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The Office of Management and Budget (OMB) introduced substantial updates to the Uniform Guidance (2 CFR Part 200) in 2024, marking the most significant changes since 2013. These revisions, which took effect for federal awards issues on or after October 1, 2024, aim to simplify compliance, enhance financial transparency, and improve oversight of federal grant…
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Charitable giving offers a meaningful way to support causes you care about while providing potential tax benefits. Strategic charitable contributions can significantly reduce taxable income and enhance financial planning for high-net-worth individuals. Understanding the nuances of charitable deductions is essential to maximize these benefits effectively. Understanding the Limits of Charitable Contributions The IRS limits how…
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Innovation drives progress in manufacturing, technology, and life sciences, but comes at a cost. The Qualified Small Business R&D Payroll Tax Credit is designed to help you benefit from those expenses. This credit allows you to offset payroll tax liabilities with up to $500,000 in qualified R&D credit during your first five years after receiving…
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Every five years, U.S. businesses and individuals with significant foreign investments face an important reporting obligation: the BE-10 Benchmark Survey. Conducted by the Bureau of Economic Analysis (BEA), this comprehensive survey provides vital insights into U.S. direct investment abroad. As we approach the 2025 filing deadline, here’s what you need to know: Who Needs to…
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Tax balance sheets are more than just financial records; they are strategic tools that ensure compliance and uncover opportunities for tax optimization. Identifying differences between financial statements and tax balance sheets can present opportunities and identify exposure. This is done by examining all assets, liabilities, and equity accounts. Cash vs. Accrual Accounting: The Key to…
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As we celebrate Women’s History Month once again, we’re revisiting an inspiring conversation with two trailblazers in the financial services industry: Alyssa Jasiak, Managing Director at Tonneson + Co, and Pam Kuong, Senior Vice President & Market Director at Santander Bank. Alyssa and Pam shared their personal experiences and walked us through how they navigated power…
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Key Changes Effective December 3, 2024 Massachusetts is updating its financial reporting requirements for non-profits and public charities as part of the Economic Development Bill. The new law raises the audit threshold from $500,000 to $1,000,000 in gross support and revenue and the review threshold from $200,000 to $500,000, easing compliance for smaller non-profits. Under…
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Employee retention is a major concern for businesses looking to attract and retain top talent. Competitive benefits packages play a crucial role in this process, as employees seek financial security and comprehensive healthcare options. One powerful way to enhance financial security and healthcare coverage is through a Health Savings Account (HSA). These tax-advantaged accounts, designed…
Read MoreTax Planning and Advisory Services Tax solutions, not just services. Your tax planning strategy should be an integral part of your business plan, not an afterthought. Whether you’re a start-up about to turn a profit or an established business exploring expansion options, our expert tax advisors ensure your tax strategy aligns perfectly with your business…
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On Friday, the IRS finalized regulations requiring partnerships to report specific basis adjustment transactions—a move aimed at curbing the misuse of tax deductions in complex partnership structures. This significant update impacts partnerships engaged in related-party transactions and underscores the need for compliance with enhanced reporting requirements. What Are the New Rules? The finalized rules (TD…
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