Benefits of a living trust for your estate
June 16, 2023 Knowledge Center
Benefits of a living trust for your estate

You may think you don’t need to make any estate planning moves because of the generous federal estate tax exemption of $12.92 million for 2023 (effectively $25.84 million if you’re married). However, if you have significant assets, you should consider establishing a living trust to avoid probate. Probate is a court-supervised legal process intended to […]

FASB votes to exempt private companies from disaggregation of income statement project
June 16, 2023 Knowledge Center
FASB votes to exempt private companies from disaggregation of income statement project

Private companies can breathe a sigh of relief: The Financial Accounting Standards Board (FASB) and the Private Company Council have agreed to give them a pass on a coming proposal that, if approved, would require expanded footnote disclosures about expenses. The reason for the exemption is that the projected costs of complying with the proposal […]

Financial statement fraud: Don’t believe everything you read
June 15, 2023 Knowledge Center
Financial statement fraud: Don’t believe everything you read

Financial statements are central to understanding any business. A public company’s balance sheet, income statement and cash flow statement enable investors, lenders, the media and other stakeholders to value the company, forecast short- and long-term performance, and determine potential credit risk, among other purposes. To ensure analysis of a company is accurate and insightful, financial […]

What’s in the Fiscal Responsibility Act?
June 9, 2023 Knowledge Center
What’s in the Fiscal Responsibility Act?

President Biden has signed into law the new debt ceiling agreement that he reached with U.S. House of Representatives Speaker Kevin McCarthy (R-CA). The Fiscal Responsibility Act (FRA) suspends — as opposed to raising — the debt ceiling until 2025, after the next presidential election. The FRA also makes a variety of changes related to […]

The Human Factor in Tech
June 8, 2023 Knowledge Center
The Human Factor in Tech

by Marijane Kantzabedian, CPA; David Lam, CISSP, CPP; and Jun Wang, CPA, MST | Check out the Startup Solutions series The rapid advancement of technology, automation, artificial intelligence (AI), and machine learning have undoubtedly transformed the way we work and conduct business. From audits to protecting data to incentivizing employees, organizations are embracing technological solutions to […]

Innovation Incentives: Maximizing R&D Credits for Tech Startups
June 6, 2023 Knowledge Center
Innovation Incentives: Maximizing R&D Credits for Tech Startups

by Jun Wang, CPA, MST | Check out the Startup Solutions series In today’s fast-paced business landscape, startups are constantly striving to push the boundaries of innovation. To support their efforts and fuel their growth, the federal government provides research and development (R&D) credits as a valuable incentive. These credits offer startups and small businesses a […]

Secure Foundations: Establishing Minimum Information Security Standards
June 5, 2023 Knowledge Center
Secure Foundations: Establishing Minimum Information Security Standards

by David Lam, CISSP, CPP | Check out the Startup Solutions series As a startup organization, minimum security measures—or rather, commercially reasonable levels— are crucial to integrate to protect data and secure systems from any potential vulnerabilities. Although securing information is a journey and not a destination, to achieve these minimum levels, you’ll want to ensure […]

Ready for Due Diligence: Essential Steps for Startups Courting Venture Capital
June 2, 2023 Knowledge Center
Ready for Due Diligence: Essential Steps for Startups Courting Venture Capital

by Marijane Kantzabedian, CPA | Check out the Startup Solutions series For tech startups, securing funding through venture capitalists is a go-to strategy. Being prepared for what comes next may be less obvious, though. Venture capitalist (VC) firms investigate startups from the ground up. As a firm seeks opportunities for potential investment, each facet of the […]

Before you scan a QR code, make sure it’s legitimate
June 1, 2023 Knowledge Center
Before you scan a QR code, make sure it’s legitimate

Technology has made seemingly everything fast, convenient and easily accessible. This is certainly true of quick response (QR) codes, those ubiquitous symbols you can find on everything from restaurant menus to product packages to advertisements. When you scan QR codes with a smartphone, you can access prices, instructions, product information and even payment apps. But […]

You’ve received a sizable inheritance: Now what?
May 18, 2023 Knowledge Center
You’ve received a sizable inheritance: Now what?

If you’ve received, or will soon receive, a significant inheritance, it may be tempting to view it as “found money” that can be spent freely. But unless your current financial plan ensures that you’ll comfortably reach all your goals, it’s a good idea to have a plan of action for managing your newfound wealth. Take […]

Site visits: A critical step in the business valuation process
May 16, 2023 Knowledge Center
Site visits: A critical step in the business valuation process

Valuing a business requires more effort than just plugging numbers from the financial statements into a spreadsheet or artificial intelligence software program. A valuation professional needs a comprehensive understanding of business operations. Financial statements, tax returns and marketing materials tell only part of the story. Site visits can help bridge the gap, especially in adversarial […]

The IRS clarifies what counts as qualified medical expenses
May 9, 2023 Knowledge Center
The IRS clarifies what counts as qualified medical expenses

If you itemize deductions on your tax return, you may wonder: What medical expenses can I include? The IRS recently issued some frequently asked questions addressing when certain costs are qualified medical expenses for federal income tax purposes. Basic rules and IRS clarifications You can claim an itemized deduction for qualified medical expenses that exceed […]