President Trump’s “Liberation Day” announcement of global tariffs caught the world off guard. What's next?
Inventory is a significant asset on balance sheets, so its accuracy is critical to reliable financial reporting.
There is an alternative approach that may be a viable option if you don’t require full GAAP compliance.
With important tax filing deadlines coming up, here are the dates to keep in mind to avoid penalties and ensure compliance.
As cyber threats become more frequent and costly, businesses must intensify efforts to safeguard sensitive information.
AI is a tool that can process vast amounts of data quickly, but it will never be a replacement for our team’s expertise.
The twisty journey of the CTA's beneficial ownership information reporting requirements has taken yet another turn.
The FASB has proposed updated guidance to reduce the complexity and cost of measuring credit losses.
Companies may voluntarily disclose diversity statistics to satisfy interest in socially responsible business practices.
The FASB is seeking public feedback on how to define and disclose KPIs. Stakeholders have until April 30 to submit comments.
GOP lawmakers have floated many potential changes to the federal tax system. Here’s a preview of what’s on the horizon.
A disciplined approach to investing and spending is vital. What's the best policy for your nonprofit's current circumstances?
Implementing solid internal controls can’t be just a one-time exercise. As threats evolve, so must your defense mechanisms.
The urge to accept all grant dollars can be strong, but are some grants more trouble than they’re worth?
It appears unlikely that the GOP-dominated Congress will let the TCJA provisions expire. Here's what you need to know.
The start of 2025 brings important federal payroll tax and withholding changes that every employer needs to understand.
Retaining skilled finance and accounting staff is equally as important as filling open jobs.
One important concept that business owners should understand before audit fieldwork starts is materiality.
A structured risk management process helps you anticipate potential challenges and position you for long-term success.
For many small business owners and nonprofits, managing payroll taxes can feel like a complicated puzzle.
Nonprofit organizations face unique tax obligations that require careful planning to maintain compliance.
As the year winds down, it's a great time for small business owners to start thinking about taxes.
Now is the time to evaluate your tax situation and take advantage of potential tax-saving strategies.
Tax changes can have a direct impact on your paycheck, business operations, and overall financial strategy.
For nonprofits, cybersecurity resiliency revolves around the ability to detect, respond and recover from incidents quickly.
Financial statements are an important piece of the business valuation puzzle.
In a recent U.S. Supreme Court ruling, estate planning for business owners just got turned on its head.
The IRS has issued its 2025 contribution amounts for retirement plans. You may be able to increase your savings.
Many provisions in the TCJA were due to expire at the end of 2025. Now, there’s a better chance that most will be extended.
Ratios assist in translating information from financial statements and can be presented as easy-to-process snapshots.
Independent audits are key to informing stakeholders of your nonprofit’s financial stability.
The OMB changes are intended to reduce the burden on recipients of federal grants and other financial assistance.
The firm continues to add to our amazing bench of talented and committed team members.
Understanding the statute of limitations and the circumstances that may extend the IRS audit period is crucial.
While there are many potential benefits to using AI in your business, the technology brings certain limitations and risks.
A audit management letter can be used to improve your business’s performance, lower risk and add value.
The FASB recently voted to issue a proposal that aims to bring greater consistency in reporting companies’ government grants.
Failure to follow IRS rules governing nonprofits and politics can result in an excise tax or a loss of tax-exempt status.
If you’re a non-controlling private company shareholder contemplating an exit, here are some considerations to keep in mind.
With the ever-rising costs of college, many families are concerned about how to afford higher education.
Cautionary tales from America's wealthiest families in preserving and protecting their wealth.
Business plans aren’t only for startups seeking financing; they can also help established companies make strategic decisions.
A review of estate planning tools that stand out for their effectiveness in preserving and growing intergenerational wealth.
H&S Tax and Advisory Partner George Paulsen on strategies to save on taxes before the 2017 TCJA laws sunset in 2026.
Hood & Strong LLP unveils its refreshed brand and new website - as it prepares for continued growth in the new century.
Many nonprofits struggle with properly allocating expenses. Complying with FASB standards can help simplify your processes.
Evaluating your nonprofit's ability to continue as a going concern will lay the groundwork for fixing problems.
After a lag in new guidance during the pandemic, the FASB ramped up its rule-making regarding crypto assets and taxes.
Footnote disclosures provide insight into account balances, accounting practices and potential risk factors.
New federal reporting requirements are now in effect under the Corporate Transparency Act. Here's what you need to know.
Organizations are turning to this approach to boost protection, trim costs and simplify operations.
The IRS recently announced a withdrawal option regarding the Employee Retention Tax Credit.
Hood & Strong has been filing a lot of gift tax returns. Here's why it's smart to make gifts now.
The IRS has released new guidance on excess benefit transactions (EBTs) and so-called "disqualified persons."
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