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…
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’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…
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…
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…
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…
If you’re in line to receive an inheritance, your feelings may range from exhilaration for the windfall to grief for the loved one who has passed. A large infusion of cash or assets can be overwhelming. Generally, when planning for an inheritance, there’s no need to act quickly. Take some time to reflect on the…
By Steven Lyons, CPA, Assurance Senior Manager and Kari Hipsak, CPA, Senior Manager of Quality Management While financial statement audits are mandatory for many organizations, a review or compilation may meet the needs of some. Understanding the differences between an audit, review, and compilation can help your organization select the best engagement to meet your…
If you own a family business, it’s probably one of your most significant personal assets. It’s important to take the proper estate planning steps to ensure that the business lives on after you’re gone — if you don’t, you may be placing your family at risk. Ownership vs. Management Succession One reason transferring a family…
Generated by AI and edited by Heather Broberg, Senior Manager, Accounting Technology Solutions Budgeting and forecasting are critical components of financial planning for any organization, yet they often pose significant difficulties. These processes are essential for setting financial goals, allocating resources efficiently, and making informed strategic decisions. However, the complexities involved can make budgeting and…