Acquiring a business can be an exciting endeavor, whether it be expanding your company’s existing footprint or making a life-changing decision in becoming a new entrepreneur. In working with your financial team to finalize that letter of intent and enter into the due diligence phase, it is crucial to [...]
By: David Natan In today’s business environment, companies may need to restructure for growth, flexibility, or tax efficiency. An F Reorganization, or "F Reorg," is a specialized tool under the U.S. tax code that enables certain types of business transformations to occur in a tax-efficient manner. Pre-transaction restructuring particularly [...]
At Newburg, we pride ourselves on celebrating the achievements and contributions of those who excel in our industry. It is with great pleasure that we highlight Sarah Irons, CPA, MPAC, MST who has recently been featured on the cover of the September 2024 issue of Sum News: The Pulse, [...]
A living will could provide peace of mind for both you and your family should the unthinkable occur. Yet many people neglect to draft this important estate planning document. Will vs. living willIt’s not uncommon for a living will to be confused with a last will and testament, but [...]
You probably won’t have any tax headaches if your new business is profitable over a certain period of time. But what if the new enterprise consistently generates losses (your deductions exceed income) and you claim them on your tax return? You can generally deduct losses for expenses incurred in [...]
Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal income tax issues you face when selling an appreciated vacation home. Scenario 1: You’ve never used the home as your [...]
Does your estate plan call for making gifts to your grandchildren or other loved ones more than one generation below you? Or, perhaps to you want to leave assets to nonrelatives who are decades younger than you? If so, your plan must address not only gift and estate taxes, [...]
Few things can derail your estate plan as quickly as unanticipated long-term care (LTC) expenses. Most people will need some form of LTC — such as a nursing home or an assisted living facility stay — at some point in their lives. And the cost of this care is [...]
As the landscape of accounting continues to evolve in response to technological advancements, changing regulations, and shifting client expectations, Certified Public Accountants (CPAs) face both new challenges and exciting opportunities in their career paths. In this article, we'll explore key strategies for CPAs to thrive in today's dynamic environment [...]
Unemployment has been holding steady recently at 3.7%. But there are still some people losing their jobs — particularly in certain industries including technology and media. If you’re laid off or terminated from employment, taxes are likely the last thing on your mind. However, there are tax implications due [...]
