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The last 3 years have had a continuous impact on the health of small businesses, and it’s no secret that recent events and rising costs will only add to their existing pressures. With 99.2% of the total private businesses in the UK being small or medium, our economy relies heavily on them and their success. Ensuring your small businesses clients can survive the continued economic turbulence, and ultimately thrive, will be in everyone’s best interests.
The fallout from the collapse of Silicon Valley Bank — the 16th largest bank in the country up until Friday — is only just beginning and while pundits and scribes at better publications than this one dutifully debate why it happened and what comes next , we’re here to point out the hilarious resume of SVB Securities Chief Administrative Officer Joseph Gentile: His next employer better watch out (via SVB Securities ) It’s worth noting — and in case you weren’t
A combination of low minimum wages and a rapidly increasing cost of living have made passive income a more attractive proposition than ever before. What is passive income? Passive income is considered income that is not attached to a particular wage or salary. The IRS describes passive income as ‘income that requires minimal effort to obtain,’ and considers two types of income passive: Rental income Business activity where one does not materially participate.
Mid-year performance reviews aren’t just boxes for HR to check. Paycor’s toolkit empowers leaders to: Identify high-potential team members. Boost engagement with meaningful feedback. Support struggling employees. Nurture top talent to drive results. Learn how to ignite employee potential through meaningful feedback. When you nurture top talent, everybody wins.
Thanks to the new SECURE Act 2.0, a follow-up to the first SECURE Act passed in 2019, you may be able to postpone required minimum distributions (RMDs) from retirement accounts and pay a lower tax penalty if you mess up. These SECURE Act 2.0 changes take effect in 2023. Background : Generally, you must begin taking RMDs from qualified plans and traditional IRAs (but not Roth IRAs) no later than April 1 of the year following the year you’ve attained a specified age threshold.
Withum is proud to share that the San Fernando Valley Business Journal (SFVBJ) has named Steve Martini and Chris Passmore on their Most Trusted Advisors list for 2023. Steve Martini has over 30 years of experience focusing on business consulting and management advisory services. He is a dedicated philanthropist, having served on the Los Angeles Police Department Executive Strategic Planning Group for the L.A.P.D.
By Robert Higgs, cleveland.com (TNS) President Joe Biden’s budget plan for 2024 would restore monthly $300 payments to families with children that were widely credited with helping lift people out of poverty. Biden proposes restoring the Child Tax Credit, initially approved as part of the American Rescue Plan, which the White House said cut child poverty in half to the lowest level in American history.
By Robert Higgs, cleveland.com (TNS) President Joe Biden’s budget plan for 2024 would restore monthly $300 payments to families with children that were widely credited with helping lift people out of poverty. Biden proposes restoring the Child Tax Credit, initially approved as part of the American Rescue Plan, which the White House said cut child poverty in half to the lowest level in American history.
From tight deadlines to too much work, achieving work-life harmony during the busy season can be challenging. While it may be impossible to eliminate stress, there are strategies you can use to help reduce the negative impact of stress and increase productivity. Stress is the body’s natural reaction to challenging or demanding situations. It just so happens that a lot of the time, we can call our stress work.
In this episode, Eric Poppe , a Managing Director in Cherry Bekaert’s Government Contractor Industry practice , and Brian Kirk , Senior Manager in the Firm’s Information Assurance & Cybersecurity practice, share an update on the status of the final rule of the Department of Defense (DoD) Cybersecurity Maturity Model Certification (CMMC) 2.0 program and what contractors should be doing now to prepare.
By Denis Slattery and Dave Goldiner, New York Daily News (TNS) President Biden on Monday vowed that depositors in the failed Silicon Valley and Signature banks will have full access to their money and promised to take other steps to protect the nation’s banking system. “Americans can rest assured that our banking system is safe,” Biden said. “Their deposits are secure.
In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
Los Angeles, California – KROST’s Assurance & Advisory Principal, Keith Hamasaki, CPA, has been recognized by the Los Angeles Business Journal as a Leader of Influence: Minority CPA. This recognition highlights the outstanding works of local accountants and their accomplishments throughout their careers and practices. Los Angeles is a leading figurehead when it comes to Read the full article.
Venture Capital (VC) firms are a major funding source for e-commerce companies; however, funding has been on a decline compared to the record-setting 2021 levels. According to Crunchbase , Q4 2022 declined 13% compared to Q3 2022, and for the 2022 calendar year, funding has shown a 36% decrease compared to 2021. Although there are changes in VC investment behavior, there is still plenty of dry powder waiting to be invested in new products and technology.
In August 2021, it was announced that TowerBrook Capital Partners had made a strategic investment in Top 20 accounting firm EisnerAmper. In a statement announcing the move, Charles Weinstein, EisnerAmper CEO, said, “Rather than conforming to traditional frameworks, adopting a new model of ownership facilitates the best structure for the firm to drive growth and innovative solutions to our clients.
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
Your LLC has been established for a while, and things are going well. Your profits have increased steadily over the years, and so has your self-employment tax bill. It’s time to make a change, but you’re facing multiple options. Regarding potential business structures, should you convert LLC to S corp or C corp? What is an S Corp? An S corp is a business structure that is treated like an LLC except for taxation purposes.
