Accounting & Business Advisory Blog

Once your business has survived the start-up phase, it's got a solid foundation to grow. Business and financial advisory services are critical at this stage of development. Here are some major areas or functions of…

You're probably knowledgeable about the FICA tax, which was established by the Federal Insurance Contributions Act, and is paid by both employers and employees through payroll deductions. FICA tax includes a Social Security and Medicare…

The quest for skilled laborers As the end of the first quarter of the 21st century nears, cloud computing has become an integral part of the modern-day manufacturing environment, growing in leaps and bounds over…

Does your business need to prepare financial statements that conform to U.S. Generally Accepted Accounting Principles (GAAP)? Or can you simply generate financial statements based on the same methods you use for federal income tax…

For construction businesses, financial management is notoriously complex. Contractors have to deal with the ebbs and flows of their respective markets, project-based pricing and collections, rising operating costs, and various other factors — not the…

In general, organizations that qualify under Section 501(c)(3) of the tax code are exempt from paying federal income tax. However, some not-for-profits may seek to offset unrelated business income tax (UBIT) or income tax in…

Under the Corporate Transparency Act (CTA), many businesses had to begin complying with new reporting requirements on January 1, 2024. But on March 1, 2024, the U.S. District Court for the Northern District of Alabama…

For federal income tax purposes, an installment sale is when at least one payment of proceeds from an eligible sale is deferred until after the end of the tax year in which the sale occurs.…

The quest for skilled laborers in the manufacturing sector continues. Indeed, more than 600,000 manufacturing-related jobs remained open in December 2023, according to the U.S. Bureau of Labor Statistics. The Manufacturing Institute, an independent industry…

For-profit businesses with 401(k) retirement plans can offer Roth 401(k) plans to their employees. Likewise, not-for-profits can add a Roth feature. Roth 403(b) plans reward participants with tax benefits when they withdraw funds (as opposed…