Navigating the New Auditing Standards

A Guide for Business Owners and CFOs As fiscal year-end 2023 audits approach, it’s imperative for business leaders to grasp the implications of three new auditing standards. Effective for periods ending on or after December 15, 2023, these standards herald significant shifts in audit procedures, demanding greater precision and detail from both management and auditors. …
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U.S., Mexico officials stress partnership achievements

In a significant step towards bolstering bilateral economic ties, top officials from the United States and Mexico met virtually on April 19, 2024, focusing on progress made since last September’s ministerial session, underscoring the robust economic partnership between the two nations, and emphasizing shared achievements in supply chain integration, environmental cooperation, and workforce development. Progress …
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Court Win Boosts Private Equity Healthcare Roll-Up Strategy

A recent judicial ruling in Texas has provided a significant boost to private equity (PE) firms’ roll-up strategies in the healthcare sector, underscoring the resilience and adaptability of these investment approaches amid regulatory and economic challenges. The legal victory stems from a case involving the Federal Trade Commission (FTC) and a physician practice management company. …
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The heat is on…and so are the tax savings

The IRS has advised taxpayers that making specific energy-efficient updates to their homes could qualify them for home energy credits. This guidance comes under the expanded provisions of the Inflation Reduction Act of 2022, aimed at encouraging energy-efficient upgrades. Big deduction Taxpayers who installed qualifying energy-efficient improvements such as exterior doors, windows, skylights, insulation, and …
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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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