Understanding and mitigating third party risk has become more important than ever, which makes now the perfect time for your organization to implement a third-party risk management program. This guide covers several aspects of third-party risk management, including steps for developing a program, tips for vetting new vendors, and the new risks presented by AI tools.
Are you and your employees frustrated by the time-consuming task of documenting and reviewing travel expenses? The IRS offers simplified methods for reimbursing employees’ out-of-town lodging, meals and incidental expenses. Here’s what you’ll need to know to determine if this simplified approach is right for your business. High-Low Method Under the “high-low method,” the IRS…
Intangible assets have become increasingly vital to the value of many companies. While their benefits may be obvious to business owners, their tax treatment often isn’t. Taxpayers may be surprised by the expansive IRS definition of “intangible asset” and the impact it can have on their tax bills.
Learn the tax rules that may apply if you bring a new owner into a partnership, or into a limited liability company that’s treated as a partnership for tax purposes.
Private businesses implemented new lease accounting rules in 2022, resulting in a major shift in how leases are reported for “book” purposes. While the tax rules for leases haven’t changed, the new accounting rules can have notable implications for how the tax rules play out. New Accounting Rules The Financial Accounting Standards Board (FASB) issues…
August 9, 2023 (Bethesda, MD) – GRF CPAs & Advisors (GRF), an Inside Public Accounting (IPA) Top 125 Public Accounting Firm and Accounting Today Regional Leader, is pleased to announce Richard Bell has joined the firm as a principal in the tax services department. Mr. Bell has more than 18 years of experience working in…
Cybersecurity and privacy issues have become prominent ESG concerns as organizations frequently manage sensitive information concerning their beneficiaries, employees, third parties, and other stakeholders. Protecting this data from cyber threats and ensuring privacy is a crucial responsibility, as stakeholders expect organizations to have robust cybersecurity measures in place to safeguard their personal information. Failure to…
Mid-July isn’t just for barbeques and baseball. It’s also a good time to think about ways to cut your 2023 business tax bill. Here are four planning ideas for small business owners to consider, assuming there won’t be any changes to current federal tax laws at least through 2024. 1. Establish a Tax-Favored Retirement Plan…
Although summer is a time for vacations and relaxing in the backyard, you can’t afford to take a break from managing your tax bill. Now is a good time to think about proactive moves that could cut your 2023 tax liability. Here are six ideas for individual taxpayers to consider, assuming the current federal tax…