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So far Sonya Foster has created 1090 blog entries.

The Step-Up and Step-Down Rules

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited

2023-09-19T13:07:30-06:00September 19th, 2023|

Understand the Three Parts of Your Business Financial Statements

Financial statements tell investors information about an organization’s financial performance, helping to ensure corporate transparency and accountability. But they can also be used internally to help management make strategic decisions, improve upon past results and add value. There are three parts to comprehensive financial reporting under U.S. Generally Accepted Accounting

2023-09-19T12:46:23-06:00September 19th, 2023|

Estate Executor Responsibilities

If you’ve been asked to serve as executor of the estate of a friend or family member, be sure you understand the responsibilities and potential risks before you agree. Keep in mind that you’re not required to accept the appointment, but once you do it’s more difficult to extricate yourself

2023-09-12T13:53:21-06:00September 12th, 2023|

Hire a Qualified Auditor for Employee Benefit Plans

Does your organization offer health care and retirement benefits for its employees? Benefit plans with 100 or more participants are generally required to have their annual reports audited under the Employee Retirement Income Security Act of 1974 (ERISA). Here’s some guidance to help plan administrators fulfill their fiduciary responsibilities for

2023-09-12T10:00:14-06:00September 12th, 2023|

Deducting Business Start Up Expenses

Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are still increasing slightly (up 0.4% from April 2023 to May 2023). The Bureau measures this by tracking the number of businesses applying for

2023-09-05T09:25:15-06:00September 5th, 2023|

Financial Forecasts Versus Projections

Businesses are rightly encouraged to regularly generate professionally prepared financial statements. Doing so is important for both understanding your own financial position and providing accurate, comprehensive information to stakeholders such as investors, lenders and advisors. However, keep in mind that financial statements are historical records. They depict the state of the

2023-09-05T09:00:05-06:00September 5th, 2023|
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