As digital threats loom around every corner, the traditional, or most simplistic, approach to protecting digital assets has become insufficient. Many organizations are grappling with the ever-rising threat level and the overall protection of their internal networks. In recent years, information security professionals have identified Zero Trust as the go-to strategy to overcome cyber threats. […]
On August 30, 2023, the Financial Accounting Standards Board (FASB) unanimously voted to finalize its proposed improvements to the disclosure rules for income taxes. Here’s what’s changing and when those changes are effective. Rate reconciliation Under the updated guidance, companies will be required to provide a breakout of amounts paid for taxes between federal, state, and […]
Some assets pose more of a challenge than others when it comes to valuing and accounting for them in an estate plan. Take, for instance, an art collection. If you possess paintings, sculptures or other pieces of art, they may represent a significant portion of your estate. Here are a few options available to address […]
It will likely come as little surprise that the cost of health care benefits for employers is expected to rise in 2024. Inflation, though not out of control, remains a persistent problem. Many industries also still face shortages of skilled labor — meaning organizations must offer higher cost benefits to compete for talent. Preliminary results […]
In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERTC), the IRS has imposed an immediate moratorium through at least the end of 2023 on processing new claims for the credit. The reason the IRS cites for the move is the risk of honest small business owners being scammed […]
If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is decided tax-wise until year end when the final results of your trades will reveal your 2023 tax situation. Here’s what you need to know to avoid tax surprises. Tax-favored retirement accounts and taxable accounts […]
On September 6, the Financial Accounting Standards Board (FASB) unanimously voted to finalize new accounting rules on cryptocurrency assets — less than five months after the proposed standard was issued for public comment. Here’s what companies that hold these assets should know. Need for change The updated guidance is the first explicit accounting standard on […]
Does your business work on projects that take longer than a year to complete? Recognizing revenue from long-term projects usually requires use of the “percentage-of-completion” method. Here’s an overview of when it’s required and how it works. Completed contract vs. percentage-of-completion Homebuilders, developers, creative agencies, engineering firms and others who perform work on long-term contracts […]
Portability helps minimize federal gift and estate tax by allowing a surviving spouse to use a deceased spouse’s unused gift and estate tax exemption amount. Currently, the exemption is $12.92 million, but it’s scheduled to return to an inflation-adjusted $5 million on January 1, 2026. Unfortunately, portability isn’t automatically available; it requires the deceased spouse’s executor […]
In December 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act. Among other things, the sweeping new law made some significant changes to so-called catch-up contributions, with implications for both employers and employees. With the new catch-up provisions scheduled to kick in after 2023, many retirement plan sponsors have been struggling […]
The employee stock ownership plan (ESOP) has long shone as a beacon to employers looking to accomplish multiple goals through a benefits arrangement. A properly structured and administered ESOP can boost employee engagement, provide tax benefits and help ownership with succession planning. However, the rules for setting up and running an ESOP are far from […]
Now that Labor Day has passed, the holidays are just around the corner. Many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any […]