The One, Big, Beautiful Bill Act, a new bill in Congress, proposes significant changes to business tax breaks, including restoring 100% bonus depreciation, increasing Section 179 expensing limits, and making the Qualified Business Income deduction permanent. These changes aim to provide substantial tax relief and flexibility for business owners, encouraging investment and innovation.
Read MoreCapital planning is a critical component of management for governments and public institutions. Here, we break down the capital planning process into four parts.
Read MoreThe proposed federal tax legislation aims to simplify the tax code, reduce rates for individuals and businesses, and eliminate certain deductions and credits. The bill also seeks to increase the standard deduction and expand tax credits for families, while ensuring that the changes are revenue-neutral over the long term.
Read MoreNonprofits can effectively manage their revenue sources by diversifying their funding streams and implementing strategic financial planning. This approach helps ensure financial stability and sustainability, allowing organizations to better achieve their missions and serve their communities.
Read MoreOwners of small manufacturing businesses structured as S corporations must ensure they receive reasonable compensation for their work to comply with IRS rules. While distributions can offer tax advantages, they must follow fair salary payments based on the owner’s role, responsibilities, and industry standards.
Read MoreAs we reach the midpoint of 2025, small and mid-size governments in New York State are navigating significant changes to their accounting and financial reporting practices, driven by recent Governmental Accounting Standards Board (GASB) pronouncements.
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