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
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