With new tariff structures looming and global trade relationships in flux, businesses face rising uncertainty in supply chain costs and inventory planning. As countries iron out the details of future U.S. trade agreements, companies must proactively manage their...
If you inherit assets after a loved one passes away, they often arrive with a valuable — but frequently misunderstood — tax benefit called the step-up in basis. Below is an overview of how the rule works and what planning might need to be done. What “basis” means...
Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, you’re concerned about the financial commitment and administrative burdens involved. There are a couple of options to consider. Let’s take a look at a Simplified...
Understanding your business’s financial health is essential for long-term success. QuickBooks® offers a powerful reporting tool suite that can provide critical insights to support decision-making and help you comply with accounting and tax rules. Accrual-basis...
Once your 2024 tax return is in the hands of the IRS, you may be tempted to clear out file cabinets and delete digital folders. But before reaching for the shredder or delete button, remember that some paperwork still has two important purposes: Protecting you if the...
Under U.S. Generally Accepted Accounting Principles (GAAP), property, plant and equipment (PPE) assets aren’t immediately expensed. Instead, they’re capitalized on your company’s balance sheet and gradually depreciated over their useful lives. While that sounds easy...
Many balance sheet items are reported at historical cost. However, current accounting standards require organizations that follow U.S. Generally Accepted Accounting Principles (GAAP) to report certain assets and liabilities at “fair value.” This shift aims to enhance...
President Trump’s “Liberation Day” announcement of global tariffs caught businesses, as well as foreign countries and worldwide financial markets, off guard. While the president has long endorsed the imposition of tariffs, many businesses expected him to take a...
With summer fast approaching, you might be considering hiring young people at your small business. If your children are also looking to earn some extra money, why not put them on the payroll? This move can help you save on family income and payroll taxes, making it a...
Tuesday, April 15 is the deadline for filing your 2024 tax return. But another tax deadline is coming up the same day, and it’s essential for certain taxpayers. It’s the deadline for making the first quarterly estimated tax payment for 2025 if you’re required to make...
