An inheritor’s trust is a specialized estate planning tool designed to protect and manage assets you pass to a beneficiary. One of its primary advantages is asset protection. It allows your beneficiary to receive his or her inheritance in trust rather than as an outright gift or bequest. Thus, the assets are kept out of […]
In case you missed it, the Employee Retirement Income Security Act (ERISA) turned 50 earlier this year. If your organization has been administering employee benefit plans for any length of time, you’re likely well-acquainted with the law’s broad impact. However, many employers still occasionally get caught off guard by the sheer scope of ERISA. Take […]
It’s critical for business owners and managers to understand how to present contingent liabilities accurately in the financial statements. Under U.S. Generally Accepted Accounting Principles (GAAP), some contingent losses may be reported on the balance sheet and income statement, while others are only disclosed in the footnotes. Here’s an overview of the rules for properly […]
Devising and executing the right succession plan is challenging for most business owners. In worst-case scenarios, succession planning is left to chance until the last minute. Chaos, or at least much confusion and uncertainty, often follows. The most foolproof way to make succession planning easier is to give yourself plenty of time to develop a […]
Goodwill impairment is often a negative indicator. It potentially signals that a business combination failed to meet management’s expectations due to internal or external factors. In recent years, uncertain markets, lingering inflation and high interest rates have caused goodwill impairments to spike. Evaluating impairment trends In 2022, 400 U.S. public companies reported $136.2 billion of […]
Inflation can have a significant impact on federal tax breaks. While recent inflation has come down since its peak in 2022, some tax amounts will still increase for 2025. The IRS recently announced next year’s inflation-adjusted amounts for several provisions. Here are the highlights. Standard deduction. What does an increased standard deduction mean for you? A larger […]
If you’re charitably inclined and itemize deductions, you may be entitled to deduct charitable donations. The key word is “may” because there are requirements you must meet. One such requirement is the need to substantiate charitable gifts with proper documentation that will satisfy the IRS. Indeed, a charitable gift may be legitimate, but if the taxpayer fails to […]
We are proud to share that Michael H. Kane and Michael Kaplan have been named among Billboard’s 2024 Top Business Managers.
Michael Kaplan & Justine Ruffalo – you have yet again been recognized for your savvy in helping clients navigate an ever-changing economic landscape.
Congratulations to Nicholas Sanchez, J.D., LL.M. Taxation on being elected to serve as a Member on the Tax Section Executive Committee for the California Lawyers Association! This position will be active beginning September 8, 2024. On this committee, Nicholas will contribute to the presentation of educational programs, creation of tax publications, and coordination with local and federal […]
Congratulations Marijane Kantzabedian, CPA and Jun Wang, CPA on being nominated for CalCPA Women to Watch Awards! Each of these exemplarily professionals are being recognized for their remarkable dedication and excellence in the accounting profession. These awards, honoring impactful women in the accounting industry, will be presented at the 2024 Elevate: Women’s Leadership Forum.
by David Lam, CISSP, CPP | “As the rate of digital transformation continues to accelerate across all industries, poor cybersecurity remains a pressing threat to employers and benefit plan sponsors. Awareness of nine common cybersecurity myths can help employee benefit plan stakeholders better understand their plan’s risk posture and take steps to make improvements…”