Defer a current tax bill with a like-kind exchange

Monday, March 18, 2024
If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the gain is with a Section 1031 “like-kind”...... Read More

Financial Data Transparency Act

Friday, March 15, 2024
As 2022 drew to a close, a surprising turn of events in municipal finance occurred: A federal bill to enhance financial data transparency for state and local governments unexpectedly became...... Read More

Auditing Concepts: Close-Up on Materiality

Thursday, March 14, 2024
As audit season begins for calendar-year entities, it’s important to review issues that may arise during fieldwork. One common issue is materiality. This concept is used to determine what’s important...... Read More

It’s possible (but not easy) to claim a medical expense tax deduction

Tuesday, March 12, 2024
One of your New Year’s resolutions may be to pay more attention to your health. Of course, that may cost you. Can you deduct your out-of-pocket medical costs on your...... Read More

The standard business mileage rate will be going up slightly in 2024

Monday, March 11, 2024
The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business is going up by 1.5 cents per mile in 2024. The IRS announced...... Read More

Independent contractor vs. employee status

Friday, March 08, 2024
The U.S. Department of Labor’s (DOL’s) test for determining whether a worker should be classified as an independent contractor or an employee for purposes of the federal Fair Labor Standards...... Read More

6 Tips to Improve Job-Costing Systems

Thursday, March 07, 2024
Companies that work on customer-specific or long-term projects — such as homebuilders, contractors, custom manufacturers and professional practices — generally track job costs to gauge the profitability of each project....... Read More

Don’t overlook taxes when contemplating a move to another state

Tuesday, March 05, 2024
When you retire, you may think about moving to another state — perhaps because the weather is more temperate or because you want to be closer to family members. Don’t...... Read More

A company car is a valuable perk but don’t forget about taxes

Monday, March 04, 2024
One of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company car. This perk results in tax deductions for the employer...... Read More

The Future of Accounting: How to Embrace Cutting-Edge Technology

Thursday, February 29, 2024
Technology is transforming the accounting profession. When businesses moved from paper ledgers to spreadsheets, it improved the timeliness, accuracy and integrity of accounting-related data. Likewise, cloud computing and the ability...... Read More