Archive for May, 2022

Accounting & Audit Alert- Contingent liabilities: To report or not to report?

Disclosure of contingent liabilities — such as those associated with pending litigation or government investigations — is a gray area in financial reporting. It’s important to keep investors and lenders informed of risks that may

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Posted In: Alerts & Advisories

Accounting & Audit Alert- How inflation could affect your financial statements

Business owners and investors are understandably concerned about skyrocketing inflation. Over the last year, consumer prices have increased 8.3%, according to the latest data from the U.S. Bureau of Labor Statistics. The Consumer Price Index

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Posted In: Alerts & Advisories

Tax Alert- IRA charitable donations: An alternative to taxable required distributions

Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax advantages of making a cash donation to an IRS-approved charity out of your

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Posted In: Alerts & Advisories

Accounting & Audit Alert- Forecasts vs. projections: What’s the big difference?

Financial statements look at historical performance. But there are times when you want forward-looking reports to help your business make strategic investment decisions, evaluate the viability of a turnaround plan or apply for a loan.

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Posted In: Alerts & Advisories

Accounting & Audit Alert- Management letters: Follow up on your auditor’s recommendations

Maintaining the status quo in today’s volatile marketplace can be risky. To succeed, businesses need to “level up” by being proactive and adaptable. But some managers may be unsure where to start or they’re simply

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Posted In: Alerts & Advisories

Marc Bello to Participate in Upcoming MCLE Program

On Thursday, May 19, 2022, Business Valuation & Forensic Accounting Partner, Marc Bello, will be participating in MCLE’s program, ‘Understanding Business Financial & Tax Concepts in Divorce Law’. This program teaches core financial knowledge commonly

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Posted In: Events

Tax Alert- Caring for an elderly relative? You may be eligible for tax breaks

Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them. 1. Medical expenses. If the

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Posted In: Alerts & Advisories

April 2022 at Edelstein

As we head further into Spring, Edelstein wanted to take a moment to reflect on the past month. Watch the video below to see the resources we shared and events that we held.

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Posted In: Videos

Tax Alert- Valuable gifts to charity may require an appraisal

If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. If

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Posted In: Alerts & Advisories

Tax Alert- The tax mechanics involved in the sale of trade or business property

What are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the sale of business property. Thus, to simplify discussion, let’s assume that

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Posted In: Alerts & Advisories