Spotlight on auditor independence
March 14, 2024 Knowledge Center
Spotlight on auditor independence

Auditor independence is the cornerstone of the accounting profession. Auditors’ commitment to follow the standards set forth by the American Institute of Certified Public Accountants (AICPA), the Securities and Exchange Commission (SEC), and the International Auditing and Assurance Standards Board (IAASB) ensures stakeholders can trust that audited financial statements present an accurate picture of the […]

4 ways to make an incentive trust more effective
March 14, 2024 Knowledge Center
4 ways to make an incentive trust more effective

Estate planning isn’t just about sharing wealth with the younger generation. For many people, it’s equally important to share one’s values and to encourage their children or other heirs to lead responsible, productive and fulfilling lives. One tool for achieving this goal is an incentive trust, which conditions distributions on certain behaviors or achievements that […]

If you didn’t contribute to an IRA last year, there’s still time
March 12, 2024 Knowledge Center
If you didn’t contribute to an IRA last year, there’s still time

If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the April 15, 2024, filing date and […]

Lines may blur when it comes to estate and family business succession planning
March 8, 2024 Knowledge Center
Lines may blur when it comes to estate and family business succession planning

Owners of closely held businesses typically have a significant portion of their wealth tied up in their enterprises. If you own a closely held business with your relatives involved, and don’t take the proper estate planning steps to ensure that it lives on after you’re gone, you may be placing your family at financial risk. […]

April 15 is the deadline to file a gift tax return
March 7, 2024 Knowledge Center
April 15 is the deadline to file a gift tax return

Not only is April 15 the deadline to file a 2023 income tax return and pay any taxes due, it’s also the deadline to file a gift tax return. If you made substantial gifts of wealth to family members in 2023, you may have to file a gift tax return. It’s due by April 15 […]

Employers now have guidance on emergency savings accounts
March 5, 2024 Knowledge Center
Employers now have guidance on emergency savings accounts

Although employers have long helped employees save for retirement and have insurance in place for health care, another urgent need has persisted over the years: funds for financial emergencies. To address this problem, SECURE 2.0, a law enacted in 2022, contains a provision allowing employer-sponsors of certain retirement plans to offer “pension-linked” emergency savings accounts […]

Independent contractor vs. employee status: The DOL issues new final rule
March 1, 2024 Knowledge Center
Independent contractor vs. employee status: The DOL issues new final rule

The U.S. Department of Labor’s (DOL’s) test for determining whether a worker should be classified as an independent contractor or an employee for purposes of the federal Fair Labor Standards Act (FLSA) has been revised several times over the past decade. Now, the DOL is implementing a new final rule rescinding the employer-friendly test that […]

Auditing revenue recognition
February 23, 2024 Knowledge Center
Auditing revenue recognition

The top line of an income statement for a for-profit business is revenue (or sales). Reporting this line item correctly is critical to producing accurate financial statements. Under U.S. Generally Accepted Accounting Principles (GAAP), revenue is recognized when it’s earned. With accrual-basis accounting, that typically happens when goods or services are delivered to the customer, […]

Take care of a loved one who has special needs with a special needs trust
February 23, 2024 Knowledge Center
Take care of a loved one who has special needs with a special needs trust

When creating or revising your estate plan, it’s important to take into account all of your loved ones. Because each family has its own unique set of circumstances, there are a variety of trusts and other vehicles available to specifically address most families’ estate planning objectives. Special needs trusts (SNTs), also called “supplemental needs trusts,” […]

Get ready for the 2023 gift tax return deadline
February 22, 2024 Knowledge Center
Get ready for the 2023 gift tax return deadline

Did you make large gifts to your children, grandchildren or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax return. In some cases, it might be beneficial to file one — even if it’s not required. Who must file? The annual gift tax exclusion has increased […]

Liquidity overload: Why having too much cash may be bad for business
February 20, 2024 Knowledge Center
Liquidity overload: Why having too much cash may be bad for business

In today’s uncertain marketplace, many businesses are stashing operating cash in their bank accounts, even though they might not have imminent plans to deploy their reserves. However, excessive “rainy day” funds could be an inefficient use of capital. Here’s a systematic approach to help estimate reasonable cash reserves and maximize your company’s return on long-term […]

Employers: Beware of payroll tax errors
February 20, 2024 Knowledge Center
Employers: Beware of payroll tax errors

Many employers rightly proclaim that their employees are their most valuable assets. If this holds true for your organization, it stands to reason that paying those employees consistently and accurately is among the most important things you must do. Unfortunately, payroll errors plague many employers. Among the biggest dangers of inaccurate payroll administration is that […]