Category: Accounting Advisory

A decision by a Texas Federal Court could mean the end for the Department of Labor’s overtime rule expansion, creating uncertainty for businesses nationwide. On November 15th, 2024, the court ruled in State of Texas v. Dep’t of Labor that the DOL exceeded its authority in raising the salary threshold for employees exempt from overtime pay. As a result, the minimum salary required for exemption reverts to $35,568 (or $684 per week) and enforcement of the regulation nationwide is blocked…. Read more ›

Quick References are high-level insights about critical issues and concerns facing your organization. Our outsourced accounting and advisory group is available to help you implement solutions. Click here to view other Quick References and to sign up for email alerts when future Quick References are released. **Update: The DOL overtime rule has been struck down by a federal court as of 11/15/2024** The U.S. Department of Labor has issued a final rule increasing the minimum salary required for certain type of… Read more ›

Quick References are high-level insights about critical issues and concerns facing your organization. Our outsourced accounting and advisory group is available to help you implement solutions. Click here to view other Quick References and to sign up for email alerts when future Quick References are released. Financial planning, budgeting and forecasting are complimentary financial tools used by organization leaders to map out and execute their short-term and long-term goals. A plan provides the framework, a budget provides accountability and allocation of… Read more ›

It’s never too early to start gathering the necessary information required to prepare and file 1099s for your business. Reminders: Best Practices About Form 1099 from CBM’s Accounting Advisory Team For a smooth and timely 1099 filing season, consider the following best practices: Need assistance? CBM’s Accounting Advisory team supports businesses with accounting and tax preparation expertise. Use our online contact form to contact now to contact Dominick Bellia for guidance or for assistance. Councilor, Buchanan & Mitchell (CBM) is… Read more ›

As of July 31, 2024, Intuit will stop offering new subscriptions for several QuickBooks Desktop products, marking a major change in how these services are delivered. This change is part of the transition that started in 2022, when Intuit made QuickBooks Desktop subscription-only—a response to a wider industry trend towards subscription-based services. For business owners and not-for-profit managers, keeping up with these developments is essential to ensure smooth and uninterrupted accounting processes. Upcoming Changes to QuickBooks Desktop QuickBooks Desktop is… Read more ›

Accounts payable fraud is a prevalent type of deception that targets a company’s accounts payable department, which is responsible for managing payments to suppliers and vendors. This form of fraud can be perpetrated in various ways: internally by employees, externally by vendors, collaboratively between the two or, increasingly, by outside parties aiming to redirect funds. To combat this, it’s essential to establish robust internal controls and effective verification processes. Understanding ACH and Check Fraud Risks ACH Fraud Risks ACH fraud… Read more ›

Quick References are high-level insights about critical issues and concerns facing your organization. Our outsourced accounting and advisory group is available to help you implement solutions. Click here to view other Quick References and to sign up for email alerts when future Quick References are released. ***Beginning with tax year 2023, for forms filed in 2024, taxpayers who file 10 or more information returns of any type in total must file them electronically.*** It is time to submit 1099-NEC forms before… Read more ›

Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. Beginning January 1, 2024, this reporting will have to be done electronically. Here are some answers to questions about the requirements and what’s changing. What Is Required? Each person who, in the course of operating a trade or business, receives more than $10,000 in cash in one transaction (or… Read more ›

This article is part of an ongoing series published by CBM’s accounting and advisory group. Click here to learn more about how the group’s consultative approach to serving for- and not-for-profits can help grow your business. In today’s fast-paced and uncertain financial environment, financial risk management is a crucial discipline that can mean the difference between success and failure. Financial risks can come in various forms, from market fluctuations to unexpected crises. Organizations should always be well-prepared to identify and… Read more ›

Summer isn’t just for barbeques and baseball. It’s also a good time to think about ways to cut your 2023 business tax bill. Here are four planning ideas for small business owners to consider, assuming there won’t be any changes to current federal tax laws at least through 2024. 1. Establish a Tax-Favored Retirement Plan If your business doesn’t already have a retirement plan, now might be the time to take the plunge. Current rules allow for significant annual deductible… Read more ›