By Richard J. Gilmartin, CPA, Principal Artificial Intelligence or “AI” for short is dominating today’s business headlines with 88 percent of businesses saying they are currently adopting AI according to the research organization McKinsey. Industries leading the way in the adoption of AI include healthcare, financial services, manufacturing, retail, transportation, and logistics. In healthcare, AI […]
Form 1099-K, “Payment Card and Third-Party Network Transactions” is an information return that reports the gross amount of reportable transactions to the Internal Revenue Service (IRS). Payment card transactions are those transactions processed using credit cards and debit cards. Third-Party Network transactions are those transactions processed by a central organization that has a contractual obligation […]
A qualified charitable distribution (QCD) is a nontaxable distribution made from a taxpayer’s individual retirement account (IRA) directly to a qualified charity. To qualify for this type of distribution, the taxpayer must be at least 70 ½ years old. The maximum amount that can be transferred from an IRA account to a qualified charity is […]
Small steps can lead to big improvements in monetary habits. In this article we will share best practices regarding your finances that can be beneficial for both businesses and individuals. Pay Yourself First Financial advisors suggest that people should begin funding their retirement accounts as soon as they start working. The compounding effect will allow […]
On December 13, 2023, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2023-08, “Accounting for and Disclosure of Crypto Assets.” The amendments in this long-awaited update revise the accounting for crypto assets under U.S. Generally Accepted Accounting Principles (GAAP) to better reflect the economics of crypto assets. Crypto assets, also known as […]