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• Increased Tax Bills Hitting Private Companies Big and Small

  Posted Date July 1, 2023 Posted Time 12:00 am Published in Service2Client

  Private companies, both large and small, are feeling the tax pinch due to changes in the law. With rampant inflation, labor shortages, lingering supply chain issues, and increased borrowing costs due to rising interest rates, tax problems are the last thing struggling companies need to face. While tax rates themselves remain largely unchanged, business taxable income is increasing due to changes in three main deduction areas: research and experimental (R&E) capitalization; interest expense deduction calculations; and a reduction in bonus depreciation. All of these provisions were made more liberal in the Tax Cuts and Jobs Act (TCJA) of 2018 but... View Article

• New Personal Finance Provisions in the 2.0 Secure Act

  Posted Date July 1, 2023 Posted Time 12:00 am Published in Service2Client

  The Continuing Appropriations Act, enacted at the end of 2022, included several provisions that impact retirement plans going forward. Specifically, the legislation enacts SECURE 2.0, an updated version of the Setting Every Community Up for Retirement Enhancement Act of 2019. The following provisions are financial planning considerations that affect individuals. Increases Catch-up Contributions Beginning in 2024, catch-up contributions to employer retirement plans made by employees who earn more than $145,000 a year (regularly adjusted for inflation) must be classified as after-tax Roth contributions. This is necessary for eligible plans to retain their tax-favored status. Starting in 2025, catch-up contributions for... View Article

• What Actions Can Data-Breach Victims Take?

  Posted Date July 1, 2023 Posted Time 12:00 am Published in Service2Client

  Over the years, millions of individuals have been affected by data breaches, where their sensitive data is accessed by unauthorized cybercriminals or publicly exposed. A data breach can result in huge financial loss if stolen data is used to compromise consumer identity, which also can affect a credit score. Unfortunately, there is a great number of people who don’t know what to do if affected by a breach. At the same time, there are those in the know who do nothing. What is a Data Breach? A data breach is a cyber security incident that exposes sensitive data such as... View Article

• How Businesses Can Identify and Increase Efficiency with Managerial Accounting

  Posted Date July 1, 2023 Posted Time 12:00 am Published in Service2Client

  Managerial accounting is a form of internal reporting that helps business owners and others involved in the organization’s decision-making. It looks at individual processes and products to see how they are functioning via practical data points. This is done in hopes of applying data analysis to improve the business’ operational efficiency. It is important to keep in mind the intended audience and data structure with regard to managerial accounting versus financial accounting. While managerial accountants analyze information, it is not subject to GAAP requirements; however, financial accountants must present company information according to GAAP standards – and such information is... View Article