Author Archives: mgracey

The best remedy for an audit is to be prepared for one before the audit letter arrives. Tax-planning decisions should never be made based on the likelihood of a potential IRS audit; however, you can set yourself up for success if an audit occurs. Following are 10 tips to help you keep your financial life […]

The IRS’s Criminal Division ramped up its enforcement efforts relating to Maltese pension plans, which gained popularity after the signing of the U.S.-Malta Tax Treaty 2011 and the subsequent enactment of Malta’s Retirement Pension Act of 2011. In recent weeks, the department began issuing summons to U.S. taxpayers who participated in Maltese pension plans and […]

The passage of the Secure Act 2.0 at the end of 2022 ushered in significant changes for employers and how they must administer and annually report information about their employee benefit plans. These new provisions apply to employers’ 401(k) and 403(b) plans for tax years beginning in 2023. Although plans have until the last day […]

In this episode, Director of Assurance and Advisory Services Brent Leslie explains PCAOB audits and what types of companies benefit from them.

The Association of Certified Fraud Examiners (ACFE) and Thomson Reuters partnered to explore the risks and controls related to business-to-business transactions and relationships. Specifically, the 2023 “Combatting Business-to-Business Fraud: Benchmarking Report” focuses on the risks associated with doing business with new vendors and the use of “know-your-vendor” (KYV) and “know-your-business” (KYB) processes to minimize those […]

While it has been three years since the onset of the COVID-19 pandemic, its impact on business valuations and lost profit damages are still being felt today. In fact, many of the challenges from 2020 through 2022 are being litigated in the courts right now. Lingering geopolitical concerns and economic uncertainty have made it increasingly […]

Prenuptial agreements, also referred to as prenups, are commonly entered into to address specific financial aspects of the parties who intend to be married. For individuals remarrying, prenups can clarify what assets, including business assets, will be available to the future spouse and what amount will be set aside for either party’s heirs. Ultimately, the […]

Tax-related scams cast a dark cloud over this summer’s blue skies, putting taxpayers at increased risk of identity theft and fraud. To avoid falling victim to these scams, individuals should be alert to unsolicited telephone calls, emails and texts asking them to click links or share personal information, such as usernames and passwords, Social Security […]

Charitable giving is a critical component of financial planning that enables individuals to support organizations and causes close to their hearts. While many people donate cash directly to nonprofit charities, those with substantial wealth often go one step further to create a legacy of philanthropy for future generations via a private foundation or a donor-advised […]

In this episode, Real Estate Tax Director Art Lieberman explains Opportunity Zones, the first step for developers and investors and some of the rules around Qualified Opportunity Funds.