One of the fundamental yet often overlooked aspects of personal finance is understanding and routinely reviewing the Social Security Statement. Given its relevance to retirement planning, disability coverage, and survivors’ benefits, here is a summary of the key components: Personal Information The first thing to verify on a Social Security Statement is the personal information. Discrepancies in details such as name, birth date, or Social Security number can potentially cause substantial issues at the time of claiming benefits. Work History and Earnings Record The Social Security Administ ..read more

  Investing internationally provides an avenue for diversification of one’s portfolio and tap into markets that may be growing faster than US markets. By including international investments in one’s portfolio, global growth opportunities can be embraced, and risk reduced through diversification. Why Consider International Investments? As the world’s economies become increasingly interconnected, it is important not to confine investments to one geographic area. Global investing can offer a host of benefits: Diversification: Investing in international markets helps spread your investment ..read more

Accountants often deal with clients who receive sizeable tax refunds. This influx of cash can have a positive impact on advancing their financial goals if utilized appropriately. Here are some key strategies to consider: Emergency Funds and Savings Encourage clients to allocate part of their refund towards their emergency fund, which can cover at least a few months of living expenses. Ideally, these savings should cover a few months of living expenses to prevent reliance on credit card debt or premature retirement fund withdrawals. Debt Reduction High-interest debts can be a drain on fina ..read more

Here is a guest post from Bruce Clark, CEO & founder of one of our trusted vendor firms, New Clients Inc. He talks about why NCI is the best bet for a firm getting ready to sell, as against a general business broker with no specific understanding of the accounting business.  I recently had an experience with a general business broker that I will describe as interesting, illuminating, and disappointing. In the end, it turned out to be a cautionary tale for practice owners like you who may be looking for a broker. However, it also showed why NCI remains a leader in the practice sales ar ..read more

The accounting landscape in 2023 has been shaped by an amalgam of factors ranging from technological advancements to regulatory changes, and from globalization to pandemic-induced shifts. One of the most noteworthy trends in this evolving terrain is the growing inclination towards outsourcing accounting services. Accountants who are able to adapt to this trend and find their niche within it can expect to find significant opportunities. The drive towards outsourcing accounting functions can be attributed to several factors. First among them is the rapid technological advancement that has made ..read more

In the face of unprecedented unemployment rates, Social Security benefits have become a critical lifeline for an expanding retirement community. The choice of when to commence claiming Social Security is a vital decision. Typically, Social Security retirement benefits can be initiated from age 62. However, delaying the commencement until age 70 can result in significantly increased monthly benefits, up to 75% more than if initiated at age 62. For those who start receiving benefits at 62 and later decide to halt, it’s possible to withdraw the application within 12 months from the start of the ..read more

Tax season can be stressful and challenging for accountants and Certified Public Accountants (CPAs), as they contend with tight deadlines, increasingly complex regulations and high client expectations. Outsourcing can prove to be an effective partner for firms to address the challenges. This allows accountants to focus on enhanced service quality & delivery while managing the increased workloads. This blog post explores how outsourcing can help accountants overcome common tax season hurdles and maintain a successful practice. Help meet tight deadlines: Tax season is when accountants are ..read more

The Thomson Reuters Synergy User Conference for tax & accounting firms is underway at the Gaylord National Resort & Convention Center in Washington, DC from Nov 09, 2022, and is on until the end of this week. GKM has been a proud sponsor-exhibitor at the Synergy Conferences for over 3 years now, and the rich tradition continues this year as well. With a multitude of firms streaming in to the conference seeking the latest technology & workflow updates, GKM’s role as the best equipped sourcing partner to accounting firms becomes more crucial than ever. Come visit us at TR Synergy 202 ..read more

Federal Gift Tax What is the gift tax? It is a federal tax on assets given away during the lifetime of a donor. The estate tax is a tax on assets transferred to heirs after the passing away of the owners. The annual gift tax exclusion enables gifting any number of people up to $15,000 each every year without the gift being taxable. In the case of married couples, the exclusions can be combined, and any number of people can be gifted $30,000 each per year. In case the spouse is a US citizen, the amount that can be gifted is unlimited. In case the spouse is a non-US citizen, gifts of up to $159 ..read more

Tax Credits for Going Green Going green does great good to your lifestyle. It has a positive effect on your taxes too. Here are some federal tax credits that ease your tax burden as well as help the environment: In order to qualify for a credit, the vehicle or equipment must meet certain energy-related requirements such as the manufacturer’s certification that the requirements are met, and the purchase qualifies for a tax credit. The Residential Energy Efficient Property Credit helps defray up to 26% of the cost of adding alternative energy systems to your home, and the labor to install the sa ..read more