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Estate Tax Planning: What You Need to Know from Now to 2026
Estate planning is an essential part of financial management, and with major changes expected in 2026, individuals with significant assets should take proactive steps to minimize their tax burden. Estate and Gift Tax Exemptions For 2024, the federal estate and lifetime gift tax exemption is $13.61 million per person ($27.22 million per couple). However, without…
Key Takeaways from the ERM in Nonprofit Organizations Workshop
Navigating the World of Uncertainties Impacting Nonprofit Organizations On February 20, 2025, GRF and NC State University’s Enterprise Risk Management Initiative held their 6th annual ERM in Nonprofit Organizations Workshop, Navigating the World of Uncertainties Impacting Nonprofit Organizations. Nearly 100 nonprofit executives and board members attended to discuss strategies for enterprise risk management. Here are…
Planning Your 2024 Personal Taxes: Key Considerations for This Year and Beyond
For the 2024 and 2025 tax years, individual taxpayers should be mindful of upcoming changes, especially with the scheduled expiration of provisions from the Tax Cuts and Jobs Act (TCJA) in 2026. Understanding how these changes may impact your tax liability is essential for strategic planning. Income Tax Brackets & Capital Gains For 2024, individual…
Business Tax Planning: Preparing for Tax Reporting Year 2024 and Beyond
For business owners, tax planning is more critical than ever. With the phase-out of certain tax benefits and possible changes to the Tax Cuts and Jobs Act (TCJA), understanding your tax obligations and opportunities can help you maximize savings. Qualified Business Income (QBI) Deduction The QBI deduction (Section 199A) allows pass-through businesses (S-Corps, partnerships, sole…
New Form 1099-K Reporting Thresholds for 2024 Tax Year: What You Need to Know
If you receive 1099-K forms for payments you received in 2024, changes to the form are here. The American Rescue Plan Act of 2021 reduced the filing threshold for third-party settlement organization’s reporting obligations for form 1099-K to $600 per recipient. This was a significant change from the $20,000 or 200 transaction thresholds previously in…
The Importance of Briefing Government Contracts
By Paul Calabrese, Principal, Outsourced Accounting and Advisory Services In the realm of government contracting, the complexity of agreements can significantly impact the success of a contract. Unlike commercial contracts, government contracts come with stringent requirements and regulations that demand a meticulous understanding for compliance. The practice of “briefing” these contracts is crucial for any…
GRF Cybersecurity Symposium Insights
GRF’s 2nd annual Cybersecurity Symposium brought together industry leaders to discuss the evolving landscape of data privacy, cybersecurity, and enterprise risk management. The event underscored the critical importance of robust measures to protect sensitive information and manage risks in today’s digital age. Insights from the event, held December 10, 2024, included: Data Privacy: Trust and…
Strategies to Reduce Your 2024 Tax Liability
Why pay more taxes than you have to? We highly recommend tax planning now to reduce your 2024 tax liability and help minimize surprises come April. Here are a few tax tips to consider before the end of 2024. 1. Review your investment portfolio. Since capital loss carryforwards do not expire, you could use any…
Quick Tips for Your 2024 Year-End Business Review
As we head toward the close of the year, the business tax landscape is beginning to come into focus. We won’t know what tax law changes might be in effect until well into the new year. Regardless of the political climate, however, we recommend common sense tax planning considerations you should undertake now as part…
Protect Your Business: Cyber Risks from Physical Theft
Locking the doors is not enough to protect your business from theft. Today, companies face both physical and cyber risks, and it’s critical to understand how they’re connected. Cyber Risks from a Physical Theft Connected devices pose a double threat to your company’s security. If a thief breaks into one of your employee’s cars and…