Author name: asopcich

THE FOUR STAGES UNVEILED Risk Identification Recognize vulnerabilities susceptible to cyberthreats Conduct a thorough risk assessment Consider internal and external factors Classify assets based on importance and sensitivity Risk Assessment and Analysis Evaluate identified risks for potential impact and likelihood Analyze consequences and assess the probability of occurrence Estimate financial, operational and reputational impact Prioritize […]

Capitalization and Depreciation Several changes in federal tax law have taken effect recently that could affect the way many businesses plan for their 2023 taxes. This includes mandatory capitalization of certain expenses and limitations on a law that allowed accelerated depreciation of certain assets. Section 174 Capitalization Section 174 of the Internal Revenue Code (IRC)

New 2024 Tax Rates Every year, the IRS makes adjustments to the tax brackets for income and capital gains taxes. This allows it to account for inflation and other changes to the cost of living. Income Tax The brackets for federal income tax will increase in 2024. The tax rates for each bracket will not

What is Cost Segregation? Cost segregation accelerates depreciation for assets involved in a real estate development or construction project. The IRS uses the modified accelerated cost recovery system (MACRS) to determine how taxpayers must depreciate assets. Most assets use the General Depreciation System (GDS), while some may be subject to the Alternative Depreciation System (ADS).

Documents to Keep That Support a Tax Return Every tax deduction, credit, income source and expense should have a corresponding document to prove it. Err on the side of keeping too much rather than too little. A few suggested documents to retain are listed below. 1. Documents Showing Postmark or Sent Dates The date that

Challenges to security and compliance with remote work Although many companies utilize a remote or hybrid work model, only a few have solid policies or processes in place that support secure remote work. Even some of the largest companies struggle to adhere to compliance standards while their employees work from home. Businesses of all sizes

Who Is Eligible for the ERC? Businesses, nonprofits and certain government entities — but not individuals — may be eligible for the ERC for specific calendar quarters in 2020 or 2021 if they experienced any of the following during that quarter: Due to a government order, they had to fully or partially suspend their operations.

What Are Financial Reviews? The term “financial review” can refer to several types of reviews. These are not official investigations, such as when the IRS audits a nonprofit organization. An independent financial professional like a certified public accountant (CPA) performs the review at the nonprofit’s request. They might be known as an “auditor” even if

The Goal Behind Phishing Emails Cybercriminals use phishing emails to lure unsuspecting victims into taking actions that will affect business operations, such as sending money, sharing passwords, downloading malware or revealing sensitive data. The primary intent behind a phishing attack is to steal your money, data, or both. Financial theft — The most common aim

What Are Incentives An “incentive” is not necessarily a formal legal or legislative program or benefit. Federal and state legislators establish tax credits and other benefits to provide incentives for business activities like providing health insurance to employees or using energy-efficient technologies. They typically do not, however, intend for these programs to benefit specific businesses.