Explore the importance of developing a recovery plan so that organizations are prepared in the event of a cyber emergency.
As technology continues to evolve, so does the chance of cyber security attacks and threats. In order to protect your organization, you must draft a disaster recovery plan. This plan will play a major role in the event of any data breach to ensure there is an effective solution to confirming that your data is still secure and how to recover from a cyber attack. While this type of disaster cannot always be avoided, having a plan in place lessens the damage done to your organization. When you download this whitepaper, you’ll learn:
- Why developing this plan is crucial to protecting your organization
- The elements that make up a strong disaster recovery plan
- How to prepare your organization and employees in the event of a cyber attack.
What’s meant by a “clean” set of books and records? It simply means that a company’s financial records are up-to-date, accurate, and organized. While the nature and scope of a firm’s books and records may differ amongst companies and across an industry, the importance of adequately maintaining books and records are of equal importance.
All too often, business owners become complacent in maintaining their company’s financial records. Owners turn their energies to other aspects of the business, such as sales and operations, and struggle with finding the time for this imperative function.
Why is this so important? While there are many reasons to dedicate the time and resources to maintaining a “clean” set of books and records, there are two main benefits.
First, up-to-date and accurate financial records contain a lot of information about a company’s operations, such as profitability, cash flow, and receivables from customers, to name a few. Such information is necessary to successfully manage operations and make informed, knowledgeable business decisions. Second, a “clean” set of books and records can make a company more valuable and more attractive to prospective buyers. The condition of a company’s books and records are a direct reflection of the ongoing condition of a business. This is very similar to the curbside appeal of a piece of property or home.
Some other reasons to maintain a “clean” set of books and records include meeting tax filing requirements, assisting with business plans, and providing the ability to perform year-end tax planning to help plan for and potentially reduce income taxes. While maintaining a “clean” set of books and records may not be the most exciting aspect of running a business, the benefits far exceed the detriment of not doing so.
DiSanto, Priest & Co.’s experienced team of professionals can assist you in realizing the value of having a “clean” set of books and records and can help you achieve this goal. Call us at (401) 921-2000 or submit our contact form to get started.
Discover the importance of performing due diligence on outside organizations you partner with in order to protect your business from data and security breaches.
Is your organization protected from and prepared for a data security breach in the event one occurs? While the immediate answer may be “yes”, ensuring that all vendors and subservice partners are also prepared is a crucial step. While doing due diligence on these partners is a typical part of vetting out a new partner initially, many organizations stop there. When you download this whitepaper you’ll learn:
- Why continuous due diligence on partners is critical to your data security
- How and why documenting this due diligence is beneficial to your organization
- How DiSanto, Priest & Co. can assist in exploring these options for you in order to ensure your organization is fully protected
Learn why it’s critical to understand the value of your business and about the four different valuation models for accessing what your business is worth.
Often, the largest asset in a business owner’s portfolio is in fact the business. Yet many business owners don’t know the value of their businesses.
Here’s what you can expect to gain by downloading this white paper:
- Learn why business owners need to understand the value of their business
- Understand what internal and external factors are a driving force in understanding value
- Gain an understanding of the four different business valuation models
- Explore the different levels of value and how each level impacts your business
Lastly, understand how to identify the right business valuator for you. DiSanto, Priest & Co. is here to guide all of your business valuation needs and answer your specific questions.
With the passage of the Inflation Reduction Act in August of 2022, several changes to the tax laws have been made in response to green initiatives pushed forth by the legislative and executive branches of government. One of these new guidelines is a change to the Energy-Efficient Commercial Buildings tax deduction, also known as the Section 179D tax deduction, which originally took effect in 2006. The tax deduction was made permanent in 2020 through legislation, and for calendar year 2023, has been incentivized further with the Inflation Reduction Act.
Section 179D is primarily comprised of three different sections of improvements: building envelope, HVAC, and lighting. To qualify for the tax deduction, the improvements must meet ASHRAE standards and be certified by a qualified individual sanctioned by the IRS. If the plans are to “retrofit” an already existing building, then the building must be located within the United States and be at least five years old at the time of the retrofit planning.
