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What You Need to Know About Tax Nexus

Understanding nexus is essential for determining a company's tax obligations. However, many businesses are unaware of what establishes nexus and thus are unaware of their tax obligations. Learn about tax nexus and how it may affect your company.

A Quality of Earnings Report is Critical When Buying or Selling a Business

Whether buying or selling a business, fully understanding the company's financials is critical. While audits, reviews, and compilations ensure the financial statements are not materially misstated, a Quality of Earnings report provides an in-depth analysis of the revenue and expenses of the business. Learn how a Quality of Earnings report may help you or your business.

Act Now to Reduce Your Business’s 2022 Tax Bill

It’s been a tumultuous year for many businesses, and the current economic climate promises more uncertainty for the short term, if not longer. Regardless of how your company has fared so far in 2022, there’s still time to make moves that may reduce your federal tax liability. Read on for some strategies worth your consideration.

Private Equity Investment a Bright Spot for Tech, Media, Telecom Companies

Despite the overall decline in venture capital and private corporate M&A activity, the middle market TMT sectors have remained relatively resilient.

Should Large Private Companies Be Required to Register with the SEC?

A bill has been proposed in the U.S. Senate that would establish new Securities and Exchange Commission (SEC) registration triggers for certain large private companies. The Private Markets Transparency and Accountability Act was introduced by Sen. Jack Reed (D-R.I.) and is cosponsored by Sens. Catherine Cortez Masto (D-Nev.) and Elizabeth Warren (D-Mass.) It reflects ongoing

What Do the 2023 Cost-of-living Adjustment Numbers Mean for You?

The IRS recently issued its 2023 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, many amounts increased considerably over 2022 amounts. As you implement 2022 year-end tax planning strategies, be sure to take these 2023 adjustments into account. Also, keep in mind that, under the Tax Cuts and Jobs Act

New Rules for Joint Venture Formations in the Works

On September 14, 2022, the Financial Accounting Standards Board (FASB) unanimously voted to issue a proposal that would create new requirements for joint ventures. Here are the key details of the proposal. Need for change There are no rules for the initial recognition and measurement of contributions to a joint venture under existing U.S. Generally

5 Critical Areas of Concern in Financial Reporting Today

In recent years, companies have been experiencing the effects of inflation, increases in interest rates and continued supply chain issues because of the COVID-19 pandemic and the Russian invasion of Ukraine. In light of ongoing economic uncertainty, Securities and Exchange Commission (SEC) Acting Chief Accountant Paul Munter recently identified the following five areas to monitor

Hood & Strong’s Brian Wan on What You Need to Know About Cybersecurity Risks

Brian Wan, CISA, leads Hood & Strong’s IT Audit and Cybersecurity Assessment team. He joined the firm in 2022 after more than 10 years of experience in IT and financial accounting at a Big Four accounting firm, and previously worked closely with CFOs and financial planning and analysis teams within government agencies, private organizations and

H&S Perspectives: Recession Tax Planning for Disappearing Tax Deductions

Hood & Strong Tax and Advisory Partner George Paulsen offers suggestions for individuals and businesses to prepare for a recession in 2023. With the big drop in the stock market at the beginning of 2022 and the rise in interest rates and inflation, you may wonder if we are in a recession. The U.S. government

Five Steps to Take Now to Cut Your 2022 Tax Liability

It has been quite a year — high inflation, rising interest rates and a bear stock market. While there’s not a lot you can do about any of these financial factors, you may have some control over how your federal tax bill for the year turns out. Here are some strategies to consider executing before

OECD Issues Final Crypto-Asset Reporting Framework – Now What?

The OECD’s updated crypto-asset reporting framework and CRS amendments will streamline reporting and exchange of information on crypto-assets.