Archive for Alerts & Advisories Category

Tax Alert- Selling your home for a big profit? Here are the tax rules

Many homeowners across the country have seen their home values increase in recent years. According to the National Association of Realtors, the median price of existing homes sold in July of 2023 rose 1.9% over

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Accounting & Audit Alert- New report identifies high-risk areas in financial reporting

In July 2023, the Public Company Accounting Oversight Board (PCAOB) published a report that highlights common areas of audit deficiencies for public companies. Private companies face similar challenges when reporting their financial results. Internal accounting

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Tax Alert- Disabled family members may be able to benefit from ABLE accounts

If you have family members with disabilities, there may be a tax-advantaged way to save for their needs — without having them lose eligibility for the government benefits to which they’re entitled. It can be

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Accounting & Audit Alert- Overhead allocations: Rising costs require a fresh, disciplined mindset

From utilities and interest expense to executive salaries and insurance, many overhead costs have skyrocketed over the last few years. Some companies have responded by passing along the increases to customers through higher prices of

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Accounting & Audit Alert- Selecting a qualified auditor for your employee benefit plan

Does your organization offer health care and retirement benefits for its employees? Benefit plans with 100 or more participants are generally required to have their annual reports audited under the Employee Retirement Income Security Act

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Accounting & Audit Alert- Receivables: Quality counts

For many companies, a significant line item on the balance sheet is accounts receivable. But can you take the amount reported at face value, or could there be more to the story? It’s important to

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Tax Alert- Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? Under the current fair market value basis rules

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Accounting & Audit Alert- Supplement your financial statements with timely flash reports

Timely financial information is critical to a successful business or nonprofit organization. In today’s dynamic marketplace, you may need to act fast to ward off potential threats and risks — and jump on new opportunities.

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Tax Alert- Are you married and not earning compensation? You may be able to put money in an IRA

When one spouse in a married couple not earning compensation, the couple may not be able to save as much as they need for a comfortable retirement. In general, an IRA contribution is allowed only

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Accounting & Audit Alert- Is QuickBooks right for your nonprofit?

Not-for-profit organizations exist to achieve nonfinancial or philanthropic goals, not to make money or build value for investors. But they still need to monitor their financial health — that is, how much funding is coming

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Posted In: Alerts & Advisories