Many economists are predicting that the US economy will experience a downturn, if not a recession, in 2023. A downturn can lead to job loss, reduced income, and financial insecurity. While it’s impossible to predict the future with certainty, there are steps you can take to protect your finances during a downturn.

Many business owners want to incentivize and reward employees by tying their compensation to the company’s performance. One way to do this is through stock options, but using stock appreciation rights might be a better solution.

The Financial Accounting Standards Board recently issued a proposed Accounting Standards Update for Leases (Topic 842). The update addresses related-party arrangements between entities under common control. This video provides an overview of the proposed changes.

Thanks to the cloud and automation, outsourcing has never been a more viable option than it is today. Quite often, outsourcing can be more efficient and less expensive than hiring dedicated staff. In this video, we’ll cover the benefits of outsourcing your accounting.

The FASB and IASB have provided standards for properly recognizing revenue in your financials. Using a five step process, companies recognize revenue based on the value and timing of when control of the goods and services are transferred to the customer. Learn about the standards and how to properly recognize revenue for your company.

Business owners often struggle with determining the optimal legal structure and tax treatment for their business. This video will explain an S-Corp tax election and how it may benefit you and your business.

On August 19, 2022, The IRS Office of Chief Counsel released a memorandum saying that when a taxpayer’s loan is forgiven based upon misrepresentations or omissions, the taxpayer is ineligible to exclude the forgiveness from taxable income.

The Inflation Reduction Act allocated $80 billion to the IRS for hiring additional personnel and improving processes and technology. Learn about how this might affect audits and the time limitations for conducting an audit.

President Biden announced a plan to extend the pause on student loan repayments and offer student loan forgiveness to millions of borrowers. Under the Student Loan Debt Relief Plan, eligible borrowers will have up to $20,000 of their student loans forgiven. Watch this video to learn more about the program.

The Inflation Reduction Act includes the Clean Vehicle Tax Credit program which provides tax credits for purchasing electric vehicles. Learn about the tax credits and limits on qualifications.