INSIGHTS
We See Things Differently
When we’re not addressing clients’ needs for business and financial advisory, assurance or tax matters, we’re researching, learning and thinking about related subjects. Check out some of our thinking on a broad variety of topics that may impact your organization. And if you’d like to learn more about any of these topics, we’re always happy to talk.
What You Need to Know When Starting Your Legacy Planning
Legacy planning is a sensitive subject that requires careful consideration to ensure your wishes are met when you pass away. Legacy planning involves more than just distributing personal assets; it includes preserving, planning, and ensuring a smooth transition. In addition, as a business owner or executive, it is equally important to consider what you leave behind for both your company and loved ones.
In the Wake of the SVB Collapse, Is Your Money Safe?
Silicon Valley Bank (SVB), an institution that held $210 billion in assets, made headlines in March of 2023 as it filed for bankruptcy. In the wake of the unexpected downfall and the subsequent bank runs across the country, many Americans are asking; is my money safe?
Which Car Purchase Can I Get a Tax Break For?
The Inflation Reduction Act of 2023 introduced a variety of clean energy credits. However, these Clean Vehicle Tax Benefits do not apply to all vehicles or all EV or Hybrid vehicles.
Why 2022 Tax Refunds are Smaller
Americans have been surprised to find that their 2022 tax refunds are smaller than in the past two years. The main reason for the difference in refund sizes is the expiration and reduction of several tax credits. Here are some expired and rolled-back tax credits affecting 2022 tax refunds.
The Secure 2.0 Act and What it Means for Retirement Accounts
On December 23, 2022., the Biden Administration signed the 2023 Omnibus Appropriations package into law. This funding bill contained the Secure 2.0 Act, which altered several important rules regarding 401(k)s, IRAs, and other aspects of the U.S. retirement system.
Why Tax Planning Is Important
Tax planning is an important task that too often gets overlooked. But by planning and keeping good records, you can save yourself a lot of time and money in the long run. In this article, we’ll explain what tax planning is, why it is so important for business, and some tips to get started.
Should Your Business Be Worried About Quiet Quitting?
According to a recent survey conducted by Gallup, over half the U.S. workforce consists of quiet quitters.
How to Prepare for the Next Recession
Predictions for a recession have risen in the past few months. News of a recession often sparks fear among small business owners. However, those that prepare for a recession are more likely to survive.
It’s Time to Rethink If the Employee Retention Credit Is Right For Your Organization
Congress recently updated and expanded the guidelines for a COVID-relief measure called the Employee Retention Credit (ERC). If you follow the old guidelines for the ERC, you could accidentally disqualify your organization. You could still qualify even if your organization took a PPP loan or didn’t see a decline in revenue.
IRS to Raise Mileage Rate for Rest of 2022
In the wake of elevated gas prices, the IRS is increasing the optional standard mileage rate for the remaining months of 2022. These rates allow businesses and self-employed workers to calculate the deductible costs of using personal vehicles for business.
How to Ask a Board Member to Resign
When it comes to your organization, your board of directors is your backbone. Unfortunately, your board members also hold the power to let your organization crumble if they aren’t working as a unit. Here are a few tips to help ease tensions when asking a board member to resign.
How to Ask a Parent to Step Down from Leading the Family Business
There comes a time when the patriarch or matriarch of your family business is no longer the best fit to lead the organization. This can be a delicate topic, especially if your family member does not want to let go of their position. The path to successfully transitioning leadership starts with succession planning.
Preparing for the Sale of Your Growing Business
If you want to sell your business at the highest price possible, now it’s time to prepare, prepare, prepare. Here’s what you need to know to prepare your business for sale.
What to Do Before You Decide to Sell Your Small Business
In this fluctuating economy, you might be wondering if you should sell your business. Whether or not to go forward with the complex sale process depends on a few key factors.
The Current Cost Crisis for Small Businesses
Inflation rates and supply chain issues are rising at an unprecedented rate. Here’s what you need to know and a few ways to mitigate the ever-growing inflation rates and supply chain issues.
The Gas Rebate Act of 2022: Proposed Stimulus Checks
The average national gas price is $4.24 per gallon, a record-breaking high. A new bill called the Gas Rebate Act of 2022 would provide relief to Americans affected by the high gas prices if passed.
New K-2 and K-3 Relief for Pass-Through Entities
On February 16, 2022, the IRS announced new relief measures for qualifying businesses. Here’s what you need to know about K-2 and K-3 schedules, pass-through entities, and if your business qualifies for this exemption.
Can I Write Off My Home Office?
With remote work becoming part of the new normal, you might be wondering if you can write off your home office. If the following requirements are met, you might be able to receive compensation.
