2024-04-16 14:00
Business owners are commonly and rightfully urged to regularly generate financial statements in compliance with Generally Accepted Accounting Principles (GAAP). One reason why is external us… Read More
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Accounting News And Updates From Miller Kaplan Ara Blog
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Accounting news updates on audit, tax, business management, consulting and advisory services.
2024-04-12 14:00
External auditors spend a lot of time during fieldwork evaluating how businesses report work in progress (WIP) inventory. Here’s why this warrants special attention and how auditors ev… Read More
2024-04-11 14:17
When employees leave their jobs, financial advisors typically encourage them to roll over their 401(k) plans into a new employer’s plan or perhaps an IRA. Many people follow this advic… Read More
2024-04-11 14:16
If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax required minimum distribution (RMD) rules after reaching a ce… Read More
2024-04-09 13:52
Does your estate plan call for making gifts to your grandchildren or other loved ones more than one generation below you? Or, perhaps to you want to leave assets to nonrelatives who are deca… Read More
2024-04-05 14:15
The April 15 tax filing deadline is right around the corner. However, you might not be ready to file. Sometimes, it’s not possible to gather your tax information by the due date. If yo… Read More
2024-04-04 13:44
At Financial Executives International’s Corporate Financial Reporting Insights Conference last November, staff from the Securities and Exchange Commission (SEC) expressed concerns rela… Read More
2024-04-02 14:00
Many employers now allow employees to work remotely, either all or part of the time. If your organization does and sponsors a health care plan, here’s a brief refresher on some of the… Read More
2024-03-29 14:03
Does your company operate in the business-to-business (B2B) marketplace? If so, you’re no doubt aware of the double-edged sword that is customer credit.
On the one hand, it’… Read More
2024-03-26 14:09
Some people mistakenly believe that Social Security benefits are always free from federal income tax. Unfortunately, that’s often not the case. In fact, depending on how much overall i… Read More
2024-03-22 14:00
President Biden has released his proposed budget for the 2025 fiscal year, including numerous tax provisions affecting both businesses and individual taxpayers. While most of these provision… Read More
2024-03-21 14:00
With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans aren’t tax deductible, but they grow tax deferred… Read More
2024-03-19 13:40
Have you completed your company’s year-end financial statements yet? Most calendar-year entities issue their year-end financials by March of the following year. Lenders and investors m… Read More
2024-03-14 19:00
Auditor independence is the cornerstone of the accounting profession. Auditors’ commitment to follow the standards set forth by the American Institute of Certified Public Accountants (… Read More
2024-03-14 14:00
Estate planning isn’t just about sharing wealth with the younger generation. For many people, it’s equally important to share one’s values and to encourage their children o… Read More
2024-03-12 14:20
If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there might still be an opportunity to low… Read More
2024-03-08 14:00
Owners of closely held businesses typically have a significant portion of their wealth tied up in their enterprises. If you own a closely held business with your relatives involved, and don… Read More
2024-03-07 13:29
Not only is April 15 the deadline to file a 2023 income tax return and pay any taxes due, it’s also the deadline to file a gift tax return. If you made substantial gifts of wealth to f… Read More
2024-03-05 14:00
Although employers have long helped employees save for retirement and have insurance in place for health care, another urgent need has persisted over the years: funds for financial emergenci… Read More
2024-03-01 14:59
The U.S. Department of Labor’s (DOL’s) test for determining whether a worker should be classified as an independent contractor or an employee for purposes of the federal Fair Lab… Read More
2024-02-23 14:15
The top line of an income statement for a for-profit business is revenue (or sales). Reporting this line item correctly is critical to producing accurate financial statements. Under U.S. Gen… Read More
2024-02-23 14:00
When creating or revising your estate plan, it’s important to take into account all of your loved ones. Because each family has its own unique set of circumstances, there are a variety… Read More
2024-02-22 14:01
Did you make large gifts to your children, grandchildren or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax return. In some cases… Read More
2024-02-20 14:03
In today’s uncertain marketplace, many businesses are stashing operating cash in their bank accounts, even though they might not have imminent plans to deploy their reserves. However… Read More
2024-02-20 13:45
Many employers rightly proclaim that their employees are their most valuable assets. If this holds true for your organization, it stands to reason that paying those employees consistently an… Read More
2024-02-16 13:45
Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you don’t receive such a letter, can you st… Read More
2024-02-09 14:07
It’s safe to say that “gig workers” are firmly ensconced in the U.S. economy — especially in certain industries. And we don’t mean only those helpful folks who… Read More
