Tax-smart guidance for family loans

In recent years, the landscape of residential mortgage loans has undergone significant shifts, with interest rates climbing steadily. This trend poses challenges for individuals, particularly our oved ones, seeking to enter the housing market. As the value of homes soars and inventory remains low in many areas, prospective buyers may find themselves facing daunting financial …
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4 Strategies for Better Financial Management in Construction

Construction businesses face a unique set of financial management challenges, from navigating project-based pricing and fluctuating costs to dealing with unpredictable weather. To succeed in this complex environment, contractors need robust strategies to manage their finances effectively. Here are some key practices that can help construction businesses strengthen their financial management. 1. Streamline Billing Procedures …
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Consolidation: The Impact on Smaller Medical Practices

The healthcare industry is undergoing significant changes, driven by technological advancements, shifting patient demographics, and evolving regulatory landscapes. One of the most notable trends is the consolidation of medical practices, where smaller independent practices are being acquired by larger health systems, private equity groups, or other corporate entities. This consolidation trend has a variety of …
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Avoiding Offshore Tax Evasion: Protect Yourself from Scams

As global financial systems become increasingly complex, unscrupulous promoters have found new ways to entice U.S. taxpayers into participating in offshore tax evasion schemes. These schemes, often advertised online, claim to offer significant tax savings by placing assets in offshore accounts and structures. However, these promises can lead to severe legal and financial consequences for …
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Dynasty trust can protect wealth for generations

Creating a trust to preserve wealth for future generations is a common strategy, but traditional trusts may not provide long-term solutions due to tax implications and limitations on their duration. However, the dynasty trust stands out as a powerful tool for enabling wealthy families to transfer wealth across multiple generations, while minimizing tax impact and …
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Essential Business Growth Strategies: Financial, Marketing, HR

As your business transitions beyond the startup phase, strategic guidance becomes paramount for sustained growth. Particularly crucial during this evolution are comprehensive business and financial advisory services. Here, we delineate key focal points essential for propelling your enterprise to the next level. 1. Financial and Tax Reporting Enterprises in the growth phase necessitate more sophisticated …
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Real estate: Shifting bonus depreciation rules

By Jay Garcia, CPA In an era marked by fluctuating interest rates, soaring material costs, and economic uncertainties, the real estate industry finds itself navigating treacherous waters. Developers, investors, and property owners are confronted with a landscape brimming with challenges. Many in the industry are witnessing eroding profit margins while others are being forced to …
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Occupational fraud costing organizations billions

5% of revenues estimated to be lost annually The latest report from the Association of Certified Fraud Examiners (ACFE), Occupational Fraud 2024: A Report to the Nations, revealed staggering figures: $3.1 billion lost to fraud. This comprehensive study, now in its 13th edition, analyzed 1,921 actual fraud cases from 138 countries and territories investigated by …
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Board proposes stronger fraud detection standards

In response to recent global corporate failures, the International Auditing and Assurance Standards Board (IAASB) has put forward a significant proposal aimed at bolstering auditors’ responsibilities regarding fraud detection. The move comes as part of efforts to enhance public trust and confidence in financial reporting. Tom Seidenstein, Chair of the IAASB, emphasized the importance of …
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IRS Urges Overseas Americans: File 2023 Taxes by June 17

The Internal Revenue Service (IRS) has issued a reminder to U.S. citizens and resident aliens living and working outside the United States to file their 2023 federal income tax return by Monday, June 17, 2024. This deadline also extends to those with dual citizenship. However, certain taxpayers residing in specific regions, including Israel, Gaza, or …
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