Due to AICPA auditing standards—namely the Clarified Statement on Auditing Standards (AU-C) Section 240, Consideration of Fraud in a Financial Statement Audit—financial statement auditors are required to evaluate and assess fraud-related material misstatement risks and determine appropriate responses.  Keep reading to learn why it’s important to conduct in-person interviews when evaluating fraud-related misstatement risks.  What […]

If you’re a high-income taxpayer, you may need to pay two extra taxes: a 3.8% net investment income tax (NIIT), and an additional 0.9% Medicare tax on wage and self-employment income.  Keep reading to learn more about these taxes and what they might mean for you.  3.8% NIIT In addition to income taxes, the NIIT […]

As we approach the last few months of the calendar year, it’s time to start thinking about ways to reduce your small business taxes.  Deferring income and accelerating deductions to minimize taxes—the standard year-end approach—will likely give your business the best results. This also applies to bunching deductible expenses into this year and next to […]

The Inflation Reduction Act (IRA) was recently signed into law—and experts vary in their opinions about whether it will indeed help reduce inflation. The details of the law, though, may be of interest to individuals because it contains, extends, and modifies many climate and energy-related tax credits.  Keep reading to learn more about the IRA […]

The economic rollercoaster that ensued after the pandemic began in early 2020 put many businesses through the wringer. While companies seemed financially stable on the surface, their financial statements revealed significant unpreparedness for the challenges they faced.  Stress testing your organization can provide a comprehensive look at how well your financial position can withstand a […]

In 2022, industry sources have noted that electric vehicles (EVs) have seen a spike in sales and registrations. And though their popularity continues to grow steadily and demand for EVs has increased, these vehicles still only make up a small percentage of automobiles on U.S. roadways today. Buying a new EV can qualify you as […]

Maintaining your standard of living while trying to preserve your wealth for loved ones is a tightrope walk, something you’re probably aware of if you're close to retiring or already enjoying this milestone in life. Finding a balance between these two goals is especially challenging since your retirement years could span decades. A way to […]

The following tax-related deadlines during quarter three of 2022 are important for employers and businesses to meet. However, this isn't a complete accounting of all deadlines that might apply to you. To ensure that you meet all the necessary deadlines for your organization in the third quarter, reach out to our office today to learn […]

Despite merger and acquisition (M&A) activities being lower in 2022, reports suggest that businesses are still successfully sold. If you're considering an M&A with another company, it’s essential that you know the tax implications of your transaction under current law. M&A Transactions: Stocks vs. Assets From a tax perspective, merger and acquisition transaction structures can […]