New Regulatory Resource Available for Vendor Management

May 20, 2024

By: Kelly Shafer, CPA Changing technology combined with increased regulatory and financial reporting demands have led to banks placing more reliance than ever on outside vendors for various services. While outsourcing certain functions to third parties has brought efficiency and innovation to service delivery, the practice reduces the bank’s control over those functions. Management has…

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QuickBooks Desktop transitions to QuickBooks Online

May 16, 2024

By: Saundra Uy, CPA, CVA, CGMA You may have received an email notifying you that your QuickBooks Desktop 2021 software will be discontinued on May 31, 2024. This notification is accurate but misleading and there are some important exceptions to consider. Recognizing the potential confusion surrounding this software transition, we are committed to clarifying any…

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Pay attention to the tax rules if you turn a hobby into a business

May 10, 2024

Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to turn your sewing or photography skills into an income-producing business. You probably won’t have any tax headaches if your new business is profitable over a certain…

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When partners pay expenses related to the business

May 8, 2024

It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships such as an architecture or law firm. For example, partners in service partnerships may incur entertainment expenses in developing new client relationships. They may also incur expenses for: transportation to get to…

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Taxes when you sell an appreciated vacation home

May 8, 2024

Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal income tax issues you face when selling an appreciated vacation home. Scenario 1: You’ve never used the home as your primary residence In this case, the…

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Growing your business with a new partner: Here are some tax considerations

May 7, 2024

There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to the business. Assume that your basis in…

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When businesses may want to take a contrary approach with income and deductions

May 6, 2024

Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why would you want to? One reason might be tax law changes that raise tax rates. The Biden administration has proposed raising the corporate federal income…

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The pros and cons of turning your home into a rental

May 1, 2024

If you’re buying a new home, you may have thought about keeping your current home and renting it out. In March, average rents for one- and two-bedroom residences were $1,487 and $1,847, respectively, according to the latest Zumper National Rent Report. In some parts of the country, rents are much higher or lower than the…

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Watch out for “income in respect of a decedent” issues when receiving an inheritance

April 29, 2024

Most people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? But in some cases, it may turn out to be too good to be true. While most inherited property is tax-free to the recipient, this isn’t always the case with property that’s considered income in respect of a decedent (IRD). If…

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Department of Labor Finalized Substantial Increase to Salary Threshold for FLSA White Collar Exemption

April 25, 2024

  By: Drema Foster, PAFM The U.S. Department of Labor (DOL) issued its Final Rule on April 23, 2024, to increase the minimum salary requirements for the “white collar” exemptions (executive, administrative, and professional) from minimum wage and overtime pay requirements under the Fair Labor Standards Act (FLSA). The Final Rule sharply increases the minimum…

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