News

IRS issued tax filing and paying relief for California winter storm victims. The extended due date is May 15, 2023.

Do you own commercial or investment real estate that has substantially increased in value? If you sell the property, you may be hit with a huge capital gain tax liability. Possible solution: Consider a Section 1031 exchange (also known as a like-kind exchange) in which you swap qualifying properties while paying zero or little current

When should a company incorporate an item into its financial statements — or remove it altogether? On November 22, 2022, the Financial Accounting Standards Board (FASB) issued a proposal to help address this fundamental question. Bringing the conceptual framework into the 21st century The FASB’s conceptual framework consists of eight chapters that provide the foundational

The cost of goods sold (COGS) can account for 70% of a company’s expenses, according to recent discussions by the Financial Accounting Standards Board’s (FASB’s) Investor Advisory Committee. However, some companies skimp on details around the costs they incur to produce goods. To help rectify this situation, the FASB has launched a project to study

After trending downward prior to the pandemic, going concern opinions increased substantially in fiscal year 2021, according to a recent report by Audit Analytics. Here’s an overview of the going concern assumption and the responsibility to identify “substantial doubt” about a company’s ability to operate as a going concern over the next year. Evaluating future

SECURE 2.0 Act significantly changes the tax rules governing qualified retirement plans and individual retirement accounts (IRAs).

To help you make sure you don’t miss any important 2023 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Date Deadline for  January 10

Notice 2023-7 provides interim guidance on certain items related to the new corporate minimum tax in anticipation of forthcoming proposed regulations.

On December 23, 2022, Congress passed the Consolidated Appropriations Act of 2023. The sprawling year-end spending “omnibus” package includes two important new laws that could affect your financial planning: the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act (also known as SECURE 2.0) and the Conservation Easement Program Integrity Act. Bolstering retirement savings The original SECURE Act,