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JLK Rosenberger LLP - 2024-10-15

9 Tips for Contractors to Optimize Accounts Receivable

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.

JLK Rosenberger LLP - 2024-10-08

Updated Guidelines Released on Required Minimum Distributions

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.

JLK Rosenberger LLP - 2024-10-01

Zero Trust Security: A New Approach to Cybersecurity

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.

JLK Rosenberger LLP - 2024-09-26

Presidential Candidates’ Tax Plan Comparison

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.

California Suspension of NOL Deduction Changes Tax Planning for Businesses

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.

Tax Extenders Legislation Fails to Pass

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.

IRS Issues Draft Form 6765 Revisions, Finally Some Good News

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.

Working Capital is a Crucial Financial Metric in Business Transactions

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.

New Guidance on Emergency Personal Expense Distributions

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.

Unlocking Tax Advantages: How to Qualify as a Real Estate Professional

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.

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