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FASB approves updated rules for disclosing income taxes

Updated rules have been approved that will require more detailed disclosures on income taxes to help stakeholders better understand your company’s tax position. Here’s what you should know.

IRS suspends processing of ERTC claims

With fraudulent Employee Retention Tax Credit claims on the rise, the IRS has suspended claim processing through year end.

It’s important to understand how taxes factor into M&A transactions

Buying or selling a business? It may be the most important transaction you ever make. So it’s important to seek professional tax advice as you negotiate. Don’t wait until a deal is done!

Plan now for year-end gifts with the gift tax annual exclusion

The estate and gift tax exemption amount is scheduled to be cut drastically in 2026 when the related Tax Cuts and Jobs Act provisions expire (unless Congress acts to extend them). Making tax-free gifts before then can cut the size of your taxable estate and may be one way to address this potential threat.

Financial statements at a glance

Can you name the three reports that make up a comprehensive set of financial statements under U.S. GAAP? To get a holistic assessment of your organization’s performance, it’s important to look beyond profits.

Selling your home for a big profit? Here are the tax rules

If you’re selling your principal residence, or you already sold your home in 2023, some or all of the profit may be tax-free. It depends on the amount of profit and your income. Take a look at the basic rules.

Guaranteeing a loan to your corporation? There may be tax implications

If your corporation defaults on a loan that you guarantee, there may be tax consequences. You don’t want to be caught unaware.

Nonprofits: Ready, set, audit!

Don’t let your nonprofit’s audit preparation become a last-minute sprint. Plan early so you’ll have the right records ready for review. We offer suggestions.

Reporting UTPs on your financial statements

Should your company report tax positions taken (or to be taken) on tax returns before they’re resolved with the tax authorities? Here’s an overview of the accounting rules for uncertain tax positions under U.S. GAAP.

Insights

Advantages of keeping your business separate from its real estate

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It may be advantageous to separate ownership of a business’s real estate from the business. But it isn’t always advisable. Here’s a look at the issues. Continue Reading Advantages of keeping your business separate from its real estate

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Cutoffs: When to report revenue and expenses

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Does your company follow the cutoff rules? Loose interpretation of the accounting rules can lead to errors and unexpected audit adjustments. Here’s how to get it right. Continue Reading Cutoffs: When to report revenue and expenses

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Help ensure your partnership or LLC complies with tax law

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Guaranteed payments to partners and payments to retired partners are just two of the tax issues that should be addressed in your partnership (or LLC operating) agreement. Here are the details. Continue Reading Help ensure your partnership or LLC complies with tax law

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