Construction change orders: Thoughtful management is crucial

It’s an accepted fact that change orders are an inherent part of the construction industry. Alterations to the original design, specifications, execution methods or scope of a job can impact the budget and timeline. And when not discussed and documented properly, they can lead to nonpayment for additional work and legal disputes. That’s why establishing a …
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Generative AI picks up speed among fraud fighters

The use of generative AI is gaining significant traction in the anti-fraud landscape, as 83 percent of anti-fraud professionals expect to integrate this technology into their arsenal within the next two years, according to the latest Anti-Fraud Technology Benchmarking Report by the Association of Certified Fraud Examiners (ACFE) and SAS. This report, the third in …
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Mexico overtakes China as top U.S. exporter

In a notable shift in global trade patterns, recent data released by the Commerce Department reveals that Mexico has surpassed China as the United States’ leading trade partner for the first time in over two decades. This transformation underscores evolving dynamics in international commerce, particularly amid ongoing tensions between the United States and China. Economic …
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The Critical Recipe: Mitigating Damages in Litigation

When it comes to determining the damages to be awarded in litigation, the mitigation of damages is a critical factor for the plaintiff to consider. Failure to address mitigation in a damages analysis is akin to omitting a key ingredient in a recipe — resulting in a disconcerting outcome that could potentially render the entire …
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Maximizing Wealth Transfer: Irrevocable Life Insurance Trusts

Print this page Life insurance, a common asset in American households, can pose a significant estate-planning challenge due to potential estate tax implications upon the policyholder’s demise. To address this concern, consider the strategic use of an Irrevocable Life Insurance Trust (ILIT) – a reliable solution to safeguard your assets and maximize wealth transfer. The …
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Maximizing Tax Benefits Through Strategic Gifting

The gift tax exclusion is an invaluable tool for high-net-worth families looking to transfer assets to family members and loved ones without incurring significant tax liabilities. As 2023 draws to a close, wealthy individuals often utilize the annual exclusion to make strategic gifts, considering the impending end of the increased lifetime exemption, which provides another …
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IRS adjusts some international taxes for 2024

The IRS recently released its official 2024 inflation-adjusted amounts for a wide variety of tax-related items, including some annual adjustments affecting various aspects of international taxation. Here are some key figures to be aware of: Foreign Earned Income and Housing Cost Exclusions Under the Internal Revenue Code, qualifying U.S. citizens and resident aliens may exclude …
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DAPT trust may help protect assets from creditors

When developing an estate plan, you may want to consider setting up trusts for various reasons, including protecting your assets from potential creditors. One way to accomplish this, depending on where you live, may be to set up a domestic asset protection trust (DAPT), also known as self-settled trusts. With these trusts, you transfer estate assets into an …
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IRS addresses late-filed international tax documents

The IRS certainly has its plate full of domestic tax issues, but the agency also keeps a wary eye on international tax matters. Two recent examples are electronic requests for late-filing relief and the long-standing issue of violations of the rules regarding Reports of Foreign Bank and Financial Accounts (FBARs). New Filing Relief Available In a …
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Beware of ‘tax promoters’ and sketchy schemes

Most tax preparers are ethical and help ensure their clients file timely and accurate tax returns, but a small percentage abuse their position of trust. They may, for example, engage in fraudulent activities that harm taxpayers. The IRS has warned about tax “promoters,” which the agency defines as entities that “undermine voluntary compliance by marketing improper …
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