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M&A accounting: Identifying the acquirer in business combinations involving VIEs
On May 12, 2025, the Financial Accounting Standards Board (FASB) finalized new guidance that clarifies how to identify the acquirer in mergers and acquisitions (M&As) involving variable interest entities (VIEs). The updated guidance brings much-needed consistency and comparability to complex deals where equity interests are exchanged. Why the update matters Determining the “accounting acquirer” is more…
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The advantages of a living trust for your estate plan
If you own substantial assets, you may want to consider setting up a living trust to bypass the probate process. Probate is a court-supervised procedure that ensures a deceased individual’s assets are distributed appropriately. However, it often involves complex legal steps, additional costs and public disclosure of your financial matters. A living trust can help…
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EV buyers, beware! House GOP bill ends clean vehicle tax credits after 2025
The U.S. House of Representatives has passed its budget reconciliation bill, dubbed The One, Big, Beautiful Bill. Among other things, the sweeping bill would eliminate clean vehicle credits by the end of 2025 in most cases. If you’ve been pondering the purchase of a new or used electric vehicle (EV), you’ll want to buy sooner rather…
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From the simple to the complex: 6 strategies to protect your wealth from lawsuits and creditors
Asset protection is a strategic approach to safeguarding your wealth from potential lawsuits and creditor claims. Indeed, protecting your assets is critical in today’s litigious environment. Without proper planning, a single lawsuit or debt issue could jeopardize years of financial progress. The last thing you want to happen is to lose a portion of your…
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Mission and vision statements help businesses rise above the din
Many of today’s businesses operate in a cacophonous marketplace. Everyone is out blasting emails, pushing notifications and proclaiming their presence on social media. Where does it all leave your customers and prospects? Quite possibly searching for a clear perception of your company. One way — well, two ways — to rise above the din is…
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Risky business: How auditors help combat corporate fraud
In today’s volatile economic climate, organizations face mounting pressures that can increase the risk of fraudulent activities. Auditors play a pivotal role in identifying and mitigating these risks through comprehensive fraud risk assessments and tailored audit procedures. Fraud triangle Three elements are generally required for fraud to happen. First, perpetrators must experience some type of…
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The One, Big, Beautiful Bill could change the deductibility of R&E expenses
The treatment of research and experimental (R&E) expenses is a high-stakes topic for businesses, especially small to midsize companies focused on innovation. Currently, R&E expenses must be capitalized and amortized over five years for domestic activities and 15 years for foreign activities. The One, Big, Beautiful Bill, which is now being considered by the Senate,…
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The House passes The One, Big, Beautiful Bill Act: An overview of its tax provisions
The U.S. House of Representatives passed its sweeping tax and spending bill, dubbed The One, Big, Beautiful Bill Act (OBBBA), by a vote of 215 to 214. The bill includes extensions of many provisions of the Tax Cuts and Jobs Act (TCJA) that are set to expire on December 31. It also includes some new and…
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How The One, Big, Beautiful Bill proposes to change the gift and estate tax exemption
The Tax Cuts and Jobs Act (TCJA) effectively doubled the unified federal gift and estate tax exemption — and annual inflation adjustments have boosted it even further. For individuals who make gifts or die in 2025, the exemption amount is $13.99 million ($27.98 million for married couples). Under the TCJA, the exemption amount is scheduled to revert…
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Business owners can rest easier with sound cash flow management
Slow cash flow is one of the leading causes of insomnia for business owners. Even if sales are strong, a lack of liquidity to pay bills and cover payroll can cause more than a few sleepless nights. The good news is that you can rest easier by exercising sound cash flow management. Scrutinize your cycles…