2024-02-08 14:20
Financial reporting plays a key role when a business needs funds for continued operations and strategic investment opportunities. Lenders and investors will generally want to review your com… Read More
2024-02-06 14:00
Does your business file 10 or more information returns with the IRS? If so, you must now file them electronically. This is a significant rule change that went into effect on January 1… Read More
2024-02-01 14:00
Although traditional IRAs and Roth IRAs have been around for decades, the rules involved have changed many times. The Secure 2.0 law, which was enacted at the end of 2022, brought even more… Read More
2024-01-30 14:05
To help you make sure you don’t miss any important 2024 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please revie… Read More
2024-01-30 14:00
Do your assets include unregistered securities, such as restricted stocks or interests in hedge funds or private equity funds? If so, it’s important to consider the securities laws tha… Read More
2024-01-26 14:05
Since July 2023, the IRS has taken a series of actions in response to what it has termed a “flood of ineligible claims” for the Employee Retention Tax Credit (ERTC). Most re… Read More
2024-01-23 14:00
You may already be familiar with artificial intelligence (AI) and even use it in business applications. What about generative AI (Gen AI)? Gen AI typically is used to create new content (suc… Read More
2024-01-18 14:30
Most employers are familiar with the U.S. Occupational Safety and Health Administration (OSHA). The government agency’s stated mission is “to ensure the safe and healthful workin… Read More
2024-01-18 14:00
As audit season begins for calendar-year entities, it’s important to review issues that may arise during fieldwork. One common issue is materiality. This concept is used to determine w… Read More
2024-01-17 00:43
by David Lam, CISSP, CPP | “As the rate of digital transformation continues to accelerate across all industries, poor cybersecurity remains a pressing threat to employers and benefit p… Read More
2024-01-12 17:00
Monetary awards and settlements are often provided for an array of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination… Read More
2024-01-11 14:00
When you retire, you may think about moving to another state — perhaps because the weather is more temperate or because you want to be closer to family members. Don’t forget to f… Read More
2024-01-09 14:00
The IRS recently announced various 2024 inflation-adjusted federal tax amounts that affect individual taxpayers.
Most of the federal income tax rate bracket thresholds are about 5.4% higher… Read More
2024-01-05 14:00
You may have heard of the “nanny tax.” But if you don’t employ a nanny, you may think it doesn’t apply to you. Check again. Hiring a housekeeper, gardener or other ho… Read More
2024-01-05 02:06
Miller Kaplan, a top-100 certified public accounting firm, is pleased to announce that Jun Wang, CPA, M.S. Taxation has been promoted into the partnership.
“We are proud to have Jun jo… Read More
2023-12-29 15:00
Technology is transforming the accounting profession. When businesses moved from paper ledgers to spreadsheets, it improved the timeliness, accuracy and integrity of accounting-related data… Read More
2023-12-29 14:00
Asset protection is a vital part of estate planning. Indeed, you want to pass on as much of your wealth to family and friends as possible. This can be achieved only if you shield your assets… Read More
2023-12-28 14:00
Data breaches can be costly. The average total cost of a data breach has risen to roughly $4.45 million, according to a 2023 survey of information technology (IT) security professionals by t… Read More
2023-12-22 14:00
Fraud occurs in companies of every size. But small businesses, especially new ones, have special risks because they generally can’t invest in expensive fraud-prevention programs. Thank… Read More
2023-12-21 14:00
In Notice 2023-75, the IRS recently announced the dollar limits and thresholds for qualified retirement plans in 2024, reflecting the latest cost-of-living adjustments. Here are some relevan… Read More
2023-12-19 14:00
Your business may soon have to meet new reporting requirements that take effect on January 1, 2024. Under the Corporate Transparency Act (CTA), enacted in 2021, certain companies will b… Read More
2023-12-19 14:00
By regularly analyzing risk, business owners and executives can better understand and manage the likelihood and potential impact of fraud. In general, there are two types of business risk: i… Read More
2023-12-11 15:00
The IRS recently released Revenue Procedure 2023-24 to announce the 2024 cost-of-living adjustments (COLAs) for various tax-related limits applicable to many popular employer-provided fringe… Read More
2023-12-11 14:00
On November 27, 2023, the Financial Accounting Standards Board (FASB) issued updated accounting rules on segment reporting. The guidance concludes several years of discussions aimed at… Read More
2023-12-08 16:00
Most businesses today need to offer a solid benefits package. Failing to do so could mean falling behind in the competition to hire and retain talent in today’s tight job market… Read More
2023-12-08 14:00
With the holidays approaching, you might be considering making gifts of stock or cash to family members and other loved ones. By using the annual gift tax exclusion, those gifts — with… Read More
2023-12-07 14:10
Earlier this year, the IRS released Revenue Procedure 2023-29, in which it announced an important indexing adjustment to the Affordable Care Act (ACA).
