What counts as qualified medical expenses?

Tuesday, July 18, 2023
You may wonder what medical expenses you can include if you itemize deductions on your tax return. The IRS recently issued frequently asked questions addressing when certain costs are qualified...... Read More

Social Security’s future: The problem and the proposals

Monday, July 17, 2023
Recent studies have rekindled fears about the Social Security program's approaching insolvency in the absence of congressional action. Because the alternatives for preventing insolvency will undoubtedly result in suffering for...... Read More

IRS expands electronic filing mandate in 2024

Friday, July 14, 2023
The Internal Revenue Service (IRS) issued final regulations on e-file for businesses, requiring certain filers to e-file beginning in 2024 for the 2023 tax year.  The complete regulations are found...... Read More

How can Quickbooks be used as a Fraud Detection tool

Thursday, July 13, 2023
Many businesses and nonprofits use QuickBooks® as a cost-effective solution to manage their accounting processes. However, the software’s capabilities extend beyond organizing and streamlining your company’s accounting. QuickBooks can also...... Read More

Stepped-up basis for inherited property

Tuesday, July 11, 2023
A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property that he or she inherits...... Read More

What’s in the Fiscal Responsibility Act?

Monday, July 10, 2023
President Biden has signed into law the new debt ceiling agreement that he reached with U.S. House of Representatives Speaker Kevin McCarthy (R-CA). The Fiscal Responsibility Act (FRA) suspends —...... Read More

Reporting non-GAAP measures

Thursday, July 06, 2023
Generally Accepted Accounting Principles (GAAP) is generally considered the gold standard in financial reporting in the United States. But private and public entities may sometimes use non-GAAP metrics in their...... Read More

Still have questions after filing your tax return?

Tuesday, July 04, 2023
Have you successfully filed your 2022 tax return with the IRS? You may think you’re done with taxes for another year. But some questions may still arise. Here are brief...... Read More

When to take advantage of the rehabilitation tax credit

Monday, July 03, 2023
If your business occupies substantial space and needs to increase or move from that space in the future, you should keep the rehabilitation tax credit in mind. This is especially...... Read More

What Are the Grey Areas of Accounting?

Thursday, June 29, 2023
Accounting and auditing standards have come under scrutiny in the wake of recent high-profile bank failures. Investigations are currently underway about what went wrong with Silicon Valley Bank and Signature...... Read More