Can You Claim Your Parent as a Dependent?
If you pay over half the cost of supporting a parent, your parent is considered your dependent for federal income tax purposes. This treatment potentially entitles you to some significant tax breaks. Here are four potential benefits to consider when you file your 2023 federal income tax return. 1. Head of Household Filing Status For…
Sage Q1 2024 Release: Leveraging AI and Automation
Available as of Friday, February 16, Sage Intacct’s first release of 2024 includes new features and functionality that elevate the work of humans with AI and automation. The updates highlighted below include enhancements across three major themes: 1. Seamless data integration, 2. Automation advancements, and 3. Industry insights, to boost organizational efficiency and enhance decision-making insights.
2024 Yellow Book Updates: What You Need to Know
By Tricia Katebini, CPA, MBA, Partner, Audit The long anticipated 2024 Yellow Book, which supersedes the 2018 Yellow Book, was released Thursday, February 1, 2024, by the United States Government Accountability Office (GAO). The revisions to the Yellow Book reflect major developments in the auditing and accountability professions and emphasize specific considerations applicable to the…
Strategies for Indirect Cost Recovery for Fixed Price Government Contractors
By Paul Calabrese, Principal Government contracts come in various forms, each with its own set of rules and requirements. Critical to a contractor’s financial health, indirect costs are treated differently in fixed-price contracts compared to cost-reimbursable contracts. While fixed-price contractors may not face the same disclosure and cost build-up demands as their cost-reimbursable counterparts, they…
New Corporate Transparency Act Reporting Rules: What You Need to Know
New reporting rules go into effect on January 1, 2024, under the Corporate Transparency Act. This law, enacted in 2021, will require many small businesses to provide new details about beneficial owners who control the company. Hefty civil and criminal penalties may apply for failure to comply. Here’s a brief overview of the requirements.
2024-2025 FAFSA Form Now Available
The window of opportunity for filling out the Free Application for Federal Student Aid (FAFSA) is open. In the recent past, the FAFSA was available on October 1 for the upcoming school year. But the start date for applications was pushed back to December 31 for the 2024-2025 school year to give the U.S. Department…
Setting up IRAs for Teens and Young Adults
More than half of 16-to-24-year-olds are employed, according to the most recent statistics from the U.S. Bureau of Labor Statistics. A job can teach your young adult child or grandchild how to be financially responsible. But why not encourage them to take it to the next level by saving for retirement? Teens and young adults…
Top 10 Year-End Tax Considerations for Individuals, 2023
The year-end is a wonderful time to reflect what have been accomplished during the year, and how to strategize the remaining time to finish strong. For tax planning, the year-end provides an opportunity to review our financial standing for the year and consider key tax planning items for effective tax strategies. Here are 10 quick…
Top 6 Year-End Tax Considerations for Business, 2023
Here is an overview of key tax planning strategies to consider this year, and a recap of business tax due dates and other key deadlines for 2023 taxes. 1. Time Income and Deductions Businesses using the cash method of accounting have some ability to affect the timing of year-end income and expenses. If you anticipate…
Year-End Bonuses: Tax Issues for Employers and Employees
Bonuses are an important part of rewarding employee performance, but they also raise a variety of tax issues for both employers and employees. Here’s what you need to know if you give or receive a bonus. Deducting Bonuses Paid to Employees Employers can generally deduct the cost of bonuses paid to employees before year end,…