Every day, individuals and businesses engage in financial misconduct.  This is as true in major cities like Austin as it is in rural areas throughout the country, and it may be something as simple as hiding assets during a divorce or as complex as engaging in a large-scale money laundering scheme.  Whatever the scope, these

As a business owner, you have invested a considerable amount of time, money, and energy into creating and managing a successful enterprise. Why jeopardize everything you worked so hard to build by dropping the ball when it comes to your financial recordkeeping?  Having a comprehensive framework of internal accounting controls in place is critical to

When you and your business partner first started laying the groundwork for your future enterprise, you likely never envisioned a time when the two of you would be parting ways. However, because 70% of all business partnerships fail, it is critical to have a contingency plan in place in case things go south.  Like any

Court halts BOI reporting; AICPA urges preparedness A federal district court, finding that the Corporate Transparency Act (CTA) is likely unconstitutional, issued an order Tuesday prohibiting the enforcement of the CTA and the beneficial ownership information (BOI) reporting rule in the CTA’s accompanying regulations. The injunction, which according to the court should apply nationally, was

Is there a taxable income reduction idea you can use? Many tax experts talk about shifting your tax burden from one year to the next. While in theory it may make sense, how can you make it work for you in practice? The concept Since the tax code is complex in its construction, there are

Some of these items may surprise you. There are a number of areas in the tax code that cause confusion as to the taxability of money received. Here are some of the most common areas of confusion. Unemployment compensation. Unemployment compensation is typically required to be reported as taxable income. So you could be facing a

The Corporate Transparency Act (“CTA”) was enacted January 1, 2021, as part of the National Defense Authorization Act for Fiscal Year 2021, representing the most significant reformation of the Bank Secrecy Act and related anti–money laundering rules since the U.S. Patriot Act.  The CTA is intended to address and guard against money laundering, terrorism

Tax savings can be found in the elections you make! Every year is an election year when it comes to making decisions on your annual income tax return. Here are four common examples that can create tax savings opportunities if you elect the correct option. 1. Tax filing status. Typically, filing a joint tax return

Most taxpayers ignore the federal estate tax, thinking they will never be touched by it. Unfortunately, you do this at your own peril. Why? Because states often have this tax AND politicians have a habit of frequently changing the rules. The most recent change is scheduled to take place after 2025. The best approach for

What do I need to keep? Each of us needs to keep records that substantiate our tax return or other important life events for as long as they are needed. So what does this mean? The basic retention period. Federal tax return substantiation is generally three years from the later of the tax return filing