Brush Up on Campaign Contributions Rules
With campaign season gearing up, many individuals and businesses will be reaching into their wallets or otherwise making campaign contributions to candidates, political committees and parties. Before doing so, it’s critical to understand the rules for making contributions for federal and state elections. Violations could lead to steep financial penalties, as well as reputational damage….
GRF Celebrates Internal Audit Awareness Month
At GRF, we know and love the role of the internal auditor, but it’s not clearly understood by people outside the profession. To raise awareness and appreciation, the Institute of Internal Auditors (IIA) has designated May as Internal Audit Awareness Month! GRF is helping to spread the word. The IIA has some excellent resources designed…
Key takeaways from GRF’s 2024 ESG Summit
On Wednesday, April 24, 2024, GRF brought together a panel of leading industry experts to provide a comprehensive overview of ESG, including current trends and regulations for measuring, monitoring, and reporting on Environmental, Social and Governance (ESG) initiatives. The half-day summit was jam packed with actionable information and advice. Save the date! GRF’s ESG Summit…
Jackie Cardello Named Among America’s Top 200 CPAs by Forbes
Bethesda, MD – April 17, 2024 – GRF President Jackie Cardello has been named one of America’s Top 200 CPAs by Forbes, recognizing her outstanding contributions to the accounting profession. This prestigious accolade highlights her dedication, expertise, and commitment to client success. This inaugural list was created by Forbes to identify the most influential certified…
Installment Sales Can Be a Win-Win for Buyers and Sellers
For federal income tax purposes, an installment sale is when at least one payment of proceeds from an eligible sale is deferred until after the end of the tax year in which the sale occurs. This setup can be beneficial for a buyer that doesn’t have enough available cash to immediately pay the full purchase…
6 Factors to Classify Workers as Employees or Independent Contractors
In January 2024, the U.S. Department of Labor (DOL) issued its long-awaited final rule related to employment status under the Fair Labor Standards Act (FLSA). The new rule carves out six key factors to be analyzed in determining whether a particular worker should be treated as an independent contractor or an employee. Background For instance,…
GRF CPAs & Advisors Partners with Sustain.Life to Offer Sustainability Software
A new partnership to help organizations measure, manage, and report on their sustainability practices. UPDATE June 18, 2024 – Sustain.Life has been aquired by Workiva to create Workiva Carbon. This acquisition will expand Workiva’s industry-leading platform for ESG, Financial Reporting, and GRC with the addition of Carbon Accounting, Carbon Management, and Decarbonization. Read more >>…
Qualified Business Income (QBI) Deduction: Use It or Lose It
The qualified business income (QBI) deduction is available to eligible individuals through 2025. After that, it’s scheduled to disappear, unless Congress passes legislation to extend it. With 2024 underway, it’s now use-it-or-lose-it time for the write-off. Here’s what you need to know to cash in on the QBI deduction. The Basics The QBI deduction can…
Dos and Don’ts for Business Expense Deductions
As tax season heats up, companies of all kinds and sizes will be on the hunt for ways to reduce their tax bills. One of the most common ways is through business expense deductions, but not every such expense is deductible. Here’s what to know about the expenses that you can — and can’t —…
New Corporate Transparency Act Reporting Rules: What You Need to Know
New reporting rules go into effect on January 1, 2024, under the Corporate Transparency Act. This law, enacted in 2021, will require many small businesses to provide new details about beneficial owners who control the company. Hefty civil and criminal penalties may apply for failure to comply. Here’s a brief overview of the requirements.