Latest Posts

9 tax considerations if you’re starting a business as a sole proprietor

Many new ventures start out as sole proprietorships. Here are nine considerations if you’re operating a business that way.

Auditing revenue recognition

Many companies struggle to follow the accounting rules for revenue recognition, particularly if they work on long-term projects. An external audit can help you get it right.

What’s the best accounting method route for business tax purposes?

Many businesses have a choice of using cash or accrual accounting for tax purposes. If you’re one of them, which route should you take? Here are the rules.

Best practices for M&A due diligence

Are you contemplating a merger or acquisition in 2024? Comprehensive financial due diligence is the cornerstone of a successful deal.

IRAs: Build a tax-favored retirement nest egg

How much can you save in an IRA this year and when do you have to start making withdrawals? Here are the answers to these and other IRA questions.

Solid financial reporting can help attract debt and equity financing

Access to capital is a major concern for business owners today. Timely, reliable financial statements are key to opening the door to the debt and equity funds.

Auditing concepts: Close-up on materiality

What’s materiality? This is an important accounting concept to review before audit fieldwork starts for your 2023 year-end financials.

You may now have to electronically file annual information returns

Businesses that file 10 or more information returns must now file them electronically.

Defer a current tax bill with a like-kind exchange

If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange. With this transaction, you exchange the property rather than sell it. A like-kind exchange is any exchange of real property held for investment or for productive use in your trade or business for like-kind investment, trade or business real property. Like-kind exchanges can be an attractive tax-deferred way to dispose of real property if you anticipate a large tax bill and meet the federal and state requirements.