Louis Plung & Company Partner Lindsay Andrews discusses lean accounting principles and how these principles eliminate waste in the accounting process and improve financial success. Originally posted by Catalyst Connection: Aligning Accounting Practices With Core Principles of Lean Manufacturing – Catalyst Connection ..read more

Brad Shermeto, CPA, CFP bshermeto@louisplung.com Spring of 2024 brought good news for beneficiaries of inherited IRAs. It arrived on April 16 via IRS released Notice 2024-35. This notice provides relief to beneficiaries of certain inherited IRAs who have a 2024 required minimum distribution (“RMD”) requirement under the “10-year rule” of the SECURE Act of 2019 (the “Act”). The Act included changes to the way RMDs are handled. These changes included increasing the RMD age from 70.5 to 72 (beginning in 2020); allowing penalty-free withdrawals up to $5,000 from IRAs for birth and adoption costs ..read more

Following Louis Plung & Company’s appearance at the 2024 Pittsburgh Dealmaker’s Conference on February 29, Forensic, Litigation & Valuation Partner Tony Montanaro, CPA/ABV, CFE took a closer look at dealmaking trends in an appearance on Smart Business Dealmakers: The Middle-Market M&A Podcast. Tony shares his insight on the sharp decline in dealmaking in 2023, the factors involved, the impact on both buyers and sellers, and what we can expect in late 2024 and beyond. http://smartbusinessdealmakers.libsyn.com/tony-montanaro-partner-with-louis-plung-company ..read more

Matt Goss, CPA/ABV Mgoss@louisplung.com As a business owner, you’ve likely invested significant time, effort, and resources into your venture, but do you truly know what it is worth? Understanding the value of your business is a critical step in succession planning, strategic decision making, tax planning, and the potential sale of the business. Here we discuss the why’s and how’s of business valuation, exploring why it’s not just beneficial, but essential for every business owner to know the true value of their business. The Need for Business Valuation Common reasons a business valuation is n ..read more

Jaime Aulicino, EA Jaulicino@louisplung.com Owning a home is part of the American Dream for many people. You can decorate it how you would like; you can raise a family there if you wish, and you can hopefully build equity. Whether you are just moving into your first home, or you are celebrating 50 years there, homeownership could save you taxes. Unfortunately, the once popular first-time homebuyer credit expired in 2010. Mortgage Interest Deductions Most homeowners finance their house with a note and mortgage. During the life of the mortgage, you may be able to deduct the amount of interest pa ..read more

William Bodnar, CPA wbodnar@louisplung.com On January 31, 2024, the U.S. House of Representatives overwhelmingly passed the Tax Relief for American Families and Workers Act of 2024 (the Act). The Act contains several significant tax changes that benefit business owners, as well as providing increases to the child tax credit. The Bill is currently stalled in the Senate where it is expected to be taken up in early March. This blog focuses on the most significant business provisions. Bonus Depreciation The Act reinstates bonus depreciation to 100% for 2023 through 2025 tax years. Under the 2017 T ..read more

Jaime Aulicino, EA jaulicino@louisplung.com In 2023, electric vehicles (EVs) became a hot commodity as a new clean vehicle tax credit gave buyers even more incentive to make the switch from internal combustion engines. The credit, with a $7,500 limit, covers new, qualified plug-in EVs (e.g., Tesla) and fuel cell electric vehicles (FCVs) (e.g., Toyota Mirai) purchased from a dealer. The credit is available to individuals and their businesses, and the vehicles must be bought for non-resale purposes and used primarily in the United States. Further eligibility requirements apply. January 1 – April ..read more

Jaime Aulicino, EA jaulicino@louisplung.com The Federal Corporate Transparency Act (CTA) became effective on January 1, 2024, to combat money laundering, terrorism, drug trade and other illegal activities with shell companies set up in the United States (U.S.). The law creates a new filing requirement for many smaller domestic and foreign entities. The effected entities must file a Beneficial Ownership Information (BOI) report online with the Financial Crimes Enforcement Network (FinCEN). The filing requirements depend on when the entity was established and requires updates each time required ..read more

By Lindsay Andrews, CPA lindsay.andrews@louisplung.com Many manufacturers utilize lean techniques to help improve manufacturing processes. In addition to the manufacturing process, the concepts of lean can extend to various other aspects of the business including accounting. There are five principles of lean and each one of these principles has applications to accounting departments. 1.) Creating Customer Value Value is what a client is willing to pay for. For the accounting team, there are two types of clients: customers of an organization; and internal company management. Everyone in an orga ..read more

Many state governments require entities organized under its laws to file an annual or biennial report confirming the existence of that entity. Instead, Pennsylvania has only required a decennial filing (once every ten years) to confirm the existence of any entity that has not made some other type of filing with the Pennsylvania Corporation Bureau during the preceding ten years. PA House Bill 2057 Enacts an Annual Reporting Requirement The Pennsylvania legislature recently passed and approved PA House Bill 2057, amending Title 15 of the Pennsylvania Consolidated Statutes, which now requires an ..read more