Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are still increasing slightly (up 0.4% from April 2023 to May 2023). The Bureau…
Tax Brief: 529 Plan to Roth IRA under the Secure 2.0 Act
Rollover from 529 Plan to Roth IRA Under SECURE 2.0 A significant change is on the horizon with the introduction of SECURE 2.0. This forthcoming provision will allow individuals to execute a rollover from a 529 educational savings plan into…
Audit Brief: Some Small Businesses Switching to tax-basis reporting
Accrual-basis financial statements are considered by many to be the gold standard in financial reporting. But with the increasing cost and complexity of today’s accounting rules — in particular, the updated lease guidance that went into effect last year —…
Audit Brief: Profits vs Cash Flow; Know the reason these numbers differ
If your profitable business has trouble making ends meet, it’s not alone. Many business owners mistakenly equate profits with cash flow, leading to shortfalls in the checking account. The truth is that there are many reasons these numbers might differ….