The alternative minimum tax (AMT) is a separate federal income tax system that bears some resemblance to the regular federal income tax system. The difference is that the individual AMT system taxes...
Accurate financial records help business owners manage cash flow, tax obligations and strategic planning. QuickBooks® is one of the most widely used bookkeeping software solutions for small and midsize businesses, offering a comprehensive suite of tools designed to simplify financial management and support business growth.
The Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-13 seems like it would be old news. However, the provision for accounting for current expected credit loss (CECL) went into effect for not-for-profits in calendar years ending in 2023 and fiscal years ending in 2024. Also, it doesn’t apply to all organizations — only those that follow Generally Accepted Accounting Principles (GAAP). So, if you only recently switched to GAAP accounting, it may not be on your radar.
In today's competitive job market, offering meaningful benefits can set your company apart and help attract and retain top talent. Pennsylvania's new Employer Tax Credit for 529 Contributions provides an excellent opportunity for businesses to support their employees' educational savings while receiving a 25% state tax credit in return.
Running a closely held business is challenging. Owners usually prioritize core business operations — such as managing employees, serving customers and bringing in new sales — over tedious bookkeeping tasks. Plus, the accounting rules can be overwhelming.
Have you been named as executor of your parent's estate? What does this job entail? Acting as an executor of an estate can involve a great deal of work, depending on the amount and nature of the assets. Here's what you should know.
Properly prepared financial statements provide a wealth of information about your company. But the operative words there are "properly prepared." Classifying information accurately isn't always easy — especially as the business grows and its financial transactions become more complex.
As the end of the year draws near, savvy taxpayers look for ways to reduce their tax bills. This year, the sense of urgency is higher for many because of some critical factors.
President-Elect Donald Trump will return to the White House in 2025 — a year that already was expected to see significant activity on the federal tax front. A projected unified GOP Congress is poised to help him notch early legislative tax victories. (Republicans have won back a majority in the U.S. Senate and are projected to retain a majority in the U.S. House of Representatives.) The most obvious legislative win will likely be the extension and expansion of Trump's signature 2017 tax legislation, the Tax Cuts and Jobs Act (TCJA).
Audit season is just around the corner for calendar-year entities. Understanding the types of source documents your audit team might request can minimize disruptions during audit fieldwork and maximize your audit's effectiveness. Here are some common sources of "substantive evidence" that auditors gather to help them form an opinion regarding your financial statements.
