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September 20, 2022
Why Auditors Prefer to Assess Fraud Risks Face-to-Face

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 […]

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September 15, 2022
Does Your Income Warrant Extra Taxes?

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 […]

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September 8, 2022
End-of-Year Tax Planning Ideas for Small Business Owners

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 […]

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September 1, 2022
What Does the Inflation Reduction Act Mean for You?

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 […]

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July 28, 2022
Lowering Risks Through Stress Testing: A Smart Consideration

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 […]

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July 27, 2022
Thinking about Purchasing an EV? Don't Forget to Qualify for This Tax Credit

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 […]

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July 26, 2022
Using a Split Annuity as a Balanced Approach to Retirement and Estate Planning

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 […]

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July 22, 2022
Quarter 3 Tax Calendar 2022: Essential Deadlines for Businesses and Employers

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 […]

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