For 2023, the scope and value of the tax deduction will be increased, allowing for a greater deduction amount along with a lower bar for entry for some eligible taxpayers. The new act has made three meaningful changes to Section 179D:
- Modifying the efficiency standard from 50% down to 25%,
- Altering the maximum allowable deduction per square foot, and
- An alternate election deduction for energy efficient retrofitting.
The new law aims to improve building energy efficiency by a minimum of 25%, but any improvements in efficiency over the 25% but not exceeding a credit rate of $5.00 per square foot will increase the benefit for the taxpayer. The new law also allows for taxpayers to take the tax deduction in the year the retrofitting plan is solidified into a qualified retrofit plan, opting for an earlier benefit than previously allowed.
Finally, tax-exempt entities are also allowed to allocate the credit to the person primarily responsible for designing the property in lieu of the ownership of the property, which will give tax-exempt entities an effective discount.
For more information on this and other energy tax incentives, give us a call at (401)-921-2000 or fill out our online contact us form to get started.
Learn what a cost segregation analysis does for commercial property owners and the impact it can have on your business.
Business and property owners are often tasked with reviewing depreciation and cash flow on commercial properties. However, it is crucial to understand what cost segregation means and how it impacts commercial property. While many can perform a cost segregation analysis, the analysis most be both accurate and well-documented.
By downloading this whitepaper, you’ll:
- Learn different business models and see examples of how DiSanto, Priest & Co. has helped clients achieve quality cost segregation benefits
- Understand if your business can benefit from performing a quality cost segregation analysis
If you’e looking to perform a high-quality cost segregation analysis, DiSanto, Priest & Co. are experts in identifying the cash benefits when performing this audit.
Learn how to build an SOC report and the important details that play a role in creating it for your unique organization.
You may be aware of the importance of SOC reports, the different types of reports, and how they can benefit your organization, but do you know the critical steps in building a SOC report? This whitepaper will walk you through each section of a SOC report.
- Section 1: Independent service auditor’s report
- Section 2: Management’s assertion regarding the effectiveness of its controls
- Section 3: Management’s description of its system and controls
- Section 4: Applicable trust services principles’ criteria and control activities
- Section 5: Other information provided
The DiSanto, Priest & Co. team is expert in all SOC reporting types and can ensure you’re effectively utilizing these reports to benefit your unique business.
The Probate and Family Courts require the completion of a financial statement; this financial statement is required in all matters involving a marital dissolution (divorce), support (alimony and child), and other financial matters.
Why is this document so important? It is extremely important for a few reasons:
- This document will become part of a permanent record;
- This document will be used as a benchmark for future support modifications;
- This document will be used to divide all marital assets; absent extraordinary circumstances, the division of marital assets is a FINAL distribution, which cannot be modified or changed.
This document will be used to decide a divorcing individual’s financial future; therefore, it requires the proper time and attention to make certain the information is accurate and presented in the most appropriate manner. This document is signed under the penalties of perjury that the information is complete, true, and accurate.
The amount of an individual’s annual income before taxes determines if a short form (less than $75,000) or a long form (more than $75,000) financial statement needs to be prepared. If an individual is self-employed or has rental property additional forms (Schedule A and Schedule B) are required.
In my years of working in family law, I have reviewed and prepared numerous financial statements. Some of the repeated mistakes that are often observed include the following:
- Weekly v. Monthly Figures
- As one navigates through the financial statement pages, there are pages that request weekly figures and other pages that request monthly figures. Special attention should be given to ensure that the proper figure is reported.
- Self-Employment Income (Schedule A)
- There is confusion surrounding the term “self-employment.” Based upon my experience as a Certified Public Accountant and a litigation support professional, it is my belief that the Schedule A should only be utilized in matters that involve a sole-proprietorship (tax form Schedule C of Form 1040) or a partner of a partnership (Form 1065). Generally, self-employed individuals must pay self-employment tax; self-employment tax consists of Social Security and Medicare tax primarily for individuals who work for themselves.
