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Identifying related parties is just one of many parts that go into preparing financial statements. Here’s why they matter, why auditors give them scrutiny, and how to avoid the risks that often accompany them.
Scammers are hyping quick, easy money from the employee retention tax credit, but despite what you might hear in the slick advertisements, the IRS has a warning for employers.
(authored by RSM US LLP) Digital transformation is critical for modern manufacturing operations and the factory of the future.
Understanding new Section 174 rules is essential for business owners to prevent costly surprises and preserve cash flow.
President Biden’s 2024 budget proposal includes a variety of changes that could impact taxes for individuals and businesses.
Purchasing a heavy SUV could provide a more generous tax break than a smaller vehicle for business owners.
The cost of goods sold can account for 70% of a company’s expenses, according to recent discussions by the FASB’s Investor Advisory Committee. However, some companies skimp on details around the costs they incur to produce goods. The FASB’s disaggregation of income statement project could change that.
Every business can be an innovator. The research tax credit is a way to reward that innovation, and it comes with an intriguing feature related to payroll taxes.
The Securities and Exchange Commission advises business owners to keep five key areas in mind when preparing 2022 financial statements.
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“We have been working with KraftCPAs for 15 years. Our manufacturing business is complex, and they have taken the time to understand our processes, and are able to leverage their overall technical knowledge and experience with other clients to provide insights and advice on how we can improve. We certainly view KraftCPAs as a valuable business partner.”
Mike McKee, McKee Foods Corporation
