PKF North America News

With just a few weeks to go until Election Day, and with early voting already underway in several states, you would think that each candidate’s policy positions are firmly set by now. It would be even more reasonable to think that about their tax proposals since taxes should be less affected by day-to-day current events. […] The post Campaign 2024 – The Candidates’ Tax Positions, or, What Can I Offer You Today? by Mike Greenwald, CPA appeared first on Berkowitz Pollack Brant Advisors + CPAs.

Reading time: 3 minutes Accounts Receivable (AR) refers to the money a business is owed for completed work that has not yet been paid. In construction, the AR function is especially critical due to complex payment structures and the extended time between project milestones and payments. Effective AR management ensures contractors maintain steady cash flow, … Continued The post 9 Tips for Contractors to Optimize Accounts Receivable first appeared on JLK Rosenberger.

The people you name to administer your trusts play a pivotal role in protecting your assets. Not only do they have the fiduciary duties to make prudent investment decisions and manage the distribution of trust assets as specified in your trust agreements, but they are also legally responsible for ensuring beneficiaries receive a full accounting […] The post Understanding Trustees’ Fiduciary Accounting Responsibilities by Rick D. Bazzani, CPA appeared first on Berkowitz Pollack Brant Advisors + CPAs.

Key Points: Your businesses may have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those […]

Reading Time: 3 minutes 45 seconds The Internal Revenue Service (IRS) and the Department of Treasury recently released updated guidelines on Required Minimum Distributions (RMDs) from Individual Retirement Accounts (IRAs). These final regulations, effective July 18, 2024, largely align with the proposed rules outlined in the SECURE and SECURE 2.0 Act. However, they also address … Continued The post Updated Guidelines Released on Required Minimum Distributions first appeared on JLK Rosenberger.

The Financial Crimes Enforcement Network (FinCEN) today postponed the 2023 Report of Foreign Bank and Financial Accounts (FBAR) filing deadline from Oct. 15, 2024, to May 1, 2025, for taxpayers who live in federally designated disaster areas in the wake of Hurricane Helene. This six-and-a-half-month filing extension applies to qualifying taxpayers in Alabama, Georgia, North […] The post Hurricane Helene Victims Receive Relief for Filing Annual Reports of Foreign Bank and Financial Accounts (FBAR) by Arthur J. Dichter, JD, LLM, TEP appeared first on Berkowitz Pollack Brant Advisors + CPAs.

PKF Legal hosted a webinar on 25 September 2024, covering the main legal aspects of insolvency proceedings in Belgium, Germany, Italy and Spain.

The IRS today is providing tax relief for individuals and businesses affected by Hurricane Helene and Hurricane Milton 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 […] The post UPDATED – IRS Delays Various Tax Deadlines for Victims of Hurricane Helene and Hurricane Milton 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 […]

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 […]

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.

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.