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Audit and Assurance Articles

 

Navigating the Complexities of Tax Treatment for Intangible Assets

Navigating the Complexities of Tax Treatment for Intangible Assets

Posted by Douglas Muth on December 16, 2024

Intangible assets, such as patents, trademarks, and goodwill, play a crucial role in modern businesses. Understanding the tax treatment of these assets is essential, as it involves complex regulations and capitalization rules. This article provides answers to frequently asked questions and offers guidance on managing the tax implications of intangible assets.

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Navigating IRS Audits: Essential Strategies for Business Preparedness

Navigating IRS Audits: Essential Strategies for Business Preparedness

Posted by Timothy Bubar on October 15, 2024

As the IRS intensifies its audit efforts, particularly targeting large corporations and high-income individuals, businesses must adopt proactive strategies to prepare for potential audits. By maintaining thorough documentation and understanding common audit triggers, companies can effectively manage the audit process and reduce stress. This article outlines key preparation steps and offers guidance on responding to IRS inquiries to ensure a smooth experience.

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Choosing Between Cash and Accrual Accounting for Tax Purposes

Choosing Between Cash and Accrual Accounting for Tax Purposes

Posted by Douglas Muth on August 19, 2024

While the cash method can offer significant tax benefits for qualifying businesses, some companies might find the accrual method more advantageous. It's crucial to assess which accounting method best suits your business’s needs to maximize tax benefits.

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Establishing a Tax-Favored Retirement Plan: A Strategic Move for Your Business

Establishing a Tax-Favored Retirement Plan: A Strategic Move for Your Business

Posted by Austin Robare on April 15, 2024

A retirement plan is a valuable benefit for any business. If you’re self-employed and have a SEP-IRA, you can put in up to 20% of your self-employment income, with a limit of $69,000 for 2024 (increase from 2023). If you work for your own corporation, up to 25% of your salary can go into your account, with the same limit of $69,000 for 2024.

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403(b) Plan Changes Through 2026 Impact Nonprofit Organizations

403(b) Plan Changes Through 2026 Impact Nonprofit Organizations

Posted by Thomas Burns on February 14, 2024

As discussed here, the SECURE Act 2.0 has many changes that affect 403(b) retirement plans. It is important that your organization stays current on all regulatory rules and the enhancements available to your employees.

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Exploring the Optimal Accounting Method for Business Taxation

Exploring the Optimal Accounting Method for Business Taxation

Posted by Douglas Muth on February 12, 2024

Businesses can strategically align their accounting practices with their tax objectives, thereby maximizing tax efficiency and compliance.

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Overcome the Traps of Unrelated Business Income Tax (UBIT)

Overcome the Traps of Unrelated Business Income Tax (UBIT)

Posted by Cathleen Karpik on December 27, 2023

There are different rules for taxability of advertising vs. sponsorships payments based on the “substantial benefit” received.

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Managing Work in Progress Inventory

Managing Work in Progress Inventory

Posted by John George on November 21, 2023

When preparing your balance sheets, it is critical to the accuracy of your financial statements to record WIP correctly.

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Is Cash Basis Accounting Beneficial for Nonprofit Organizations

Is Cash Basis Accounting Beneficial for Nonprofit Organizations

Posted by Sarah Hopkins on June 08, 2023

Understanding why year-end adjustments are required when nonprofits use the cash basis method of accounting.

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Stay in Compliance with Federal Single Audit Requirements

Stay in Compliance with Federal Single Audit Requirements

Posted by Cathleen Karpik on April 27, 2023

For nonprofits who are required to prepare a Single Audit based on expenditures of federal funds, it's important to stay in compliance with the Uniform Guidance.

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