Client Situation During ongoing litigation involving concerns over the mismanagement of financial assets, a dispute arose between relevant parties regarding how funds had been handled across multiple accounts. The court required a clear, objective understanding of how assets had been used and whether any transactions were unauthorized. Objective The goal was to analyze several years … Read more
Employee benefit plans generally fall into one of three categories: single-employer plans, multiple-employer plans, and multiemployer plans. Each category has significant operational, regulatory, and audit implications. Single-Employer – Sponsored and maintained by one employer for the benefit of its employees Multiple-Employer – Covers employees of two or more unrelated employers that participate in a common … Read more
Many investors are surprised to learn that claiming a loss from a partnership today can pave the way to a tax liability in a future year. It is a common scenario: an investor receives a Schedule K-1 reporting a tax loss, the loss is deducted on the investor’s individual income tax return and is used … Read more
Managing expenses is a critical part of running a successful business. One of the most effective tools in QuickBooks Online for gaining insight into your company’s spending is the “Expenses by Vendor” report. This report provides a detailed breakdown of how much your business pays to each supplier or vendor over a specified period. The … Read more
Internal controls have always been an important aspect of an organization’s operations and financial statement audit. More recently, Statement on Auditing Standards No. 145 (effective for year-ends on or after December 15, 2023) placed an added emphasis on the auditing and documentation of these controls. What are internal controls? The American Institute of Certified Public … Read more
Many growing businesses unknowingly create state filing obligations long before they open an office or hire employees in a new state. Remote workers, online sales, service revenue, and third-party fulfillment providers, as examples, can all create state income tax nexus and unexpected filing requirements. State Income Tax “Nexus” is the connection between a business and … Read more
Business owners wear countless hats while managing the day-to-day operations of their companies. With so many priorities, a financial statement audit may be viewed simply as a compliance requirement for a lender, investor, or governing authority. However, the real value of an audit is what happens before the final report. The audit process can uncover … Read more
In today’s evolving financial environment, banks face increasing pressure to detect unusual, high‑risk or fraudulent financial behavior before problems escalate. Long before questionable transactions hit an account or fraudulent activity is uncovered, various red flags can begin to surface. Potential warning signs that commonly occur can be behavioral, transactional, payment-related, and organizational, as described below. … Read more
The Qualified Opportunity Zone (QOZ) program provides tax incentives to invest in designated low-income communities across the United States. Tax law changes enacted last year made the program permanent and altered it, with implications for investors under both the original and renewed programs. With proposed, and eventually final, regulations on the way, the IRS has … Read more
The IRS has made a midyear increase in the standard mileage rate for business vehicle use, including for cars, SUVs, vans, pickup trucks and panel trucks. These rates apply to gasoline- and diesel-powered vehicles as well as electric and hybrid ones. But whether the rate increase will impact your business depends on the vehicle expense … Read more