The Tax Cuts and Jobs Act of 2017 introduced significant changes to Section 174 of the Internal Revenue Code, affecting how businesses handle Research and Experimental (R&E) expenditures. Starting in 2022, these expenses must be capitalized and amortized over a specific period rather than deducted in the year they are incurred. This blog post will guide you through the new rules and how to navigate them effectively.

Institutions are grappling with significant changes around athlete employment status in the rapidly evolving landscape of collegiate athletics. The National Labor Relations Board (NLRB) decision regarding Dartmouth athletes suggests a broader shift toward recognizing athletes as employees. Universities must navigate this new terrain with strategic foresight and an eye toward compliance.

For many, the word "audit" conjures up images of tax auditors camping out in dark offices or reading intimidating letters from the IRS. However, an internal audit can become an invaluable tool that business owners and executives come to love.

Many businesses struggle with procurement, whether hiring contractors, buying equipment, or paying vendors. Here are some tips for streamlining your company's purchase order (PO) approval process.

Get ready: The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United States. The reason is a tax law scheduled to expire in about 17 months and how politicians in Washington would like to handle it.

Effective expense reporting is essential to maintaining rigorous financial controls critical to any business's profitability. Monitoring employee expenditures allows your organization to track spending, control costs, and maintain accurate financial records.

The Inflation Reduction Act provided the IRS with billions of dollars of additional funding to reduce the so-called “tax gap” between what taxpayers owe and what they actually pay. The tax agency has already launched numerous initiatives aimed at this goal, including several business-related compliance campaigns. Let’s take a closer look at three of the most significant recent targets.

Fraud, waste, and abuse can severely impact not-for-profit organizations' financial health and reputation. Understanding and mitigating these risks is essential for maintaining public trust and ensuring the sustainability of your mission.

Comprehensive due diligence is essential when acquiring a business. Financial due diligence, in particular, can be daunting, especially for inexperienced buyers and sellers. However, with the support of financial and accounting professionals who can evaluate past and future financial statements, spot hidden liabilities, uncover management missteps, and ensure earnings accuracy, this task becomes more manageable. Their expertise provides crucial information that shapes deal terms, purchase prices, and validates key financial information related to your investment decision.