Newsletter

Changes in the Tax Laws – What to Know Before Filing Your 2024 Return

Due Dates for Tax Returns  The deadline to file individual income tax returns or request an extension will be Monday, April 15, 2024 for most taxpayers. An extension will move the deadline six months to Tuesday, October 15. Some exceptions apply to the April 15 deadline, including the following: The deadline for all taxpayers in […]

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Employee Stock Ownership Plans (ESOPs) and Their Benefits for Businesses and Employees

What Is an Employee Stock Ownership Plan? Specifically, an ESOP is an employee benefit plan that allows businesses to sell off ownership shares of the company directly to employees. Typically, these company shares are acquired through an employee retirement account; when the worker decides to retire or otherwise leave the company, the business buys the

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The Hidden Costs of Ineffective Data Management

Potential consequences of improper data management Failure to manage your data effectively can lead to the following consequences, including missed opportunities, inefficiencies, and even business-ending events. Poor decision-making: Imagine navigating the roads using a faulty map. You’re bound to end up in the wrong place. Without accurate data, you will be charting a flawed business

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Network Wellness Check – How Healthy is your Network?

Does your business suffer from… Sluggish network speeds causing frequent downtime, hindering employee productivity? Slow response times and unreliable online services that are frustrating customers and leading to dissatisfaction? Operational disruptions affecting critical business processes and creating inefficiencies? Technological deficiencies reducing competitiveness in the market? An underperforming network requiring additional IT support, increasing operational costs

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Balance Sheets-What Are They and Why Do They Matter For Business Owners

What Is a Balance Sheet Specifically, a balance sheet is a document that is meant to give business owners, accountants and even investors/creditors a better idea about a company’s financial health at any given time. Most businesses produce a balance sheet on a quarterly basis as a means of keeping tabs on their progress and

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How a Bipartisan Tax Bill Would Affect Business Tax Deductions and Credits

Delay of Limits on Tax Deductions TRAFWA would delay the implementation of two significant provisions of the Internal Revenue Code (IRC) that affect business tax deductions. Capitalization of Research Expenses under § 174 Section 174 of the IRC bars taxpayers from deducting “specified research or experimental expenditures” (SRE) during the tax year that they incur

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Cyber Liability Insurance

Mastering your cyber insurance claims   Here are some key steps to optimize your coverage:   Thorough policy understanding Delve into the nuances of your policy. Scrutinize terms, conditions and coverage limits. Identifying inclusions and exclusions aligns your expectations effectively, empowering you to grasp the extent of protection offered. Precision in application Accuracy is paramount

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What Fiduciaries Need to Know About Employee Benefit Plan Regulations in 2024

Changes to Form 5500   Form 5500 is a collaborative project by the DOL, the IRS and the Pension Benefit Guaranty Corporation (PDGC). It provides a single document the EBPs can use for the reporting requirements under the Employee Retirement Income Security Act (ERISA) of 1974. Calling it a “single” document seems misleading, of course, considering

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IRS Launches Pre-Filing Registration Tool for Nonprofits

The Inflation Reduction Act and Its Impact on Nonprofits   Under the Inflation Reduction Act of 2022, nonprofit organizations have the opportunity to receive credits for the production of investment in electricity from renewables or clean energy, including the purchase of qualified commercial “clean” vehicles.   More specifically, the Inflation Reduction Act includes 12 different credits that

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The Four Stages of Cyber Risk Management

THE FOUR STAGES UNVEILED Risk Identification Recognize vulnerabilities susceptible to cyberthreats Conduct a thorough risk assessment Consider internal and external factors Classify assets based on importance and sensitivity Risk Assessment and Analysis Evaluate identified risks for potential impact and likelihood Analyze consequences and assess the probability of occurrence Estimate financial, operational and reputational impact Prioritize

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