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 […]
Thanks to the annual gift tax exclusion, you can systematically reduce your taxable estate with little effort. And while you typically don’t have to file a gift tax return, in some situations, doing so may be required or recommended. Know when a return is required The annual gift tax exclusion amount for 2024 is $18,000 […]
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 […]
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 […]
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 The Public Company Accounting Oversight Board (PCAOB) recently initiated a project to modernize outdated auditing standards related to these events.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 […]
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 […]
A business interest’s value is more than just a number to its owner. It represents years of hard work, sacrifice and investment. Owners often believe they have a clear understanding of their company’s worth. But emotions and optimism about future earnings can cloud their perception. Let’s look at psychological factors that may affect owners’ value […]
Auditing standards require auditors to identify and assess the risks of material misstatement due to fraud and to determine overall and specific responses to those risks. Here are some answers to questions about what auditors assess when interviewing company personnel to evaluate potential fraud risks. What’s on your auditor’s radar? When planning audit fieldwork, your […]
In 2025, global merger and acquisition (M&A) volume is expected to surge to the highest level in four years, according to Reuters. M&As require thorough due diligence to minimize risks and maximize long-term value. Some business combinations fail to achieve expected results due to financial missteps, overlooked liabilities and integration challenges. Here’s an overview of […]
Strong leadership is essential to running a successful business. However, as perhaps you’ve experienced, playing the role of a strong leader can force you to make tough decisions that expose you to legal claims. Business owners who are particularly worried about this type of risk can buy directors and officers (D&O) insurance to hedge against it. […]
President Trump and the Republican Congress plan to act swiftly to make broad changes to the United States — including its federal tax system. Congress is already working on legislation that would extend and expand provisions of the sweeping Tax Cuts and Jobs Act (TCJA), as well as incorporate some of Trump’s tax-related campaign promises. […]
Running a small business often requires periodic cash infusions, and knowing how to secure the right funding can determine whether your business succeeds or struggles. Let’s explore the three primary types of funding available to small businesses: debt, equity and hybrid financing. Debt: Borrowing to grow Debt financing involves borrowing money and repaying it with […]