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Using the Audit Management Letter as a Strategic Tool 266 266 Lindsay Yeager

Using the Audit Management Letter as a Strategic Tool

Calendar-year entities that issue audited financial statements may be gearing up for the start of audit fieldwork — closing their books, preparing schedules and coordinating with external auditors. But there’s one valuable audit deliverable that often gets overlooked: the management letter (sometimes called the “internal control letter” or “letter of recommendations”). For many privately held…

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Six last-minute tax tips for businesses 266 266 Lindsay Yeager

Six last-minute tax tips for businesses

Year-round tax planning generally produces the best results, but there are some steps you can still take in December to lower your 2025 taxes. Here are six to consider: 1. Postpone invoicing. If your business uses the cash method of accounting and it would benefit from deferring income to next year, wait until early 2026…

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Hiring a bookkeeper for your small business 266 266 Lindsay Yeager

Hiring a bookkeeper for your small business

Choosing the right bookkeeper is one of the most important staffing decisions your business will make. A skilled bookkeeper maintains accurate financial records, manages cash flow, and ensures compliance with accounting and tax requirements. But finding the right person can be challenging, especially in today’s competitive job market. Whether you’re replacing a long-time team member…

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Pairing a living trust with a pour-over will, can help cover all your assets. 266 266 Lindsay Yeager

Pairing a living trust with a pour-over will, can help cover all your assets.

Why a Living Trust Needs the Support of a Pour-Over Will  A living trust is one of the most versatile estate planning tools available. It offers a streamlined way to manage and transfer assets while maintaining privacy and control. Unlike a traditional will, a living trust allows your assets to pass directly to your beneficiaries…

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Have you used up your 2025 FSA funds? 266 266 Lindsay Yeager

Have you used up your 2025 FSA funds?

If you have a flexible spending account (FSA) through your employer to help pay for health or dependent care expenses, now’s a good time to check your balance. FSAs save taxes, but they generally require you to incur expenses to use the funds by year end or forfeit them. Here’s a refresher on the rules…

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How will taxes affect your merger or acquisition? 266 266 Lindsay Yeager

How will taxes affect your merger or acquisition?

Whether you’re selling your business or acquiring another company, the tax consequences can have a major impact on the transaction’s success or failure. So, if you’re thinking about a merger or acquisition, you need to consider the potential tax impact. Asset Sale or Stock Sale? From a tax standpoint, a transaction can basically be structured…

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Ease the burden on your family immediately after your death by planning now 266 266 Lindsay Yeager

Ease the burden on your family immediately after your death by planning now

Planning for the end of life is never easy. Including your funeral and memorial wishes in your estate plan can relieve a major burden from your loved ones. When your family is grieving, decisions about burial or cremation, service preferences, or even the type of obituary you’d like can feel overwhelming. By documenting these choices…

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Ready, set, count your inventory 266 266 Lindsay Yeager

Ready, set, count your inventory

When businesses issue audited financial statements, year-end physical inventory counts may be required for retailers, manufacturers, contractors and others that carry significant inventory. Auditors don’t perform the counts themselves, but they observe them to evaluate the accuracy of management’s procedures, verify that recorded quantities exist and assess whether inventory is properly valued. Why Year-End Inventory…

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New itemized deduction limitation will affect high-income individuals next year 266 266 Lindsay Yeager

New itemized deduction limitation will affect high-income individuals next year

Beginning in 2026, taxpayers in the top federal income tax bracket will see their itemized deductions reduced. If you’re at risk, there are steps you can take before the end of 2025 to help mitigate the negative impact. The New Limitation Up Close Before the Tax Cuts and Jobs Act (TCJA), certain itemized deductions of…

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New deduction for QPP can save significant taxes for manufacturers and similar businesses 266 266 Lindsay Yeager

New deduction for QPP can save significant taxes for manufacturers and similar businesses

The One Big Beautiful Bill Act (OBBBA) allows 100% first-year depreciation for nonresidential real estate that’s classified as qualified production property (QPP). This new break is different from the first-year bonus depreciation that’s available for assets such as tangible property with a recovery period of 20 years or less and qualified improvement property with a…

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Is your accounting software working for your business or against it? 266 266 Lindsay Yeager

Is your accounting software working for your business or against it?

When buying new accounting software or upgrading your existing solution, it’s critical to evaluate your options carefully. The right platform can streamline operations and improve financial reporting accuracy. However, the wrong one can result in reporting delays, compliance risks, security breaches and strategic missteps. Here are some common pitfalls to avoid. Relying on a generic…

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How the Social Security wage base will affect your payroll taxes in 2026 266 266 Lindsay Yeager

How the Social Security wage base will affect your payroll taxes in 2026

The 2026 Social Security wage base has been released. What’s the tax impact on employees and the self-employed? Let’s take a look. FICA tax 101 The Federal Insurance Contributions Act (FICA) imposes two payroll taxes on wages and self-employment income — one for Old-Age, Survivors, and Disability Insurance, commonly known as the Social Security tax,…

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