How Client Accounting & Advisory Services Enhance Financial Management and Decision-Making

Client Accounting and Advisory Services (CAAS) have emerged as a pivotal component in the modern landscape of financial management. This blog delves into the realm of CAAS, elucidating its significance, core components, and the value it brings to businesses seeking to optimize their financial operations and strategic decision-making processes.

Strategic Insights for M&A Success

In today's market, navigating the complex tax landscape and adopting a strategic approach are indispensable for unlocking value and ensuring the success of M&A transactions.

Should Your Business Take a Different Approach with Income and Deductions?

Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why would you want to?

2024 Q2 Tax Calendar: Key Deadlines for Businesses and Employers

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

Recordkeeping & IRS Audits: A Case Study

If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim all the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns in case you’re ever audited by the IRS.

Utilizing Federal Tax Breaks to Optimize Tax Savings

It is generally a best practice for businesses to maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal—the first-year Section 179 depreciation deduction, and the first-year bonus depreciation deduction. These two deductions can potentially allow businesses to write off some or all of their qualifying asset expenses in Year 1. However, they’re moving targets due to annual inflation adjustments and tax law changes that phase out bonus depreciation. With that in mind, here’s how to coordinate these write-offs for optimal tax-saving results.

Maximizing the QBI Deduction Before It Disappears

The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear. If you’re eligible, you may want to make the most of the deduction while it’s still on the books - it can potentially be a big tax saver.

Can You Improve Your Tax Break by Applying the Research Credit Against Payroll Taxes?

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. Claiming the credit involves complex calculations, which we’ll take care of for you.

What Is The Best Accounting Method Route For Business Tax Purposes?

There are two accounting method options when it comes to calculating the taxable income of a business: the cash method and the accrual method. Many businesses have a choice of which method to use for tax purposes. The cash method often provides significant tax benefits for eligible businesses, though some may be better off using the accrual method. It can be beneficial for your business to re-evaluate your accounting method, to ensure that it’s the most advantageous approach for your specific situation.

Gift and Estate Tax Exemptions Updated for 2024

As of January 1, 2024, the federal lifetime gift and estate tax exemption amount has increased to $13.61 million per person (up from $12.92 million in 2023). This means that individuals may now transfer up to $13.61 million - tax-free - during their lifetime or at death. Married couples may now transfer up to $27.22 million with proper estate planning.