The auditing process plays a crucial role in maintaining financial transparency and accountability within businesses. Whether a company is publicly traded or privately held, the role of auditors is significant in ensuring…
Category: General
NYC September 29 flash flood event disaster loan assistance
Was your NYC home or property damaged by rain or flooding on September 29? Eligible New York City residents and businesses in Manhattan, Brooklyn, Queens, and Staten Island affected by the significant flash flooding…
Does the Federal Reserve maintain accounts for individuals?
Beware of Hoaxes: The Federal Reserve and Individual Accounts In the age of digital misinformation, it is crucial to stay vigilant against false claims circulating on the internet. One recent hoax that…
Navigating Social Security: A Guide to Avoiding Overpayment
Social Security benefits are a critical source of income for many individuals, providing financial support during retirement, disability, or in the event of a spouse’s death. While these benefits are a lifeline…
Qualified charitable distributions allow eligible IRA owners up to $100,000 in tax-free gifts to charity
The Internal Revenue Service (IRS) is reminding individual retirement arrangement (IRA) owners age 70½ or over that they can transfer up to $100,000 to charity tax-free each year. These transfers, known as…
New Treasury analysis highlights how policies to address climate change promote economic growth
The U.S. Department of the Treasury published analysis on how the Inflation Reduction Act, Bipartisan Infrastructure Law, and other federal policies to address climate change can promote economic growth. The analysis by…
IRS increases 401(k) contribution limit to $23,000 for 2024 and IRAs to $7,000
On November 1, 2023, the Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. The IRS…
Why accountants should understand and utilize ChatGPT
Accountants may find it valuable to understand and utilize ChatGPT, or similar AI-powered language models, to transform their data analysis, reporting, and client interactions. Introduction In the rapidly evolving landscape of accounting…
New York workers take step toward greater pay equity with Pay Transparency Law
The Law requires employers with four or more employees to include the minimum and maximum annual salary or hourly range for compensation in any job advertisement. This month, New York State’s Pay Transparency…
ABLE accounts: A tax-advantaged way to save for disability-related expenses
The Achieving a Better Life Experience (ABLE) Act of 2014 allows states to create tax-advantaged savings programs for eligible people with disabilities (designated beneficiaries). Funds from these 529A ABLE accounts can help…