- Therefore, the Self-Employment Income reported on Schedule A should NOT be utilized for business owners that are S-corporations, even though such individuals may consider themselves to be “self-employed” due to the fact that they are a business owner. The determining factor is not if you own the business, but how the business’ income is taxed to the individual and whether such income is subject to self-employment tax.
- It is worth noting that Schedule A uses mostly monthly figures, but it also includes a line item that is weekly (“weekly expenses”). Again, close attention is required in accurately completing said schedule.
Accurately reflecting an individual’s financial position along with one’s income and expenses can be complex, especially when there are multiple sources of income and business interests are involved. DiSanto, Priest & Co. has the experience and expertise to assist in preparing this very important document, so let our trained professionals help you and your clients prepare an accurate, well thought-out financial statement.
Understand how your business operates when working with outside vendors, and why utilizing SOC reports can protect your business.
When you outsource a service in your organization, you are opening up your business to greater risk. This is where the importance of SOC reports comes in. When utilizing SOC reports, you can be certain that the vendors you partner with are not hindering your cyber safety. In reading this whitepaper, you will learn:
- What SOC reports are used for
- Benefits of SOC reports for service professionals
- How these reports can be used when being audited
The Inflation Reduction Act of 2022 includes changes related to the credits for electric vehicles. If you are in the market for an electric vehicle, it is important to understand the new requirements to maximize the benefit of this credit.
Clean Vehicle Credit
Congress passed the new Clean Vehicle Credit under Section 30D to replace the Qualified Plug-In Electric Drive Motor Vehicle Credit. The new credit applies to the purchase of new electric vehicles after August 16, 2022. This credit will apply to all electric vehicles placed in service after 2022 and prior to 2033. The maximum credit for new electric vehicles remains unchanged at $7,500. The difference between Section 30D and the former credit revolves around limitations on the taxpayer’s income, limits on the vehicle’s price and manufacturing criteria for car makers.
Income limitation: The adjusted gross income (AGI) limitation determines who can take the credit. No credit is allowed if the taxpayer’s AGI exceeds the following threshold amounts:
- For married taxpayers filing a joint return or a surviving spouse, $300,000.
- For taxpayers filing as head of household, $225,000.
- For all other taxpayers (single, married filing separately), $150,000.
Limit on vehicle’s price: The new credit establishes a threshold for eligibility based on the manufacturer’s suggested retail price (MSRP) of the electric vehicles. No credit is allowed if the MSRP exceeds the following amounts:
- Vans, SUVs, and trucks must have an MSRP below $80,000.
- All other vehicles must have an MSRP below $55,000.
Manufacturing requirements: For vehicles to qualify for Section 30D, they must have a certain percentage of both critical materials and battery components made in North America. The credit will be reduced to $3,750 if only one requirement is met. The final assembly of the vehicle must also take place in North America.
It is also important to note that for vehicles placed in service after 2023, the taxpayer can choose to utilize the credit to reduce their tax liability when filing their taxes or transfer the credit to the dealer to directly lower the cost of the vehicle for an immediate benefit.
Previously-Owned Clean Vehicle Credit
The Act also includes a new 30% credit, up to a $4,000 maximum, for purchases of previously-owned clean vehicles after 2022 and before 2033 from dealers registered with the Secretary of Treasury. To qualify for the credit, the vehicle being purchased must be at least 2 years old and have a purchase price of less than $25,000.
A qualified buyer for purposes of the credit must have AGI below a certain threshold, cannot be a dependent of another taxpayer, or have claimed a credit for a used clean vehicle during the three-year period ending on the date of sale.
Income limitation: No credit is allowed if the taxpayer’s AGI exceeds the following threshold amounts:
- For married taxpayers filing a joint return or a surviving spouse, $150,000.
- For taxpayers filing as head of household, $112,500.
- For all other taxpayers (single, married filing separately), $75,000.
Give us a call at (401) 921-2000 or fill out our online contact us form if you would like more information on how to maximize the full value of this credit.