Posts

Streamlining Permits for Large-Scale Investments: CPA Perspective

Image
On December 10, 2024, CNBC contributor Kevin Breuninger reported that President-elect Donald Trump announced a policy proposal aimed at expediting permits and approvals for organizations investing $1 billion or more in the United States. This plan, outlined in a post on Trump’s Truth Social platform, includes accelerated environmental approvals and other regulatory clearances as part of the incentive package. Trump stated, “Any person or company investing ONE BILLION DOLLARS, OR MORE, in the United States of America, will receive fully expedited approvals and permits, including, but in no way limited to, all Environmental approvals. GET READY TO ROCK!!!” While details of the proposal are still unclear, the message highlights the administration’s intention to reduce regulatory hurdles for large-scale investors. Current Challenges in Permitting for Large Projects Permitting delays have long been a bottleneck for large-scale construction projects in the United States. According to a 2...
Post a Comment
Read more

The Tax Cuts and Jobs Act (TCJA) of 2017 introduced several tax reforms, many of which are scheduled to expire at the end of 2025

The Tax Cuts and Jobs Act (TCJA) of 2017 introduced several tax reforms, many of which are scheduled to expire at the end of 2025. Key provisions set to sunset include: Individual Income Tax Rates : The TCJA reduced marginal tax rates across income brackets. Without legislative action, these rates will revert to their pre-2018 levels, resulting in higher taxes for many individuals. Standard Deduction and Personal Exemptions : The act nearly doubled the standard deduction and eliminated personal exemptions. Post-2025, the standard deduction is expected to decrease, and personal exemptions may be reinstated. Child Tax Credit : The credit was increased from $1,000 to $2,000 per child under the TCJA. After 2025, it is slated to revert to $1,000, with lower income thresholds for phase-out. State and Local Tax (SALT) Deduction Cap : The TCJA capped the SALT deduction at $10,000. This cap is set to expire, potentially restoring the full deduction for state and local taxes. Estate and Gift Tax...
Post a Comment
Read more

Building Generational Wealth Through Family Trusts

For families with increasing net worth, a common concern is the lasting impact of their financial success on future generations. The adage, “shirtsleeves to shirtsleeves in three generations,” serves as a cautionary reminder of how wealth can be depleted when not thoughtfully managed.  Here’s how the pattern generally unfolds: 1.    First Generation (Wealth Creators):  The initial generation works hard, often starting from humble beginnings ("shirtsleeves") to build wealth through entrepreneurship, investments, or hard labor. This group typically understands the value of money and has the discipline to accumulate wealth. 2.    Second Generation (Wealth Inheritors):  The children of the wealth creators grow up with a more comfortable lifestyle, benefiting from the fruits of their parents' labor. While some may preserve and grow the wealth, others may lack the same level of financial discipline or work ethic as their parents, which can lead to erosion of...
Post a Comment
Location: New York, NY, USA
Read more

Is an advance on my 2025 tax return refund an option for my finances at this time?

Image
Tax refund loans, often provided through tax preparation companies rather than traditional banks, can offer quick access to funds. However, the costs associated with these loans may outweigh their benefits. Key Takeaways Tax refund loans allow you to access a portion of your tax refund before the IRS processes your return. These loans are often offered by tax preparation services as an advance on your tax return. Some refund loans may carry high fees, making them less cost-effective than they appear. While a sizable tax refund in spring is a welcome financial boost, sometimes financial needs can't wait. Tax refund loans can provide early access to these funds but come with potential pitfalls. “Consumers should carefully consider the advantages of having quicker access to the money versus the costs incurred to obtain the loan,” advises April Walker, lead manager for tax practice and ethics with the American Institute of Certified Public Accountants. Below, we explore how ta...
Post a Comment
Read more

Florida Attorney vs. Title Company Rule

😎 In Florida, the residential closing process involves multiple steps, and the roles of the closing attorney and title company are distinct but can overlap in some cases. Here’s an overview: Closing Attorney's Role Legal Oversight : Attorneys provide legal advice to ensure the transaction complies with state and local laws. Document Preparation and Review : Attorneys draft and review key documents, including the purchase agreement, deed, and any seller or buyer obligations. Title Examination : The attorney ensures the property’s title is clear, with no liens or encumbrances, and prepares the title opinion if necessary. Facilitating Closing : The attorney oversees the closing process, ensuring all documents are signed and funds are disbursed according to the agreement. Representation : They represent either the buyer or the seller (but not both) and protect their client’s legal interests. Title Company’s Role Title Search : The title company performs a detailed title sea...
Post a Comment
Read more

Measuring and Demonstrating the Impact of Non-profit Programs and Initiatives to Stakeholders

Measuring and demonstrating the impact of non-profit programs and initiatives to stakeholders is crucial for maintaining trust, securing funding, and guiding strategic decisions. Here are some suggestions on how to effectively measure and communicate impact to donor and other stakeholders interested in supporting your organization:   Measuring Impact:   1.       Set Clear Objectives and Goals: -           Define specific, measurable, achievable, relevant, and time-bound (SMART) objectives for each program. -           Ensure these objectives align with the organization's overall mission.   2.       Identify Key Performance Indicators (KPIs): -           Select relevant KPIs that accurately reflect the success and progress of programs. -          ...
Post a Comment
Read more

CFO Spotlight: An Essay on Incremental Borrowing Rate as a Lessee

  In most situations, the new lease accounting guidance requires recognition by a lessee of a right-of-use asset and a lease liability on its balance sheet. The lease liability is measured as the present value of remaining lease payments. In general, each lease will require its own discount rate unless the lessee has elected to apply a portfolio approach. The discount rate determination is outlined under a specific framework, but it still requires critical judgments and a thorough process. Conclusions based upon a discount rate that is based on a lender’s quote or an existing borrowing facility are typically not appropriate. These items should only be considered as data points. The lender quotes and rates on existing borrowing facilities on a stand-alone basis typically do not meet all of the criteria for a discount rate as further indicated below. This essay presents the requirements for developing the discount rate according to the new lease accounting guidance, with a focus on...
Post a Comment
Read more