Understanding Forensic Accounting Issues When Calculating Lost Profits

Estimating lost profits isn’t always cut and dried. It’s important to look behind the numbers for signs that they might have been manipulated or falsified. In this article, you will discover how financial experts calculate lost profits and how professional skepticism helps ensure those calculations are reasonable.

Use the Tax Code To Make Business Losses Less Painful

Whether a business is new or established, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations.

Education Benefits Help Attract, Retain and Motivate Your Employees

One popular fringe benefit that an employer can offer is an education assistance program that allows employees to continue learning, and perhaps earn degrees, with financial help from the employer. A business can attract, retain and motivate employees by providing these benefits so that team members can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer under a “qualified educational assistance program.”

Consider the Flexibility of a Self-Directed IRA

Traditional and Roth IRAs can be relatively “safe” retirement-saving vehicles, depending on what they’re invested in. But one drawback is that they limit the account owner’s investment choices. A self-directed IRA provides more flexibility in investment choices but comes with greater risk as well.

Three Strategies for Handling Estimated Tax Payments

Self-employed individuals, and those with income from interest, rent, dividends and other sources, generally must pay estimated tax payments throughout the year. Mishandling these payments could trigger penalties. This brief article offers three strategies for getting it right, and a reminder that the next due date for estimated taxes is coming up fast: January 16, 2024.

Our Annual Nonprofit Conference is designed to provide valuable insights into the financial and operational challenges the nonprofit industry faces and how to overcome them. You will gain knowledge and skills to help you manage your organization or serve on a board more effectively. The conference will be held virtually, and CPE credit will be offered.

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About Dannible & McKee, LLP

Dannible & McKee, LLP has been providing audit, tax, accounting and financial management consulting services to clients nationwide since 1978. Throughout this forty-five years history, we have been wholly dedicated to the success of our clients. Every aspect of our business has been guided by our values and our commitment to putting each client's interests first. In a complex profession, we have found our greatest rewards in the simplicity of helping good people prosper. Delivering confidence in every financial decision is our goal for our clients, and it's also the most significant way we can contribute to their long-term success.

OFFICE LOCATIONS:

DM Financial Plaza, 221 South Warren Street, Syracuse, NY 13202

213 North Street #1, Auburn, NY 13021

200 Harborside Drive, Suite 201, Schenectady, NY 12305

220 Stage Road, Vestal, NY 13850

To learn more about Dannible & McKee, visit us at: www.dmcpas.com.