PKF North America News

Hurricane Helene and its aftermath by extending various tax-filing and tax-payment deadlines to May 1, 2025. The delayed deadline applies automatically to taxpayers with homes or businesses in jurisdictions declared federal disasters by the Federal Emergency Management Agency (FEMA), which includes the entire states of Alabama, Georgia, North Carolina and South Carolina, as well as […] The post IRS Delays Various Tax Deadlines for Victims of Hurricane Helene by Angie Adames, CPA appeared first on Berkowitz Pollack Brant Advisors + CPAs.

In this episode, Senior Manager of Tax Services Joseph Leocata shares the latest trends in IRS audits and four good tips for individuals and companies who may be targets. The post Podcast – BPB Knows Trends in IRS Audits appeared first on Berkowitz Pollack Brant Advisors + CPAs.

As your business grows with new customers, products or service offerings, your expenses will likely increase. How you manage these liabilities can significantly impact your operation’s cash flow, credit ratings, risk of fraud and your relationships with vendors and suppliers. The key to ensuring a healthy financial picture is learning how to analyze your accounts […] The post 4 Things Your Accounts Payable Can Tell You About Your Business by Debra Sears, CPA appeared first on Berkowitz Pollack Brant Advisors + CPAs.

Reading Time: 4 minutes In today’s digital world, where cyber threats are becoming increasingly sophisticated, traditional security measures are no longer enough to protect our sensitive information. The term du jour these days seems to be “zero trust security” when it comes to cybersecurity. Zero Trust is a modern approach to cybersecurity that’s changing the … Continued The post Zero Trust Security: A New Approach to Cybersecurity first appeared on JLK Rosenberger.

When selling or buying a business, having the right advisors is crucial. Chris Hatten, CPA, CM&AA, CVA, Director in Transaction Advisory Services at PKF Texas, outlines the three professionals you […]

Key Points: Brad, the development director of an international environmental charity, was thrilled to learn from a fundraising staffer that one of the charity’s past supporters was promising to make […]

Americans will go to the polls on November 5, 2024, to elect the 47th President of the United States, and in terms of the nation’s tax policy, the stakes could not be higher. Both Vice President Kamala Harris, Democrat, and former President Donald Trump, Republican, have released tax plans which, predictably, could not be farther … Continued The post Presidential Candidates’ Tax Plan Comparison first appeared on JLK Rosenberger.

The IRS announced in August the reopening of a voluntary disclosure program (VDP) to help taxpayers fix and repay incorrect Employee Retention Tax Credit (ERC) claims without penalties, interest or criminal charges. Congress introduced the ERC in 2020 to provide businesses and nonprofits with economic assistance during the COVID pandemic. The ERC-VDP will run through […] The post IRS Offers Additional Time to Correct Erroneous, Fraudulent ERC Claims by Joseph Leocata, JD, CPA, MBA appeared first on Berkowitz Pollack Brant Advisors + CPAs.

In this episode, accounting systems advisor Shanna Shim shares some of the hidden costs of old software and what business owners should consider when their accounting systems are holding them back. The post Podcast – BPB Knows the Downsides of Legacy Accounting Systems appeared first on Berkowitz Pollack Brant Advisors + CPAs.

Key Points: Navigating the complexities of tax law can be difficult, especially when faced with an unexpected tax bill due to the errors of a spouse or ex-spouse. The reason […]

On Aug. 1, 2024, the U.S. Senate failed to pass a tax bill that, among other things, would have restored businesses’ ability to fully deduct specified research and experimental (SRE) expenses in the tax year they are incurred. As a result, businesses that invest in innovation must continue to capitalize and amortize those costs over […] The post UPDATED Research & Experimental Tax Deduction Guidance by Mark B. Leaheey, CPA, CGMA, MSA appeared first on Berkowitz Pollack Brant Advisors + CPAs.

The IRS scored significant wins in two separate cases before the U.S. Supreme Court and D.C. Court of Appeals. While both matters addressed different provisions of the tax code, the court’s decisions essentially fortified the IRS’s international reach and its ability to enforce compliance with various U.S. tax laws regarding taxpayers’ foreign investments and business […] The post Recent Court Rulings Uphold Congressional Authority to Assess Taxes and Penalties on U.S. Taxpayers with Foreign Interests by Andrew Leonard, CPA appeared first on Berkowitz Pollack Brant Advisors + CPAs.