With year end here and a fresh 12 mont… Read More
2023-12-07 14:00
If you wish to leave a charitable legacy while generating income during your lifetime, a charitable remainder trust (CRT) may be a viable solution. In addition to an income stream, CRTs offe… Read More
2023-12-05 14:30
As companies explore hedging strategies in today’s uncertain economy, management might need to become familiar with the accounting rules for offsetting. Here are the basics, including… Read More
2023-12-05 14:00
The IRS recently issued its 2024 cost-of-living adjustments for more than 60 tax provisions. With inflation moderating slightly this year over last, many amounts will increase over 2023 amou… Read More
2023-12-04 14:00
For the second consecutive year, the IRS has postponed implementation of a new rule that would have led to an estimated 44 million taxpayers receiving tax forms from payment apps a… Read More
2023-12-01 14:00
As another year ends with interest rates and markets in flux, one thing remains certain: Reducing your company’s tax bill can improve your cash flow and your bottom line. Below are fiv… Read More
2023-12-01 01:22
If you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses, there’s an important date coming up. You may have to use… Read More
2023-11-27 17:00
If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before you’ve reached age 59½. Fo… Read More
2023-11-21 13:00
A number of factors are making 2023 a confounding tax planning year for many people. They include turbulent markets, stabilizing but still high interest rates and significant changes to the… Read More
2023-11-20 23:54
We are proud to share that Michael H. Kane and Michael Kaplan have been named among Billboard’s 2023 Top Business Managers.
The post Michael H. Kane and Michael Kaplan Named 2023 Top… Read More
2023-11-17 14:40
The Corporate Transparency Act (CTA) was signed into law to fight crimes commonly associated with illegal business activities such as terrorist financing and money laundering. If your busine… Read More
2023-11-17 14:00
Restricted stock awards are a popular way for companies to offer equity-oriented executive compensation. Some businesses offer them instead of stock option awards. The reason: Options can lo… Read More
2023-11-14 23:47
Congratulations Alex Chernyak, Marijane Kantzabedian, and Liel Shemtov on being honored by the Los Angeles Business Journal as Top 100 Accountants!
The post Alex Chernyak, Marijane Kantzabe… Read More
2023-11-14 14:00
Perhaps you’ve been in this situation before: You have a financial emergency and need to get your hands on some cash. You consider taking money out of a traditional IRA or 401(k) accou… Read More
2023-11-13 23:57
Michael Kaplan & Justine Ruffalo – your exceptional commitment to your clients is world class and we couldn’t be more proud.
The post Michael Kaplan & Justine… Read More
2023-11-12 14:00
All but the smallest businesses today are generally expected to offer employees “big picture” benefits such as health insurance and a retirement plan. Among the risks of doing so… Read More
2023-11-09 13:00
With the rising cost of college, many families are in search of scholarships to help pay the bills. If your child is awarded a scholarship, you may wonder about how it could affect your fami… Read More
2023-11-07 13:00
Although most tax preparers are ethical and help ensure their clients file timely and accurate tax returns, a small percentage abuse their position of trust. They may, for example, engage in… Read More
2023-11-02 17:28
Payable-on-death (POD) accounts can provide a quick, simple and inexpensive way to transfer assets outside of probate. They can be used for bank accounts, certificates of deposit and even br… Read More
2023-11-02 13:00
One might assume the term “trust fund recovery penalty” has something to do with estate planning. It’s important for business owners and executives to know better.
In… Read More
2023-10-31 20:00
Recent IRS warnings and announcements regarding the Employee Retention Tax Credit (ERTC) have raised some businesses’ concerns about the validity of their claims for this valuable, but… Read More
2023-10-26 14:00
Every fall, CPAs are busy preparing for audit season, which generally runs from January to April each year. This includes meeting with clients, assigning staff and scheduling fieldwork.
