Retirement plans continue to face regulatory scrutiny that extends beyond day-to-day plan operations. Regulators are actively focusing on plan sponsors and service providers to ensure compliance and secure participants’ retirement assets. As regulatory expectations rise, there are several areas that many plan sponsors are not actively monitoring but are receiving increased attention and could be … Read more
One of the most critical accounting tasks for maintaining accurate financial records is reconciling your accounts. QuickBooks® Online makes the reconciliation process user-friendly. However, the process still requires attention to detail and consistency to ensure accurate results. You must reconcile accounts for several important factors that affect both the day-to-day and overall financial health of … Read more
IRS Direct Pay is a free and secure service that allows individual taxpayers to make federal tax payments directly from a checking or savings account without creating an IRS online account. The guidance below is intended to help you make common individual income tax payments, including a balance due with your annual Form 1040 income … Read more
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