Authors: Andre Kohn, Senior Associate, Tax Credits & Incentives Advisory and Bill Haberson, Manager, Tax Credits & Incentives Advisory On February 21, 2023, the Internal Revenue Service (IRS) released a new Form 7205 requiring documentation for the Energy Efficient Commercial Building Deduction. The Section 179D Energy Efficient Commercial Buildings Deduction (Section 179D), is a tax incentive for commercial building owners and designers who construct or make energy-efficient improvement
By Craig Torres, Christopher Condon, Bloomberg News (via TNS). U.S. authorities raced on Sunday to stem jitters about the health of the nation’s financial system, pledging to fully protect all depositors’ money following the collapse of Silicon Valley Bank while also giving any banks squeezed for cash easier terms on short-term loans. The Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. jointly announced the efforts aimed at strengthening confidence in the banking system
Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.
Latest FDIC update: Sunday, March 12th: Depositors will have access to all their SVB stored funds starting Monday, March 13. Recent FDIC Press release: [link] FDIC FAQ page: [link] Who is impacted by the SVB Shutdown? Primary: Tech Startups that had funds stored in an SVB account. As of March 13, 2023, the FDIC has taken measures to ensure all money held in SVB accounts will be available to account holders.
By Suhauna Hussain, Los Angeles Times, (via TNS). [TLDR: In 2020, CA voters approved a proposition related to gig drivers and workers (Uber, Lyft, DoorDash, GrubHub, et al). In 2021, a CA court ruled Prop 22 invalid because of state constitutional issues. This appeals court ruling states the law is valid, except for some language related to amendments.
Managing multiple projects and teams can become increasingly complex as businesses grow and evolve. Fortunately, the right project management software can help companies to streamline their operations, enhance collaboration, and increase productivity. One such tool is WorkflowMax, a comprehensive project management software developed by Xero. This article will discuss WorkflowMax's benefits and how it can help a business grow.
Professionals on the Move is a round-up of recent hiring and promotion announcements from around the profession. Payne Nickles & Company Hires First Chief Operating Officer to Drive Growth and Efficiency Payne, Nickles & Company, a full-service accounting, and business advisory firm, recently announced that Abbey Bemis will join the firm as its first Chief Operating Officer.
Great leadership development is the key to sustainable business growth. Are you ready to design an effective program? HR can use Paycor’s framework to: Set achievable goals. Align employee and company needs. Support different learning styles. Empower the next generation of leaders. Invest in your company’s future with a strong leadership development program.
Your LLC has been established for a while, and things are going well. Your profits have increased steadily over the years, and so has your self-employment tax bill. It’s time to make a change, but you’re facing multiple options. Regarding potential business structures, should you convert LLC to S corp or C corp? What is an S Corp? An S corp is a business structure that is treated like an LLC except for taxation purposes.
The IRS has scanned more than 120,000 paper forms 940 since the start of this year, a 20-fold increase compared to all of 2022, the agency said on March 8. The scanning effort is part of a multiform, multisolution initiative known as Digital Intake, which will soon expand to include scanning of forms 1040 and forms 941. “Technology powers tax administration, and we have completed important work over the last year to help people get the assistance they need and reduce paper, in addition to improv
Hello and Happy Monday! Here’s some stuff going on in our little corner of the world. A former Deloitte partner is suing Metropolitan Life Insurance Co. for disability benefits , saying he’s unable to return to his “highly-demanding” position because of multiple mental health conditions: The lawsuit, filed Thursday in the US District Court for the Middle District of Florida, accuses MetLife of improperly denying the partner’s claim for benefits using the opinions of doctors who never perso
Chancellor Jeremy Hunt has made it clear that he does not have room for big tax giveaways on March 15, as forecasts for economic growth are still weak. His focus will be to continue to clamp down on double digit inflation. An economic forecast from the Office of Budget Responsibility (OBR) will be announced alongside the budget. Mr Hunt has stated that he hopes to start the process of business tax cuts in his Autumn statement later this year, dependant on the OBR forecasts for the UK.
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
When calculating child support or alimony obligations, “income available for support” is an important concept. In this video, Tracy talks about some of the issues that may arise when evaluating income.
Learn how a multi-million-dollar U.S. retail bank with several branches that was non-compliant with regulatory controls was repositioned for success with the help of Withum’s BSA/AML ( Bank Secrecy Act/Anti-Money Laundering ) team. Download a PDF of this case study. Executive Summary For its annual anti-money laundering (AML) program and operational review, a banking regulator found a commercial retail bank’s AML programs, including Know Your Customer (KYC) profiles of high-risk customers, trans
As we grapple with rising inflation and cost of living pressures, Xero’s State of the industry report shows that many advisors (43 percent) anticipate some of their clients will be at risk of closing in the year ahead. For Dace Harris, RSM Australia’s National Head of Business Advisory, the looming threat of recession sees him focused on two things – trusted relationships and timely data.
By Laura Weiss, CQ-Roll Call (TNS) House Republicans slammed the Biden administration’s tax proposals in a hearing with Treasury Secretary Janet Yellen on Friday, giving the president’s latest budget request an icy reception. GOP Ways and Means Committee members rejected proposals to again boost IRS funding and raise taxes on companies and households making over $400,000 per year, including expanding a tax on pass-through business income, scrapping tax benefits for oil and gas, and increasing
Before you can achieve success, you have to define it. Objectives and Key Results (OKRs) give you the framework to do just that. Paycor’s free guide includes a step-by-step process leaders can use to work toward – and achieve – their loftiest business goals.
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