04.29.25

Prepare and Plan for the Tax Benefits of Real Estate
Thomas Kosinski

In recent years, the tax law has focused on real estate as both a great investment and a tax benefit for saving taxes from its use as a business or investment asset.  For example, the use of real estate in an operating business can create many tax benefits, including the ability to claim tax depreciation […]

04.29.25

Gift and Estate Tax Changes on the Horizon: Are You Prepared?
Azuwa Omietimi

Currently, the gift and estate tax exemption for individuals is $13.99 million (a combined $27.98 million for married couples). However, this lofty exemption amount, created by the Tax Cuts and Jobs Act (TCJA), was not designed to be permanent. The TCJA called for the provision to “sunset” at the end of 2025. Unless Congress extends […]

04.24.25

Highlights of the Revised Uniform Guidance
Charles J. Burke

Federal agencies were required to adopt the U.S. Office of Management and Budget’s (OMB) latest revised Uniform Guidance (UG) by October 1, 2024. It affects organizations with a fiscal year ending September 30, 2025, and later. The revisions are being welcomed by many not-for-profit organizations because the changes aim to help reduce the burden on […]

04.22.25

New Income Tax Disclosures in Financial Statements of Private Companies and Not-for-Profit Organizations
Kelly H. Buchheit

In 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, (the Update) which applies to any entity subject to income taxes. The Financial Accounting Standards Board issued this Update to enhance transparency and improve effectiveness of income tax disclosures. More specifically, the revised disclosure […]

04.10.25

Why Aren’t You Using Rolling a Forecast?
Joyce Carlson

Economic volatility and supply chain disruptions evolving from the COVID-19 pandemic have called into question the usefulness of traditional budgeting and forecasting methods. Pandemic shifted consumer preferences along with labor shortages and global trade tensions of today continue to put stress on the stability of the flow of goods. Fast-changing economic and market conditions can […]

03.06.25

Lessee Accounting: Lease Modifications and Remeasurements
Kelly H. Buchheit

In 2022, most commercial entities and nonprofit organizations initially adopted the provisions of the new lease standard, ASC 842, Leases. While the new lease standard updated the accounting and disclosure requirements for both lessee (tenant) and lessor (landlord) accounting, the changes were more impactful to lessees.   The most significant change to a lessee’s accounting […]

02.25.25

Converting Your Residence into a Rental: What You Need to Know
Kaleb Spreitzer

Homeowners may consider converting their personal residence into a rental property for several reasons. They might, for example, want to diversify their investment portfolio, or the value of the home could have fallen below their purchase price. Whatever the reason, if you are thinking about making the move, you need to first weigh some tax […]

02.24.25

Trust Protectors Can Help Back Up an Estate Plan
Jeffrey R. Green

No irrevocable trust is failsafe. Although these instruments typically allow for a hassle-free and tax-advantaged transfer of wealth, there is risk associated with the fact that irrevocable trust founders must give up control of the assets they place in their trusts while they are alive, and they certainly cannot control what happens after they die. […]

02.21.25

The State of the Legal Industry: Law Firms See Record-Breaking Performance and Changing Models
Joy A. Long

The 2025 Report on the State of the U.S. Legal Market from the Center on Ethics and the Legal Profession at Georgetown University Law Center and the Thomson Reuters Institute is packed with good news for law firms. It also highlights recent and upcoming shifts in the industry that law firms cannot afford to ignore. […]

02.20.25

Quality of Earnings Reports Are Not Just for Big Companies
Luca Rajola Pescarini

Quality of earnings reports are an increasingly common part of the merger and acquisition process, but some buyers and sellers of small businesses may hesitate to make the investment. They might skip the report altogether or opt to conduct their own financial due diligence analysis. These parties can end up regretting their decision, though, and […]