03.06.25

Lessee Accounting: Lease Modifications and Remeasurements
Kelly H. Buchheit

In 2022, most commercial entities and nonprofit organizations initially adopted the provisions of the new lease standard, ASC 842, Leases. While the new lease standard updated the accounting and disclosure requirements for both lessee (tenant) and lessor (landlord) accounting, the changes were more impactful to lessees.   The most significant change to a lessee’s accounting […]

02.25.25

Converting Your Residence into a Rental: What You Need to Know
Kaleb Spreitzer

Homeowners may consider converting their personal residence into a rental property for several reasons. They might, for example, want to diversify their investment portfolio, or the value of the home could have fallen below their purchase price. Whatever the reason, if you are thinking about making the move, you need to first weigh some tax […]

02.24.25

Trust Protectors Can Help Back Up an Estate Plan
Jeffrey R. Green

No irrevocable trust is failsafe. Although these instruments typically allow for a hassle-free and tax-advantaged transfer of wealth, there is risk associated with the fact that irrevocable trust founders must give up control of the assets they place in their trusts while they are alive, and they certainly cannot control what happens after they die. […]

02.21.25

The State of the Legal Industry: Law Firms See Record-Breaking Performance and Changing Models
Joy A. Long

The 2025 Report on the State of the U.S. Legal Market from the Center on Ethics and the Legal Profession at Georgetown University Law Center and the Thomson Reuters Institute is packed with good news for law firms. It also highlights recent and upcoming shifts in the industry that law firms cannot afford to ignore. […]

02.20.25

Quality of Earnings Reports Are Not Just for Big Companies
Luca Rajola Pescarini

Quality of earnings reports are an increasingly common part of the merger and acquisition process, but some buyers and sellers of small businesses may hesitate to make the investment. They might skip the report altogether or opt to conduct their own financial due diligence analysis. These parties can end up regretting their decision, though, and […]

02.19.25

5 Tax Tips for Your Growing Franchise Business
Darin Fullmer

The owners of successful franchise businesses have a lot on their plates, and varying demands depending on the type of franchise. One interest they share, though, is keeping a lid on their tax liability. If you are a franchisee, following the tips below can help you minimize your tax bill. Understand Your Franchise-Specific Deductions Unlike […]

02.18.25

A Primer on Energy Tax Incentives: FAQs About the Advanced Manufacturing Production Credit
Seamus M. Donoghue

The Inflation Reduction Act (IRA) includes several provisions related to tax incentives that encourage investment in clean energy production and energy-efficient property. One of these incentives is the advanced manufacturing production credit under Internal Revenue Code (IRC) Section 45X. The IRA extends and expands the Sec. 45X credit, which encourages domestic production of eligible clean […]

02.17.25

Navigating Financial Stability in Times of Uncertainty
James Quaid

With news of executive orders and their potential impact on federal funding, management and board members of many not-for-profit organizations are anxious and concerned about the financial stability of their organization and its ability to continue to fulfill its mission. The following are a few best practices we recommend for all organizations. Understanding Make sure […]

02.04.25

Things to Know for Your Retirement Plan in 2025
Heather Sinclair-Smelley

Required Testing and 5500: If your Plan Year ends on 12/31 and is subject to required testing, you should expect to receive a data request from your service provider. The accuracy and timeliness of this information determines the accuracy and timeliness of your Testing. This information then flows through to your Plan’s Tax Form 5500 […]

01.31.25

Tracking Individual Product Costs to Maximize Profits
Kenneth Tornheim

Tracking product-specific cost information can be challenging, but the benefits can be significant. By tracking the costs and profitability of individual products, you will have an idea of where to make adjustments. Drill down Determining product-specific costs can require significant work. You will need to figure out the direct labor, material and other costs associated […]