Cost Segregation is a strategy for increasing cash flow and reducing income taxes for commercial & residential property used in a trade or business. The tax benefits of cost segregations can be applied to real estates like hotels, restaurants, office spaces,...
Being a business owner is hard work and keeping your business running can be overwhelming. Sometimes you might even feel like you’re “flying blind”, without access to the data to make informed business decisions. Managing the data that keeps your business afloat can...
As we are finishing up year two of the COVID-19 pandemic, businesses are understanding more than ever the importance of their supply chain and the impact it can have on their operations. In the past, finding materials that were needed to operate your business usually...
As the complexity of financial management increases, many small businesses are missing a higher level of accounting knowledge and practice. In some cases, the owner is trying to “do it all,” and in others, controllers or CFOs have not remained current with the rapid...
As values of businesses, real estate, and investment portfolios continue to rise, now is the time to develop and implement an estate plan for taxpayers considering the future transfer of wealth. While legislative proposals in 2021 dropped any near-term changes in...
Cost Savings, Risk Mitigation and Flexibility Many 401(k) pooled plan solutions are available to retirement plan sponsors today, and most plan sponsors are familiar with solutions like multiple employer plans (MEPs) and pooled employer plans (PEPs). But one of the...
March 2022 marked two years since the first confirmed COVID-19 case in the United States. At that time, it was unclear whether COVID-19 would last a few weeks or a few months. Unfortunately, battling the novel coronavirus has lasted over two years and it appears the...
As a new auditing standard becomes effective this year for most employee benefit plans, individuals charged with managing and administering plans should be aware of their responsibilities as plan fiduciaries. The Statement on Accounting Standards (SAS) 136, Forming an...
Cost Segregation Can Help Minimize Recapture Tax When a property owner sells an asset that previously was used to offset ordinary income through depreciation, the gain is taxed through depreciation recapture. The process of depreciation recapture closes a tax loophole...
Turbulent Times for Higher Education Enrollment in America’s colleges and universities fell again in spring 2022. Enrollment declines have persisted since spring 2018 and the declines have only steepened. In spring 2022, total postsecondary enrollment fell by 4.1...
It is reported that after his parents died, Saint Nicholas distributed his inheritance through secret gift-giving. On one occasion, he left three bags of gold coins, each as a dowry for a family’s three daughters to provide a better life. Sinterklaas became a...
As we wrap up 2022, it’s important to take a closer look at your tax and financial plans and discuss steps that can be taken to reduce taxes and help you save for your future. Though there has been a lot of political attention to tax law changes, inflation and...
As 2022 comes to an end, it’s important to take a closer look at your tax and financial plans and discuss steps that can be taken to reduce taxes and help you save for your future. Though there has been a lot of political attention to tax law changes, inflation and...
Businesses need to increase cash flow wherever they can, especially in our unstable post-pandemic economy. Cost segregation is a tax strategy that helps business owners save money on the depreciating value of certain property assets. The money you save will increase...
We can’t discuss inventory and supply chain in 2023 without first looking at the 2022 economy. It wasn’t always sunny and that doesn’t look to be changing anytime soon. Almost every business has been affected by supply chain disruptions and rising inflation that hit...
GASB Statement No. 96, Subscription-Based Information Technology Arrangements, was issued in May 2020 and is effective for fiscal years beginning after June 15, 2022 (June 30, 2023, and December 31, 2023 year-ends). Subscription-based information technology...
It is not too late to set your business finances up for success in 2023. Often, the best way to determine where you want to go is to understand where you are starting. Take stock of your 2022 results. What worked for you? What did not? What can you learn from those...
The first month of the year always seems to be a blur. I am sure it was just as much for you as it was for me. Filled with all kinds of goal setting, resolution chasing and a little bit of Christmas light tear-down as well (after some persuasion and motivation from...
If the past several years have taught us anything, it’s to expect the unexpected. Many businesses have seen record years since early 2020, both good and bad depending on their industry. Having a pulse on your cash position can help you navigate the highs and lows that...
What a wild ride the last few years have been. The COVID-19 pandemic, among other things, caused major disruptions to the construction & real estate industry. Business owners went into survival mode, trying to maintain operations with the abrupt changes that...
What is Artificial Intelligence and why is it gaining momentum? Artificial Intelligence (AI) has become a buzzword in the tech industry, and with the emergence of platforms similar to Chat GPT, AI is becoming more accessible to businesses of all sizes. These platforms...
QuickBooks® has been a popular accounting software for small and medium-sized businesses for many years. Several changes are coming that may impact users of QuickBooks Desktop (QB Desktop). One such change is the introduction of QuickBooks Online (QBO), a cloud-based...
As a business owner, managing your finances can be overwhelming, especially if you’re not a financial expert. However, it’s essential to have a solid financial plan in place to ensure your business’s success. One of the best ways to achieve this is...
If you could reduce the time and effort that it takes you to accomplish a task, how would you fill that time? We’ve all struggled through a task and said to ourselves: “There has to be a quicker way to do this!” And generally, the answer is that there is a quicker way...
