuations in recent months. Much of this growth can be attributed to collectors looking for a place to in ..read more
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Lessees: Understanding the New Lease Accounting Standard
Kaufman Rossin
by LRuiz
2y ago
This blog post was originally published on September 12, 2019. It was updated on November 29, 2021. The new FASB lease accounting standard may seem relatively straightforward, but it could be challenging to implement and may require substantial balance sheet changes. The new lease accounting standard by the Financial Accounting Standards Board (FASB) is requiring companies to make substantial adjustments to how they report lease obligations and rights. Although FASB decided to delay implementation of the new ASC 842 standard for certain entities, you should not delay preparation. The new ..read more
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Watch These Proposed Tax Changes in the Build Back Better Act
Kaufman Rossin
by LRuiz
2y ago
The U.S. House of Representatives has introduced multiple bills with the potential to change tax rates –most notably the Build Back Better Act, which contains several significant tax provisions. It’s not clear which – if any – of these provisions will become law, but it’s advisable to stay up-to-date on these proposed tax changes as you approach year-end tax planning conversations with your tax advisor. Members of the House and Senate are in heavy negotiations around the proposed legislation. We’ll update this blog post as information changes. For now, here’s a look at the proposals most likel ..read more
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2021 Business Tax Planning Involves Few New Provisions
Kaufman Rossin
by LRuiz
2y ago
This year corporate tax planning is about maximizing potential credits Very few new tax-law changes went into effect for companies in 2021. Nearly all changes from 2020 to 2021 were related to the loss or reduction of COVID-19-related benefits tied to the Coronavirus Aid, Relief, and Economic Security (CARES) Act or other provisions. However, as the pandemic remained a challenge for many organizations during 2021, changes to related tax-relief provisions may affect your business’ 2021 taxes. As Congress continues to debate potential tax changes, it’s not yet clear whether 2022 will bring new t ..read more
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6 Tax Planning Moves for Individuals to Consider Before 2021 Ends
Kaufman Rossin
by Emma Sanders
2y ago
Prepare for potential tax-law changes and reduce your 2021 tax bill Confused by the barrage of headlines about proposed changes to tax laws? Wondering what, if anything, you should be doing for year-end tax planning this year? As federal lawmakers debate potential tax changes, it’s important to keep watch on the developments. You can read about the most current and relevant proposed tax changes here. However, regardless of whether any significant changes to tax laws are passed, there are a number of tax-planning moves you can make now to reduce your 2021 individual tax bill and plan for your f ..read more
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Investment Funds: 2021 Tax Planning Means Preparing for Expanded K-1 Reporting
Kaufman Rossin
by Emma Sanders
2y ago
For 2021, there aren’t many tax changes that will affect investment fund managers. However, that may not be the case next year, as some of the tax proposals currently in Congress would have a significant effect on investment funds if they pass. For this year, though, the most significant changes are around reporting requirements. The following are a few considerations as you think about year-end tax planning for your investment fund. Be prepared to spend more time on K-1s You can expect Schedule K-1s to be significantly more involved, which will result in more pages to your K-1 reporting packa ..read more
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Can You Afford to Ignore the Risk of Cyber-Fraud in Your Family Office?
Kaufman Rossin
by LRuiz
2y ago
This blog post was originally published on August 24, 2018. It was updated October 14, 2021. Many think a smaller office with fewer employees makes it easier to monitor and control fraud. However, the fewer employees, the more difficult controls can become. According to the Association of Certified Fraud Examiners (ACFE) 2020 Report to the Nations, small businesses are twice as likely to experience billing fraud and payroll fraud, and four times more likely to suffer fraud loss related to check and payment tampering. Moreover, businesses with fewer than 100 employees had the highest median los ..read more
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How Your Business Can Benefit from a Strategic, Operational and Financial Assessment
Kaufman Rossin
by Emma Sanders
2y ago
When was the last time someone objectively analyzed your business – evaluating your strategy, deciding whether it’s still the right strategy, seeing whether your operations are in line with your strategy and objectively examining your financial results? If your answer is “not recently,” then it may be time for a strategic, operational and financial assessment (SOFA). A strategic, operational and financial assessment looks at your business fundamentals to understand whether you’re on track for sustained success; ascertains your short-term and long-term competitive position in the industry; iden ..read more
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Retailers: Build a Future-Focused Board
Kaufman Rossin
by Emma Sanders
2y ago
To survive and thrive, a retailer must be focused on the future of its business model, operational model, and possibly even revenue streams. One of the important tools in getting you there is a future-focused board. A future-focused board will, as McKinsey Global Surveys have found, “go beyond fiduciary responsibilities to take a more active role in constructively challenging and providing input on a broader range of matters.” Retail companies need boards that do more than provide financial and compliance oversight. They need boards that can help them navigate a volatile, uncertain, complex an ..read more
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Investment Advisers: Are You Ready for DOL Fiduciary Rule Reboot?
Kaufman Rossin
by Emma Sanders
2y ago
Investment firms, banks and insurance firms have a short window to comply with the new Prohibited Transaction Exemption (PTE 2020-02) The U.S. Department of Labor (DOL) reimagined the fiduciary rule that was vacated in 2018 by the Fifth Circuit of the U.S. Court of Appeals by releasing Prohibited Transaction Exemption 2020-02, Improving Investment Advice for Workers & Retirees (PTE 2020-02). The new rule will have a meaningful impact to federally and state-registered investment advisers (RIAs), broker-dealers, banks, insurance companies and insurance brokers. Many firms do not realize they ..read more
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