Exit planning for a multi-owner business can be especially complicated due to the number of stakeholders with unique individual circumstances. The exit plan for one owner may not be identical to the exit plan for all of the owners. This is true even in businesses owned by members of the same family (in some cases, … Read more
Cash flow is a critical aspect of financial management for nonprofit organizations. Although nonprofits do not aim to generate profits, they still depend on a steady flow of cash to support their operations, deliver programs, and fulfill their mission. Effective cash flow management ensures that an organization can meet its obligations and continue serving its … Read more
The One Big Beautiful Bill Act (OBBBA) created a new tax-advantaged savings and investment account for children. The account, commonly referred to as “Trump Accounts”, is scheduled to roll out beginning in 2026 with the first contributions to the account being allowed after July 4, 2026. Who Is Eligible? Any minor who has not attained … Read more
A recent federal court decision, Kwong v. United States, may create an opportunity for some taxpayers to seek refunds or other relief for certain IRS penalties and interest connected to the COVID-19 period. While the law in this area is still developing, July 10, 2026 may be a critical deadline for preserving those claims or … Read more
How Financial Readiness and Sell-Side Diligence Improve Process Efficiency and Deal Certainty For owners looking back on a sale, buy-side financial due diligence is often remembered less for any single accounting issue and more for how it felt: the pace, the pressure, the credibility challenges, and the moments where the process either reinforced confidence or … Read more
An audit, review, and compilation are three of the most common types of financial statement services provided by CPAs. Each service differs significantly in terms of the level of assurance provided and the procedures performed to achieve that level of assurance, if any. Understanding these differences is important for business owners, lenders, and other financial … Read more
Annual gifts can be a powerful tool for trimming down a future estate. When structured correctly, they can pass to recipients without triggering gift taxes, thanks to the annual exclusion as well as the separate exclusions for qualified education and medical expenses. Annual Gift Tax Exclusion For 2026, the Federal annual gift tax exclusion is … Read more
Last year, a new income tax deduction for qualified cash tips went into effect under the One Big Beautiful Bill Act (OBBBA). The break is scheduled to expire after 2028. In September 2025, the IRS released proposed regulations to provide guidance for taxpayers. The IRS has now published final regs that largely mirror the proposed regs … Read more
With the April 15 tax filing deadline in the rearview mirror, you’re likely to turn your attention to other things. But before you do, it’s in your best interest to tie up a few tax-related loose ends. IRS statute of limitations Generally, the IRS’s statute of limitations for auditing a tax return is three years from the … Read more
Client Situation An investor in a privately held energy sector company sought clarity regarding the organization’s worsening financial position. The company—engaged in oil and gas exploration and production—was experiencing significant and unexplained cash flow shortages. Engagement Objective The investor requested an independent forensic review to understand the true financial condition of the business and the … Read more