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September 26, 2023

Selling Your Home for a Big Profit? Here are the Tax Rules

Many homeowners across the country have seen their home values increase in recent years. According to the National Association of Realtors, the median price of existing homes sold in July of 2023...

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September 26, 2023

Selling Your Home for a Big Profit? Here are the Tax Rules

Many homeowners across the country have seen their home values increase in recent years. According to the National Association of Realtors, the median price of existing homes sold in July of 2023 rose 1.9% over July of 2022 after a couple years of much higher increases. The median home price was $467,500 in the Northeast, $304,600 in the Midwest, $366,200 in the South and $610,500 in the West.

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September 26, 2023

New Report Identifies High-Risk Areas in Financial Reporting

In July 2023, the Public Company Accounting Oversight Board (PCAOB) published a report that highlights common areas of audit deficiencies for public companies. Private companies face similar challenges when reporting their financial results. Internal accounting personnel and external auditors can use the PCAOB’s report to identify high-risk areas in financial reporting that may warrant additional attention.

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September 26, 2023

7 Essential Questions to Ask Before Hiring a Bookkeeping Service

Bookkeeping services are essential to any growing business, but the idea of hiring a bookkeeper can be intimidating for any small business owner. Where do you start? How do you know if they’re a good fit for you? Here are seven questions to ask before hiring a bookkeeping service.

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September 26, 2023

Disabled Family Members May Be Able to Benefit from ABLE Accounts

If you have family members with disabilities, there may be a tax-advantaged way to save for their needs — without having them lose eligibility for the government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for disability-related expenses. The SECURE 2.0 law made changes that will allow more people to be eligible for these accounts, beginning in 2026.

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September 26, 2023

Divorcing Business Owners Should Pay Attention to the Tax Consequences

If you’re getting a divorce, you know the process is generally filled with stress. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it.

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September 26, 2023

Is QuickBooks Right for Your Nonprofit?

Not-for-profit organizations exist to achieve nonfinancial or philanthropic goals, not to make money or build value for investors. But they still need to monitor their financial health — that is, how much funding is coming in from donations and grants and how much the organization is spending on payroll, rent and other operating expenses.

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September 19, 2023

IRS Suspends Processing of ERTC Claims

In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERTC), the IRS has imposed an immediate moratorium through at least the end of 2023 on processing new claims for the credit. The reason the IRS cites for the move is the risk of honest small business owners being scammed by unscrupulous promoters who submit questionable claims on their behalf.

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August 24, 2023

The Advantages of Using an LLC for Your Small Business

If you operate your small business as a sole proprietorship, you may have considered forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a new business and want to know your options for setting it up. Here are the basics of operating as an LLC and why it might be a good choice for your business.

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August 24, 2023

What is Reasonable Compensation for an S Corp?

Reasonable compensation for owners of S Corporations is an IRS audit issue.

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August 24, 2023

9 Signs You Need to Hire a Forensic Accountant

You own and operate a small-to-medium-sized business and have devoted your life to making this company profitable. You have sacrificed and dedicated yourself to seeing your business succeed. You know your business, revenue, payroll, taxation status, and expenses so well that you would notice if there were a discrepancy in your books.

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