The House passes The One, Big, Beautiful Bill Act: An overview of its tax provisions
June 2, 2025 Knowledge Center
The House passes The One, Big, Beautiful Bill Act: An overview of its tax provisions

The U.S. House of Representatives passed its sweeping tax and spending bill, dubbed The One, Big, Beautiful Bill Act (OBBBA), by a vote of 215 to 214. The bill includes extensions of many provisions of the Tax Cuts and Jobs Act (TCJA) that are set to expire on December 31. It also includes some new and […]

Old invoices, new rules: Tap into the power of the AR aging report
May 25, 2025 Knowledge Center
Old invoices, new rules: Tap into the power of the AR aging report

For many businesses, accounts receivable (AR) are more than just a line item on the balance sheet. This account provides a key indicator of potential cash flow, customer relationships and overall financial health. So proactive AR management is critical. The AR aging report has long been a cornerstone of expediting collections and reducing credit risk, but it’s taken on greater […]

The tax rules for legal awards and settlements: What recipients should know
May 18, 2025 Knowledge Center
The tax rules for legal awards and settlements: What recipients should know

If you’ve recently received a settlement or award from a lawsuit, or you’re expecting one, you may be wondering how the IRS views this money. Will you need to pay taxes on it? The short answer: It depends on the type of damages you received. Understanding the basic rules can help you avoid surprises. Taxable vs. nontaxable […]

IRS clarifies theft and fraud loss deductions
May 16, 2025 Knowledge Center
IRS clarifies theft and fraud loss deductions

The Tax Cuts and Jobs Act (TCJA) significantly limited the types of theft losses that are deductible on federal income taxes. But a recent “advice memo” (CCA 202511015) from the IRS’s Office of Chief Counsel suggests more victims of fraudulent scams may be able to claim a theft loss deduction than previously understood. Casualty loss deduction basics The federal […]

Factor in GST tax when transferring assets to your grandchildren
April 18, 2025 Knowledge Center
Factor in GST tax when transferring assets to your grandchildren

If you’re considering making asset transfers to your grandchildren or great grandchildren, be sure your estate plan addresses the federal generation-skipping transfer (GST) tax. This tax ensures that large estates can’t bypass a round of taxation that would normally apply if assets were transferred from parent to child, and then from child to grandchild. Because […]

Miller Kaplan Announces New Texas Market Expansion
April 15, 2025 Press Releases
Miller Kaplan Announces New Texas Market Expansion

Dallas, Texas – April 15, 2025 – Miller Kaplan is pleased to announce its continued expansion into the Texas market with the opening of a new office in Dallas. The office will be led by audit partners and seasoned financial specialists Lucas LaChance, CPA, CIA, and Mark Flanagan, CPA, CFP. “This is an exciting time […]

Mitigate the risks: Tips for dealing with tariff-driven turbulence
April 11, 2025 Knowledge Center
Mitigate the risks: Tips for dealing with tariff-driven turbulence

President Trump’s “Liberation Day” announcement of global tariffs caught businesses, as well as foreign countries and worldwide financial markets, off guard. While the president has long endorsed the imposition of tariffs, many businesses expected him to take a targeted approach. Instead, Trump rolled out a baseline tariff on all imports to the United States and […]

An essential tax deadline is coming up — and it’s unrelated to your 2024 return filing
April 10, 2025 Knowledge Center
An essential tax deadline is coming up — and it’s unrelated to your 2024 return filing

Tuesday, April 15 is the deadline for filing your 2024 tax return. But another tax deadline is coming up the same day, and it’s essential for certain taxpayers. It’s the deadline for making the first quarterly estimated tax payment for 2025 if you’re required to make one. Basic details You may have to make estimated […]

What’s a safe harbor 401(k)? Insights for employers
March 31, 2025 Knowledge Center
What’s a safe harbor 401(k)? Insights for employers

When employers are ready to sponsor a qualified retirement plan, a 401(k) is often the first one that springs to mind. However, many small to midsize organizations may hesitate to leap headlong into a 401(k) because of its inherent administrative complexity. For example, traditional 401(k)s are subject to annual nondiscrimination testing to ensure that benefits […]

ETRA: Disaster victims may qualify for tax relief … including on amended returns
March 17, 2025 Knowledge Center
ETRA: Disaster victims may qualify for tax relief … including on amended returns

Victims of presidentially declared disasters in recent years who couldn’t previously claim a casualty loss deduction may now be able to claim a refund. Additional tax relief also might be available. Read on to learn more about the potential opportunities for victims of certain disasters. Loosened restrictions for casualty losses The tax relief comes via […]

FAQs about reporting subsequent events
March 15, 2025 Knowledge Center
FAQs about reporting subsequent events

Subsequent events are in the spotlight these days. The Public Company Accounting Oversight Board (PCAOB) recently initiated a project to modernize outdated auditing standards related to these events. The PCAOB says the audit guidance hasn’t kept pace with changes in financial reporting frameworks, risk assessment methodologies and technological advancements. This has resulted in inconsistencies in […]

Employers: Guard against high 401(k) fees with a benchmark analysis
March 11, 2025 Knowledge Center
Employers: Guard against high 401(k) fees with a benchmark analysis

If your organization sponsors a 401(k) or similar qualified plan, you’re undoubtedly familiar with the inevitable fees that accompany plan administration. The question is: Are you paying too much for them? In October of last year, Abernathy Daley 401k Consultants analyzed the IRS Form 5500 filings of 6,566 companies with 100 or more employees. Their […]