Mergers and acquisitions (M&A) transactions carry substantial consequences for financial reporting. Most notably, the company’s balance sheet undergoes a substantial transformation compared to its pre-merger state. Here’s helpful guidance on
There’s a common misconception that jointly owning assets with a child or another heir can serve as an effective estate planning shortcut. Although this approach may initially seem attractive, it
The IRS’ recent warnings and announcements regarding the Employee Retention Tax Credit (ERTC) have raised some concerns from organizations about the legitimacy of their claims for this valuable, but complex,
Most larger organizations are generally expected to offer employees important benefits like health insurance and retirement plans. However, there are risks when providing benefits such as these as many popular
Even though non-profits can’t make money in certain ways because of their tax-exempt status, you might be able to start a for-profit subsidiary that makes money without these restrictions. This
Have you ever been in this situation? You need cash because of a financial emergency and consider taking money out of a traditional IRA or 401(k) account. However, if you’re
Recently, the Social Security Administration announced that the wage base for computing Social Security tax will increase to $168,600 for 2024, which is up from $160,200 for 2023. Earnings exceeding
While most tax preparers are honest and make sure their clients file their taxes timely and correctly, there are some who take advantage of their clients’ trust. These dishonest preparers
Is your organization grappling with the challenges of wrapping up its monthly financial books? The month-end closing ritual demands meticulous effort from your accounting team as they gather data from
The Federal Unemployment Tax Act (FUTA) mandates that employers must contribute taxes based on their employees’ earnings. These funds, in turn, support federal unemployment benefits for eligible workers. If you’re
