In the News

Copyright 2022
Inflation has been surging this year. The June 2022 consumer price index (CPI) was up 9.1% year over year, according to the latest data from the U.S. Bureau of Labor Statistics. This is the largest increase in 40 years — and the rate of inflation is expected to stay high for at least the rest of the year. Many taxpayers are understandably concerned about how elevated inflation rates will impact their 2023 tax situation.
Copyright 2022
When a divorce happens, there are often major financial consequences and some important tax issues too. Here are the tax rules that generally apply when a couple's assets are split up in a divorce property settlement. State Law Is Important How assets are split up in a divorce depends largely on where the divorcing couple lives. The following nine states are community property states: California, Texas, Washington, Wisconsin, Arizona, Nevada, New Mexico, Louisiana, and Idaho. In these states, the general rule is that community property assets (that is, assets accumulated by the couple during their marriage) are considered to be owned 50/50. Assets that were owned by one spouse before the marriage, or that were received by one spouse as a gift or bequest during the marriage, are generally considered to belong solely to that person.
Copyright 2022
Throughout the year, businesses like yours need to be able to provide verified financial results to others. This may be your tax preparer, a lender or investor, a potential purchaser of your business — should you decide to sell — or another interested party. Not to mention that you, as the company owner should know your books are being done with accuracy and completeness. For all of these reasons, you should consider having your accountant prepare certified financial statements for your business, rather than always relying on internally generated reports.
Copyright 2022
Audits have become more important due to increased public and government scrutiny of not-for-profit organizations, their management and their boards. Audits not only provide you with a fair assessment of your organization's financial health, but also can reveal vulnerabilities such as weak internal controls, insufficient cash reserves and poor investment policies. Perhaps most important, regular audits reassure your donors, members and other stakeholders that you run a fit organization.
Copyright 2022
Patients come to your practice for quality medical care and the government wants to ensure that everyone has equal access to your offices. The federal Americans With Disabilities Act (ADA) requires that patients, their family members, and vendors with disabilities have the same access rights as able-bodied people. And access issues include both physical and communication barriers.
Copyright 2022
The term "lean manufacturing" means different things to different people. However, it can generally be agreed upon that lean manufacturing represents a management philosophy that emphasizes the elimination or reduction of waste in order to increase company profitability. In other words, doing more with less.
Copyright 2022
If you own a successful small business with no employees, you might be ready to set up a retirement plan. Or you might want to upgrade from a more-basic SIMPLE IRA or Simplified Employee Pension (SEP) plan. Here are two options — solo 401(k)s and defined benefit pension plans — to consider if you have healthy self-employment income and want to contribute substantial amounts to your retirement nest egg.
Copyright 2022

The 2022 tax year is well underway, and year end will be here before you know it. Summer is a good time to take proactive steps to help reduce the current year's tax bill. Here are some federal tax-planning strategies to consider.

Copyright 2022

Will you be cruising the waters on your boat or camping out in your RV this year? Besides the pleasure you can enjoy through your personal property, you may also be eligible for tax breaks, if certain requirements are met.

Copyright 2022

Many not-for-profit organizations have discovered there can be strength in numbers. In recent years, the number of collaborations, partnerships and even full-scale mergers in the nonprofit sector have surged. These joint ventures can conserve resources, help with fundraising and, in many cases, expand the services each group provides.

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