INSIGHTS
We See Things Differently
When we’re not addressing clients’ needs for business and financial advisory, assurance or tax matters, we’re researching, learning and thinking about related subjects. Check out some of our thinking on a broad variety of topics that may impact your organization. And if you’d like to learn more about any of these topics, we’re always happy to talk.
Tax Credits vs Tax Deductions: What’s the Difference?
Two of the most common terms when doing taxes are “deductions” and “credits.” However, it can be challenging to differentiate between the two and how they influence your taxes. Here is a breakdown of the definitions of both terms and their key differences.
What Businesses Should Plan for in 2024: How to Navigate the Current Economic Landscape of Inflation and Interest Rates
We’re looking into the future and discussing what businesses should plan for 2024.
The 5-Step Year-End Planning Checklist for Businesses
Year-end planning is more than just closing your books. It’s your opportunity to learn from the previous year and set your business on the right track to achieve your goals for the upcoming year. Here is a checklist of things you should start now and complete before the end of this year to close this year out right and help your business plan for the upcoming year.
What Businesses Need to Know About the MarylandSaves Program
In September 2022, Maryland introduced the MarylandSaves program, which is designed to help businesses comply with both federal and state laws mandating that employers offer retirement savings for employees. Here’s what business owners need to know about this program, even if you already offer a retirement plan for employees.
10 Small Business Red Flags that Could Trigger an IRS Audit
An IRS audit is a stressful experience for any business owner, but it can be especially daunting for small business owners. While some audits are triggered randomly, most are caused by "red flags" that catch the attention of the IRS. Here are 10 things that could trigger an IRS audit.
TCJA Tax Benefits Phasing Out: What You Need to Know
When the Tax Cuts and Jobs Act (TCJA) was signed into law in 2017, the law made significant changes to the U.S. tax code, but those changes were always meant to be temporary. While some of those provisions have already expired, others will continue to phase out until 2027. Here are the notable tax benefits that are expiring soon.
TJCA Bonus Depreciation Has Started Phasing Out
When the Tax Cuts and Jobs Act (TCJA) was signed into law in 2017, it included many beneficial tax provisions for businesses. One of the most notable was an increase in the bonus depreciation allowance from 50% to 100%. However, the bonus depreciation allowance is scheduled to phase out over a period of four years, beginning in 2023.
Developing the Next Generation of Leadership
As a business leader, you’ve spent years building your company. You’ve invested your time, effort, and resources. Eventually, there will come a time when you’re ready to step down and hand over the keys to the next generation.
How to Ask a Parent to Step Down from Leading the Family Business
There comes a time when the patriarch or matriarch of your family business is no longer the best fit to lead the organization. This can be a delicate topic, especially if your family member does not want to let go of their position. The path to successfully transitioning leadership starts with succession planning.
