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Are You Overlooking the Implicit Costs of Your Medical Practice?
If you have run your medical practice for any length of time, you know it incurs a wide variety of costs. To get a better handle on these costs and perhaps identify ways to lower them, it can be helpful to divide them into two broad groups: explicit and implicit. Explicit vs. implicit Explicit costs […]
The 2024 Cost-Of-Living Adjustment Numbers Have Been Released: How Do They Affect Your Year-End Tax Planning?
The IRS recently issued its 2024 cost-of-living adjustments for more than 60 tax provisions. With inflation moderating slightly this year over last, many amounts will increase over 2023 amounts but not as much as in the previous year. For instance, the Social Security wage base is increasing from $160,200 to $168,600, which is a lesser increase than the $13,200 increase that occurred from 2022 to 2023. As you implement 2023 year-end tax planning strategies, be sure to take these 2024 adjustments into account.
Using Reverse Sales and Use Tax Audits to Reveal Refund Opportunities
Tracking various state sales tax laws, changes and credits can be complex and lead to missed opportunities. While most states offer sales and use tax exemptions for certain purchases by manufacturers, the messaging, processes and specifics will vary from state to state. It is easy for Manufacturers to overlook exemptions to which they’re entitled, resulting […]
ORBA Welcomes Brian McCabe and Kay Mills to the Firm
ORBA is pleased to welcome Brian McCabe, Senior Manager of Business Valuations, and Kay Mills, Payroll and Accounting Specialist, to the firm.
High Mortgage Rates Hamper Housing Market Outlook
The U.S. home market has struggled throughout 2023, burdened with 30-year fixed mortgage rates that passed 8% for the first time since 2000. The high rates have been one of the reasons that buyers have faced a historically unaffordable market. Rates have retreated a bit since that peak, but what does the future hold for […]
ORBA Ranks Among 2023 Largest Accounting Firms by Crain’s Chicago Business
ORBA, a full-service accounting, tax and business consulting firm, has been ranked as one of the largest accounting firms in Chicago, according to an annual survey published by Crain’s Chicago Business.
Take Action Now to Reduce Your 2023 Income Tax Bill and Your Taxable Estate
A number of factors are making 2023 a confounding tax planning year for many people. They include turbulent markets, stabilizing—but still high—interest rates and significant changes to the rules regarding retirement planning. While much uncertainty remains, the good news is that you still have time to implement year-end tax planning strategies that may reduce your income tax bill for the year. Here are some steps to consider as 2023 comes to a close.
ORBA Welcomes Five Associates to its Audit Group
CHICAGO — ORBA, one of Chicago’s largest public accounting firms, is pleased to welcome five associates to its fast-growing Audit Group.