Maximizing Your QBI Deduction: Seize the Opportunity Before It Expires
At Accavallo & Company, we understand the importance of leveraging every available tax-saving opportunity. The Qualified Business Income (QBI) deduction presents a significant chance for eligible businesses to reduce their tax liability. However, this deduction is scheduled to sunset after 2025. Hence, if you qualify, it’s crucial to capitalize on this benefit while it’s still […]
Should Your Company Embrace the New Emergency Savings Accounts for Employees?
In the wake of the SECURE 2.0 law, a novel benefit option has emerged for employees grappling with unforeseen emergencies. Dubbed as Pension-Linked Emergency Savings Accounts (PLESAs), this provision, effective for plan years that begun January 1, 2024, offers a lifeline to employees in times of need. The IRS has recently issued guidelines regarding these […]
Strategic Inventory Management: A Comparative Analysis of JIT and Accurate Response Systems
For businesses with substantial inventory holdings, the associated costs can be significant. From warehousing expenses to salaries, insurance, taxes, transportation, depreciation, and shrinkage, the financial burden can weigh heavily on the balance sheet. Moreover, tying up working capital in inventory can detract from potential strategic investments. Minimizing these expenses is crucial for enhancing profitability and […]
Optimizing Reimbursement Procedures: A Guide for Nonprofit Organizations
Prepare Now to Compensate Staff, Board Members, and Volunteers Regardless of how infrequently your not-for-profit organization needs to compensate staff, board members, or volunteers, there will likely come a time when reimbursement requests arise. Will your organization be equipped to handle these requests efficiently and in accordance with IRS regulations? A well-defined reimbursement policy is […]
The Truth about Trusts
In the realm of estate planning, navigating the intricacies of trusts and their implications on probate and tax matters is essential for individuals and families seeking to safeguard their assets and legacy. As trusted advisors, CPAs play a pivotal role in guiding clients through the complexities of estate management, offering expertise in optimizing tax strategies, […]
Six Steps to Navigating Connecticut’s Pass-Through Entity Tax
A recent CT legislative development is the introduction of the optional Connecticut (CT) Pass-Through Entity (PE) tax, effective for tax years beginning in 2024. Overview of the Optional CT Pass-Through Entity Tax Commencing on January 1, 2024, the CT Pass-Through Entity tax becomes optional for all pass-through entities, including partnerships, S corporations, and applicable limited […]
Comparing Cash and Accrual Accounting Methods: A Comprehensive Analysis for Business Taxation
In the realm of business taxation, selecting the most suitable accounting method stands as a pivotal decision. Essentially, businesses navigate between two primary methodologies: cash and accrual accounting. This choice often hinges on optimizing tax liabilities, thereby prompting businesses to deliberate on the most advantageous route. Eligibility for Cash Method Utilization Businesses classified as “small” […]
2023 Tax Filing: Key Changes from the Latest Tax Bill Update
In a significant move aimed at providing much-needed support and relief, the House recently passed the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024). This comprehensive tax bill, totaling approximately $78 billion, encompasses a range of provisions designed to address various aspects of the tax landscape, from enhancing support for families […]
Solid Financial Reporting: A Guide to Debt and Equity Financing
In the dynamic landscape of business operations, securing financing for growth and sustainability is paramount. Whether seeking debt or equity financing, a critical component of the decision-making process for lenders and investors is the quality of a company’s financial reporting. At Accavallo & Company, we recognize the pivotal role that solid financial reporting plays in […]
Navigating Financial Fitness: A Guide to Secure Your Business Future
In business, achieving and maintaining financial fitness is important for long-term success. Whether you are an entrepreneur, small business owner, or a seasoned professional, adopting sound financial practices can make all the difference. Let’s delve into key strategies to ensure your financial well-being and set the stage for sustained prosperity. Set Clear Financial Goals Start […]
