Cash Flow vs. Taxable Income: What’s the Difference?

GET IN TOUCH GET IN TOUCH Tax returns can be confusing, especially for business owners reporting income from multiple sources. But whether you are a business owner or individual, understanding the difference between “cash flow” and “income” is crucial to managing your finances successfully. It’s easy to see why people confuse or mistake the two…

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Unclaimed Property Risk: What Should Companies Know?

GET IN TOUCH GET IN TOUCH Almost any type of company has the potential to generate unclaimed property (UP) during day-to-day operations. Overpayments, rebates, gift cards, payroll, accounts payable, certain types of securities and retirement accounts, mineral proceeds, and more — are just a few ways your company might be creating UP liability now. The…

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Renewable Energy Incentives and the Inflation Reduction Act: What Taxpayers Need to Know

GET IN TOUCH GET IN TOUCH With 2022’s momentous Inflation Reduction Act (IRA) now law, taxpayers have various new opportunities to take advantage of renewable energy incentives that could significantly reduce their tax liability. Saving money on your energy and tax bills while simultaneously benefiting the environment may sound great…but, of course, nothing about the…

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Tax Planning for LGBTQIA+ Individuals: 7 Key Considerations

GET IN TOUCH GET IN TOUCH Tax planning can be daunting for anyone, but for LGBTQIA+ individuals, there can be unique challenges and considerations to navigate. From estate planning to retirement savings to healthcare, trying to make sense of it all can be complex and lead to missed opportunities for tax benefits, instances of discrimination,…

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IRS Audits: What Taxpayers Need to Know in 2023

GET IN TOUCH GET IN TOUCH All eyes are on the IRS this year, with interim Commissioner Douglas O’Donnell (Charles Rettig’s term ended in November of 2022) assuming leadership of a long cash-strapped agency now flush with billions of dollars of new funding and eager to crack down on tax evaders. As the IRS kicks…

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Smart Record-Keeping: The Taxpayer’s Essential Guide

GET IN TOUCH GET IN TOUCH For many taxpayers, the word “audit” alone triggers anxiety and stress. In fact, as this survey reveals, 47% of Americans feel anxious when they receive any correspondence from the IRS, with nearly a third worrying they will be audited despite feeling very confident that their tax returns are error-free.…

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