From our Director of Taxation, Joseph Kim, CPA/MST: The U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an alert on December 18, 2024, to raise awareness of fraud schemes abusing FinCEN’s name, insignia, and authorities. Please note that these fraud schemes include scams which exploit Beneficial Ownership Information (BOI) reporting. The scammers may convince …
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Company Christmas Blessings
On Friday, December 13, 2024, Phyllis treated the Ludwig staff to a Christmas celebration, with a brunch at Santiago’s Family Restaurant in Horsham, PA. Between discussing our plans for the holidays and our gratitude for the wonderful people we know through our client base. New to our team this year are Erin McManus-Varallo (third from …
UPDATED: Beneficial Ownership Information (BOI): Do You Need to Act?
UPDATE (12/05/2024): Today, a federal court in Texas issued an injunction applying to taxpayers nationwide, where they state that small businesses affected by BOI reporting deadline of January 1, 2025, do not need to comply with the filing deadline. However, the AICPA recommends that CPAs assisting their clients with the BOI continue to gather the …
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CatholicU Connections Facilitate an Acquisition
The power of Catholic University and utilizing your connections… Phyllis Ludwig, a 1984 graduate of Catholic University, was recently involved in the sale of one of our long-term clients, NWL, to American Superconductor. After acting as NWL’s CFO for a number of years, she was well-acquainted with the situation. To her surprise, the director of …
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Summer Downtime: Use It to Your Tax Advantage
Downtime? Does that even exist anymore? Between our jobs and our side hustles, downtime has really changed over the years. Webster’s defines downtime as a time of inactivity between periods of work. Summertime is typically downtime; employees go on vacations, the office is more laid back, maybe there are fewer deadlines. It is crucial to …
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Forecasting: Financial not Weather
As many of us have found out in the last years, there is a lot of uncertainty in the world. This applies to business too. It is important to have a trusted firm to handle your financial forecasting. Someone who knows the most up to date technologies and is looking to see what is coming. …
14 Overlooked Tax Deductions for 2023
Hopefully, you’ve already gotten your information to your tax accountant. On the off-chance you haven’t, or if you’re planning on addressing your taxes yourself, here are a few of the less-common deductions you might wish to keep in mind. Please note that these are just general summaries, and you would be well-served to consult with …
Royalties and Taxes
A dear friend of one of our employees just signed a contract with a literary agent. One of her first questions was, “So, assuming I get published, how do I handle taxes on royalties?” That’s an interesting question, and one that depends greatly on the actual scenario. Royalties come from a variety of sources: another …
The Perks of a Small Accounting Firm
It’s no secret that we are growing and hiring. Yet the employment field is a tough one right now, with the level of competition for seasoned employees. Everyone says they want to work for a large firm. Yet small accounting firms have hidden advantages which make us highly desirable to job hunters and recruiters alike. …
Work Smarter, Not Harder: Improving Employee Productivity
The CEO of Wayfair and Co-founder Niraj Shah recently came under fire for a year-end message to the company’s employees: “Working long hours, being responsive, blending work and life, is not anything to shy away from,” and stated that he believes his employees should work longer hours. However, longer hours do not equate to greater …
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