President Biden has released his proposed budget for the 2025 fiscal year, including numerous tax provisions affecting both businesses and individual taxpayers. While most of these provisions have little chance of coming to fruition while the U.S. House of Representatives remains […]

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 Act (FLSA) has been revised several times over the past decade. […]

Watch our recent video interview as Partner and Transaction Advisory Services Practice Leader Christopher D. Fagan discusses the foundational work needed when selling your business.

Ransomware, which typically infiltrates a system through phishing emails, continues to loom as a significant threat to individuals and businesses. Once inside, it scans the system for files and encrypts them. The encrypted files become unusable, and the victim receives a […]

To help you make sure you don’t miss any important 2024 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about […]

Since July 2023, the IRS has taken a series of actions in response to what it has termed a “flood of ineligible claims” for the Employee Retention Tax Credit (ERTC). Most recently, it launched a Voluntary Disclosure Program (VDP). The program […]

Does your business file 10 or more information returns with the IRS? If so, you must now file them electronically. This is a significant rule change that went into effect on January 1, 2024, for 2023 tax year information returns. The […]

Selling a business is a significant event for any entrepreneur or business owner. For many business owners, the company reflects their life’s work and represents their most significant financial asset. While many factors contribute to the success of a sales transaction, […]

Beginning January 1, 2024, most businesses will be required to report new information on the individuals who directly or indirectly control the company, including its owners, officers and controlling persons. The Corporate Transparency Act, enacted by Congress in 2021, aims to […]

Which financial statement is more important, the balance sheet or income statement? Many would submit the balance sheet is most important because it offers a more comprehensive view of a company’s financial health. Others would say the income statement because it shows profit generation capability. Both are reasonable arguments, but each presents a limited perspective. […]