Category: Leading Edge
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Estate Planning Tips After A Divorce
August 26th, 2021
The process of going through a divorce can be, without a doubt, one of the most painful times of a person’s life. Once the final decree has been issued, estate planning is probably the last thing on your mind. Below is an overview of several often-overlooked aspects of estate planning which become vitally important after […]
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Post-Pandemic Internal Control Considerations for Your Business
August 26th, 2021
We are all aware that the pandemic turned businesses upside down and caused many to quickly pivot and adapt to an ever-changing environment. Now we are beginning to see more and more companies return to the more traditional, pre-pandemic office setting as vaccination rates continue to rise. However, the remote work lifestyle has caused various […]
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Financial Literacy for the Next Generation
August 26th, 2021
The basics of financial literacy include budgeting, saving, goal setting, and taxes. Mastery of these critical skills early on in one’s life can open opportunities for financial success. The skills also allow us to more clearly understand the potential costs and benefits of financial decisions. Our personal decisions have higher stakes as children transition through […]
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How Qualified Small Business Stock Can Provide Tax Benefits to Your Exit Strategy
August 26th, 2021
Starting a new business can be overwhelming. Typically, a fair amount of attention will be devoted to financial considerations, both in terms of capital needs for opening and growing the business as well as retaining the economic profits that will ultimately arise. In regard to the latter, a business owner will often seek the advice […]
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How an ESOP Can Offer Significant Tax Advantages for a Private Company and Its Owners
June 14th, 2021
For nearly 50 years, Employee Stock Ownership Plans (ESOPs) have been used to foster the growth and ownership of private companies by their employees. Studies show that ESOP-owned companies are generally more productive, have more engaged employees, and are substantially more likely to have additional retirement-oriented benefit plans than comparable non-ESOP companies. The advantages […]
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Don’t Overlook These Charitable Contribution Planning Opportunities
May 24th, 2021
Charitable giving has been negatively impacted in recent years. First, 2017’s Tax Cuts and Jobs Act (TCJA) increased the standard deduction, which resulted in fewer taxpayers itemizing deductions. Then COVID-19 hit. Unfortunately, the pandemic has left many charitable organizations facing the same hardships as for-profit businesses. In-person fundraisers have been cancelled, annual events have been […]
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How Upcoming Lease and Cloud Computing Accounting Pronouncements May Impact Your Business
May 14th, 2021
The proposed changes in accounting for leases have been on the horizon for some time. Several delays in implementation have afforded more preparation time, and as the changes are far-reaching, preparation will be key. In 2021, companies will also need to ensure they are correctly following guidance related to cloud computing costs, an area of […]
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How an Accounting Department Diagnostic Can Improve Efficiencies
May 14th, 2021
The accounting department is a critical component to the success of any business, yet in many instances this function does not receive the attention it deserves. Customers, employees, and products and services that drive business naturally take precedence over back office operations. However, taking time to perform a process review of your key accounting functions […]
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Key Drivers for ERP Project Success
November 11th, 2019
Updated ERP systems offer several improvement opportunities for organizations such as integrated processes, enhanced capabilities, and ease of information sharing and collaboration. Many executives, however, argue that the promised results are not delivered from their ERP investments. Most often, after we evaluate these ERP project efforts, we come across a number of mistakes regarding the […]
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Lease Accounting's Impact on Lending Agreements
November 11th, 2019
In February 2016, the Financial Accounting Standards Board (FASB) issued the new lease accounting standard, Accounting Standards Update (ASU) 2016-02, Leases. The intent of the new standard is to increase transparency and comparability among organizations that engage in leasing, as well as improve financial reporting and disclosures of key information regarding leasing arrangements. Current lease […]