Key Points: Federal estimated tax payments are designed to ensure that certain individuals pay their fair share of taxes throughout the year. If you don’t have enough federal tax withheld […]

When small and mid-size businesses assess their existing accounting systems, the adage “if it ain’t broke, don’t fix it” often comes to mind. After all, if employees are comfortable working with a solution that continues to function the way it is supposed to, why spend the dollars and resources to find and deploy a new […] The post Your Legacy Accounting Software May Be Costing More Than You Think by Shanna Shim, CPA appeared first on Berkowitz Pollack Brant Advisors + CPAs.

In this episode, employee benefit plan audit expert Melissa Fleitas explains some of the changes plan sponsors will need to comply with in the next few years. The post Podcast – BPB Knows Secure Act 2.0 Changes for Benefit Plan Sponsors appeared first on Berkowitz Pollack Brant Advisors + CPAs.

Key Points: There are many ways to evaluate the success of a not-for-profit event. But for most nonprofit leaders, financial success — how much did we raise? — is the metric that […]

Key Points: Divorce entails difficult personal issues, and taxes are probably the farthest thing from your mind. However, several tax concerns may need to be addressed to ensure that taxes […]

Reading Time: 1 minute 40 seconds California’s business climate recently worsened when the state enacted legislation suspending the net operating loss deduction for tax years beginning on or after January 1, 2024, and before January 1, 2027. The suspension applies to taxpayers with more than $1 million in net income for the tax year. The … Continued The post California Suspension of NOL Deduction Changes Tax Planning for Businesses first appeared on JLK Rosenberger.

Key Points: At one time, not-for-profit HR departments might have been responsible primarily for recruiting and hiring and occasionally for intervening in disciplinary or conflict resolution matters. Today, HR staffers […]

In this episode of the PKF Texas – The Entrepreneur’s Playbook®, Kevin Hengst,CPA, an audit director and Approachable Advisor™ at PKF Texas, discusses the critical issue of delinquent participant contributions […]

Reading Time: 2 minutes 55 seconds Earlier this month, the Tax Relief for American Families and Workers Act of 2024 (AFWA) failed to pass in the Senate on a procedural vote. The legislation represented the final opportunity before the presidential election to extend essential tax provisions. It was designed to implement certain changes and extensions … Continued The post Tax Extenders Legislation Fails to Pass first appeared on JLK Rosenberger.

Key Points: If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s important […]

At PKF, we offer a global community, united in a passion for excellence, where our people can belong, grow and thrive together. We’re delighted that our professionals’ exceptional qualities have been recognised, with individuals across the world receiving industry awards and being appointed to prestigious external roles.

On June 21st, the IRS issued a revised draft of Form 6765 to be used by taxpayers when claiming the federal Research & Development (R&D) tax credit. The new draft includes several changes to the prior draft issued in September 2023. Based on feedback received, the IRS significantly streamlined Section G Business Component Information. Specifically, … Continued The post IRS Issues Draft Form 6765 Revisions, Finally Some Good News first appeared on JLK Rosenberger.

A company’s working capital is calculated fairly simply by subtracting its current liabilities from current assets. The resulting amount is the working capital. Despite the simplicity of the calculation, the importance of working capital to a business’s operations is substantial since it represents its ability to meet day-to-day operating expenses. Moreover, working capital is a … Continued The post Working Capital is a Crucial Financial Metric in Business Transactions first appeared on JLK Rosenberger.

Reading time: 2 minutes, 30 seconds In late 2022, Congress passed the Retirement Savings for Americans Act, also known as the SECURE Act 2.0, designed to make it easier to save for retirement. The legislation included over 90 provisions targeting various aspects of employer sponsored retirement plans with effective dates ranging from 2022 through 2026. … Continued The post New Guidance on Emergency Personal Expense Distributions first appeared on JLK Rosenberger.

Reading Time: 3 minutes Qualifying as a Real Estate Professional offers significant federal tax advantages that can significantly benefit those in the real estate industry. By achieving this status, you can offset real property rental losses against other sources of income and exclude real estate gains and revenue from the Net Investment Income Tax. These … Continued The post Unlocking Tax Advantages: How to Qualify as a Real Estate Professional first appeared on JLK Rosenberger.

The Research & Development (R&D) tax credit is a powerful savings tool for eligible research projects. Unfortunately, many do not take advantage of the incentive due to the incorrect assumption that the business has no qualifying activities. A popular myth has been debunked: the R&D tax incentive is only for large companies that employ scientists … Continued The post R&D Tax Credit for Manufacturers first appeared on JLK Rosenberger.