Have you ever felt lost in a sea of data – trying to make sense of numbers from various spreadsheets, emails and messy dashboards that don’t integrate with one another? You’re not alone. Data overload, a highly technical consulting term, has become a common headache for organizations of all kinds.   As companies map out their strategic plans, making sense of big data has become a top priority. Data dashboards are no longer buzz words; they have become critical tools that help leaders make smarter business decisions.    How do companies make sense of all the data and bu ..read more

Most people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? But in some cases, it may turn out to be too good to be true. While most inherited property is tax-free to the recipient, this isn’t always the case with property that’s considered income in respect of a decedent (IRD). If you have large balances in an IRA or other retirement account — or inherit such assets — IRD may be a significant estate planning issue. How it Works IRD is income that the deceased was entitled to, but hadn’t yet received, at the time of his or her death. It’s included in t ..read more

For the third consecutive year, the IRS has published guidance that offers some relief to taxpayers covered by the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs or another defined contribution plan. But the IRS also indicated in Notice 2024-35 that forthcoming final regulations for the rule will apply for the purposes of determining RMDs from such accounts in 2025. Beneficiaries face RMD rule changes The need for the latest guidance traces back to the 2019 enactment of the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Among other changes, th ..read more

By: Gary Loew, CFE A midsize construction company was gearing up to begin work on a prestigious new office complex that promised significant growth and exposure for its business. Just days before the groundbreaking ceremony the company was blindsided when its main steel supplier unexpectedly shut its doors due to financial troubles. Facing imminent delays on a highly visible project, leadership had to quickly navigate the crisis, sourcing new suppliers while maintaining project deadlines and managing stakeholder expectations.   Unfortunately, this challenge (while highly stressful) i ..read more

If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, if you’re self-employed and set up a SEP-IRA, you can contribute up to 20% of your self-employment earnings, with a maximum contribution of $69,000 for 2024 (up from $66,000 for 2023). If you’re employed by your own corporation, up to 25% of your salary can be contributed to your account, with a maximum contribution of $69,000. If you’re in the 32% federal income tax bracket, making a maximum contribu ..read more

The Inflation Reduction Act (IRA) established and expanded numerous incentives to encourage taxpayers to increase their use of renewable energy and adoption of a range of energy efficient improvements. In particular, the law includes funding for nearly $9 billion in home energy rebates. While the rebates aren’t yet available, many states are expected to launch their programs in 2024. And the IRS recently released some critical guidance (Announcement 2024–19) on how it’ll treat the rebates for tax purposes. The rebate programs The home energy rebates are available for two types of imp ..read more

If your company has been in business for a while, you may not pay much attention to your payroll system so long as it’s running smoothly. But don’t get too complacent. Major payroll errors can pop up unexpectedly — creating huge disruptions costing time and money to fix, and, perhaps worst of all, compromising the trust of your employees. For these reasons, businesses are well-advised to conduct payroll audits at least once annually to guard against the many risks inherent to payroll management. Here are seven such risks to be aware of: 1. Inaccurate recordkeeping. If you don’t keep detailed ..read more

If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim all the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns in case you’re ever audited by the IRS. Be aware that there’s no one way to keep business records. On its website, the IRS states: “You can choose any recordkeeping system suited to your business that clearly shows your income and expenses.” But there are strict rules when it comes to deducting ..read more

Business owners are commonly and rightfully urged to regularly generate financial statements in compliance with Generally Accepted Accounting Principles (GAAP). One reason why is external users of financial statements, such as lenders and investors, place greater trust in financial reporting done under the rigorous standards of GAAP. But that’s not the only reason. GAAP-compliant financial statements can reveal details of your company’s financial performance that you and your leadership team may otherwise not notice until a major problem has developed.   Earnings are only the beginning Le ..read more

President Biden has released his proposed budget for the 2025 fiscal year, including numerous tax provisions affecting both businesses and individual taxpayers. While most of these provisions have little chance of coming to fruition while the U.S. House of Representatives remains controlled by the Republican Party, they might gain new life depending on the outcome of the November elections. Here’s an overview of the major tax proposals included in the budget.   Business tax provisions The budget proposal includes many changes that could affect businesses’ tax outlook, several of which Bid ..read more