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Securing the enterprise: Addressing your potential cybersecurity challenges

Securing the enterprise: Addressing your potential cybersecurity challenges

RSM's cyber response team has identified five common areas that can complicate recovery from a cybersecurity attack.
Accounting brief: Lessee accounting for tenant improvements

Accounting brief: Lessee accounting for tenant improvements

This publication provides guidance on accounting for these arrangements.
At this tax policy crossroads, begin preparing for tax changes in 2025

At this tax policy crossroads, begin preparing for tax changes in 2025

How businesses and individuals can prepare for a transformative tax policy event in 2025 that will be shaped by 2024 election outcomes.
Tax Strategies for Seniors: Keep That Appreciated Home and Save

Tax Strategies for Seniors: Keep That Appreciated Home and Save

This article addresses the challenges seniors face when considering the sale of highly appreciated homes amid rising real estate values. It outlines key tax implications, including capital gains tax, and explores tax-saving strategies such as aging in place. By understanding the financial landscape, seniors can make informed decisions that could significantly impact their tax liabilities and inheritance for their heirs. Read the full article for comprehensive strategies and insights.
Tax Extensions Made Easier: 10 Key Breaks You Might Be Missing

Tax Extensions Made Easier: 10 Key Breaks You Might Be Missing

If you’ve requested an extension for your 2023 federal income tax return, you still have time to explore potential tax breaks that could save you money. This article presents the top ten tax benefits available, from family tax credits and charitable deductions to home energy credits and medical expense write-offs. Don’t miss the chance to maximize your tax return before the October 15 deadline. Whether you’re self-employed or filing jointly, there are options to help you reduce your tax burden and possibly increase your refund.
Navigating the Costs of Long-Term Care: Essential Strategies for Financial Planning

Navigating the Costs of Long-Term Care: Essential Strategies for Financial Planning

Long-term care (LTC) is a critical concern for many Americans, as approximately 70% will require some form of assistance in their lives. This article outlines the significant costs associated with LTC and presents various funding options such as self-funding, LTC insurance, and hybrid policies. Learn how to navigate these choices and the tax benefits available to help you make an informed decision about your LTC planning. Read the full article for a comprehensive guide.
Understanding the IRS’s Final Regulations on Required Minimum Distributions (RMDs)

Understanding the IRS’s Final Regulations on Required Minimum Distributions (RMDs)

This article explores the IRS's newly released final regulations on required minimum distributions (RMDs) following recent legislative changes. It details the increased ages for RMDs, the new penalty structure for non-compliance, and the implications for inherited accounts. Understanding these updates is crucial for retirement planning and compliance with tax laws. The final regulations, effective September 17, 2024, clarify how beneficiaries must manage RMDs and highlight the IRS's approach to compliance for previously missed distributions.
Avoiding Penalties: Early IRA Withdrawals Explained

Avoiding Penalties: Early IRA Withdrawals Explained

Need to access your IRA funds before age 59½? This article details legitimate exceptions that allow for early withdrawals without incurring a 10% penalty tax. From medical expenses and educational costs to emergencies and disaster recovery, learn how to navigate these regulations effectively. Understand the various scenarios in which you can withdraw funds penalty-free, and consult with your tax advisor to ensure compliance with the IRS rules. Read the full article for detailed insights and strategies.
Essential Federal Tax Tips to for Individuals

Essential Federal Tax Tips to for Individuals

Navigating federal taxes can be complex, but this article breaks down essential tips for individuals. From understanding IRA withdrawal penalties to documenting charitable donations correctly, we provide insights that can help you avoid costly mistakes. Learn about important filing deadlines, potential tax credits for dependent care costs, and strategies for lowering your tax bill for the upcoming year. Stay informed and make the most of your financial opportunities—read the full article for more detailed guidance.
Tax Savings for Adoptive Parents: What You Need to Know for 2024

Tax Savings for Adoptive Parents: What You Need to Know for 2024

Discover how adopting a child can come with valuable tax savings in 2024. Parents can receive up to $16,810 in tax credits for qualified adoption expenses, with the possibility of even more savings if employer benefits are available. Learn about income limits, documentation requirements, and when to claim the credit in this guide designed for hopeful parents navigating the financial aspects of adoption.
Is a Roth IRA Conversion Right for You?

Is a Roth IRA Conversion Right for You?

Roth IRA conversions can lead to tax-free growth and estate planning advantages. However, it's important to weigh the pros and cons before making a decision. This article outlines the factors that make a Roth IRA conversion beneficial and when it may be less advantageous. Whether you’re looking to maximize retirement savings or plan for your heirs, learn how a Roth conversion could play a role in your financial strategy.
Maximize Your Tax Benefits: Essential Strategies for Older Taxpayers

Maximize Your Tax Benefits: Essential Strategies for Older Taxpayers

As people age, they become eligible for a range of tax advantages that can help save money. This article covers essential tax strategies for older taxpayers, including catch-up contributions to retirement accounts, Roth IRA conversions, charitable donations from IRAs, gifting appreciated assets, and medical expense deductions. Learn how these tactics can increase retirement wealth and reduce tax bills, ensuring a more secure financial future. Read the full article to discover detailed strategies.
Protecting Your Business from Payroll Fraud: Essential Strategies

Protecting Your Business from Payroll Fraud: Essential Strategies

Payroll fraud poses a serious threat to businesses of all sizes, leading to potential financial losses and regulatory penalties. This article examines the latest research on payroll fraud, including the emergence of ghost employers and the common tactics used by fraudsters. It provides practical prevention tips to help businesses safeguard their assets and maintain operational integrity. Educate your staff and fortify your payroll processes to mitigate risks. Read the full article for detailed strategies and insights.
Understanding the Extra Medicare Payroll Tax: A Guide for Employers and Employees

Understanding the Extra Medicare Payroll Tax: A Guide for Employers and Employees

Navigating federal payroll taxes can be complex, especially when it comes to the Medicare surtax that affects higher-income employees. This article explains the intricacies of FICA taxes, highlights the additional 0.9% Medicare surtax, and outlines employers' responsibilities for withholding. Stay informed and ensure compliance to protect your business from potential penalties. Read the full article for comprehensive guidance on managing these tax obligations.
Why Business Valuators Are Essential for Effective Business Interruption Claims

Why Business Valuators Are Essential for Effective Business Interruption Claims

Natural disasters can significantly disrupt business operations, making business interruption insurance crucial for recovery. This article explains the complexities of such insurance and highlights the importance of hiring a business valuation professional to assist with claims. Learn how these experts can help estimate losses, differentiate expenses, and navigate the claims process effectively. Read the full article for essential insights.