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GASB 102 Certain Disclosure Risks

GASB 102: Shining a Light on Governmental Risk

January 22, 2025

Ryan Domino

Local governments face financial risks every day, from overreliance on a single industry to unexpected natural disasters. These risks, often hidden in plain sight, have long lacked formal disclosure requirements—until now. GASB 102: Certain Risk Disclosures is the latest initiative from the Governmental Accounting Standards Board (GASB) to bring transparency to these vulnerabilities. What is…

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Disaster Tax Relief

Disaster Tax Relief for Southern California Wildfire and Wind Disaster Victims

January 16, 2025

The IRS has announced disaster tax relief for individuals and businesses in Southern California impacted by wildfires and straight-line winds beginning January 7, 2025. Taxpayers that have been impacted now have until October 15, 2025, to file various federal tax returns and make payments. Who Qualifies for Disaster Tax Relief? This relief applies to areas…

Clean Vehicle Tax Credits: What Nonprofits and Governments Need to Know

Clean Vehicle Tax Credits: What Nonprofits and Governments Need to Know

January 14, 2025

Nonprofits and government agencies can now tap into a game-changing financial incentive: the Clean Vehicle Credit. Thanks to Section 6417 of the Inflation Reduction Act of 2022, tax-exempt entities can benefit from a groundbreaking provision called the Direct Pay (or Elective Pay) option. This allows eligible organizations to receive direct payments equivalent to certain tax…

Bad Accounting Business Tax Return

How Bad Accounting Can Impact Your Business Tax Return

January 9, 2025

Accounting is more than just number-crunching—it’s the foundation of your financial stability and success. Yet, for many individuals and businesses, poor accounting practices lead to unnecessary stress, missed opportunities, and even costly tax consequences. If you’ve ever felt overwhelmed by your financial records or rushed to prepare your tax return at the last minute, this…

Maximizing Business Value: Essential Steps for Manufacturing and Distribution Companies Prior to Sale

Maximizing Business Value: Essential Steps for Manufacturing and Distribution Companies Prior to Sale

December 2, 2024

Preparing to sell your manufacturing or distribution business can feel like a full-time job—and for good reason. The outcome of the sale could impact your retirement plans, the livelihood of your employees, and the future of your management team. A well-planned approach to selling, merging, or acquiring your business is crucial, as it not only…

Maximize Benefits of a Solo 401(k) for Solo Business Owners with No Employees

Maximize Benefits of a Solo 401(k) for Solo Business Owners with No Employees

November 27, 2024

As a business owner, you know you must plan for retirement, but who has time? Three things about that: 1) It does not take much time compared to the tax savings and value you will receive for doing it. 2) Contributing to your retirement is as important as managing your day-to-day operations, because you DO…

Key Figures 2024 & 2025

Key Figures 2024 & 2025

November 21, 2024

As we approach the end of the year, we want to provide you with essential tax planning figures for 2024 and a preview for 2025. If you need any further assistance or clarification, please do not hesitate to contact us. We are always happy to help you with your tax needs. Download PDF: 2024 – 2025…

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