Like… Read More
2023-10-23 13:00
Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains or in a resort area, you may want to rent it out for part o… Read More
2023-10-19 14:00
For employers, sponsoring a qualified retirement plan isn’t easy. Staying up to date on the constantly changing guidance and rules issued by federal agencies such as the U.S. Departmen… Read More
2023-10-18 02:02
Modern cybercriminals have become increasingly sophisticated at manipulation, leaving organizations vulnerable to financial losses, data breaches, and reputational damage. In recent years, t… Read More
2023-10-13 14:00
An employee stock ownership plan (ESOP) can facilitate the transfer of a business to the owner’s children or employees over a period of years in a tax-advantaged way. However, the IRS… Read More
2023-10-12 14:00
This year, many Americans have been victimized by wildfires, severe storms, flooding, tornadoes and other disasters. No matter where you live, unexpected disasters may cause damage to your h… Read More
2023-10-10 18:26
As digital threats loom around every corner, the traditional, or most simplistic, approach to protecting digital assets has become insufficient. Many organizations are grappling with the eve… Read More
2023-09-29 18:16
On August 30, 2023, the Financial Accounting Standards Board (FASB) unanimously voted to finalize its proposed improvements to the disclosure rules for income taxes. Here’s what&r&hell…Read More
2023-09-28 14:14
Some assets pose more of a challenge than others when it comes to valuing and accounting for them in an estate plan. Take, for instance, an art collection. If you possess paintings, sculptur… Read More
2023-09-26 14:00
It will likely come as little surprise that the cost of health care benefits for employers is expected to rise in 2024. Inflation, though not out of control, remains a persistent problem. Ma… Read More
2023-09-22 14:00
In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERTC), the IRS has imposed an immediate moratorium through at least the end of 2023 on processing new cla… Read More
2023-09-21 14:00
If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is decided tax-wise until year end when the final results… Read More
2023-09-19 18:00
On September 6, the Financial Accounting Standards Board (FASB) unanimously voted to finalize new accounting rules on cryptocurrency assets — less than five months after the proposed s… Read More
2023-09-14 14:00
Does your business work on projects that take longer than a year to complete? Recognizing revenue from long-term projects usually requires use of the “percentage-of-completion” m… Read More
2023-09-12 17:30
Portability helps minimize federal gift and estate tax by allowing a surviving spouse to use a deceased spouse’s unused gift and estate tax exemption amount. Currently, the exemption i… Read More
2023-09-12 14:00
In December 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act. Among other things, the sweeping new law made some significant… Read More
2023-09-08 17:30
The employee stock ownership plan (ESOP) has long shone as a beacon to employers looking to accomplish multiple goals through a benefits arrangement. A properly structured and administered E… Read More
2023-09-07 16:00
Now that Labor Day has passed, the holidays are just around the corner. Many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts… Read More
2023-09-06 00:48
Financial statements tell investors information about an organization’s financial performance, helping to ensure corporate transparency and accountability. But they can also be used in… Read More
2023-09-05 19:34
Reasonable compensation is an issue that comes into play in divorce, shareholder disputes and tax cases. It’s also a common financial statement adjustment that valuators make when valu… Read More
2023-08-29 14:00
Employers tend to prioritize things such as maintaining or boosting productivity, accomplishing strategic objectives, and fulfilling their missions. All too often, managing payroll is taken… Read More
2023-08-28 14:30
In July 2023, the Public Company Accounting Oversight Board (PCAOB) published a report that highlights common areas of audit deficiencies for public companies. Private companies face similar… Read More
2023-08-24 14:00
When it comes to fraud, it may seem there’s nothing new under the sun. Unfortunately, fraud perpetrators are always finding novel ways to swindle businesses. Here are some recent scams… Read More
2023-08-22 13:00
If you have family members with disabilities, there may be a tax-advantaged way to save for their needs — without having them lose eligibility for the government benefits to which they… Read More
2023-08-18 19:00
As the Fed continues to do battle with inflation, and with fears of a recession not quite going away, companies have been keeping a close eye on the costs of their health insurance and pharm… Read More
2023-08-18 14:00
Every business should dedicate time and resources to cybersecurity. Hackers are out there, in many cases far across the globe, and they’re on the prowl for vulnerable companies. These… Read More
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