Industry News & Firm Updates

The High Cost of Worker Misclassification: Tax Implications and Risks
The consequences of misclassifying an employee as an independent contractor can be costly. You could be liable for back taxes (including the employee’s shares of unpaid payroll and income taxes), penalties and interest. There may be serious nontax consequences as...

Your Return Is Filed! 3 Things to Keep in Mind Post-Filing
Most people feel some relief after filing their income tax returns each year. But even if you've successfully filed your 2024 return, you may still have questions. Here are three common ones. 1. What's the Status of Your Refund? You can learn the status of your tax...

Traveling With Your Spouse on Business? Know What’s Deductible
If you own a company and travel for business, you may wonder whether you can deduct all the costs of having your spouse accompany you on trips. It’s possible, but the rules are restrictive. When Your Spouse Is Also Your Employee If your spouse is your employee, you...
Helping a Family Member Buy a Home
Making a family loan isn’t the only way to assist a loved one with purchasing a home. If you aren’t concerned about being paid back, a straightforward option is gifting cash. In 2025, you can give up to $19,000 to anyone without federal gift tax consequences under the...
Tax Season Cleanup: Which Records Can You Toss?
If you’ve filed your 2024 tax return, you may be eager to do some spring cleaning, starting with tax-related paper and digital clutter. The documentation needed to support a tax return may include receipts, bank and investment account statements, K-1s, W-2s, and...
Payroll Fraud Threats Inside and Outside Your Company
Payroll fraud schemes can be costly. According to a 2024 Association of Certified Fraud Examiners (ACFE) study, the median loss generated by payroll fraud incidents is $50,000. It’s essential to know the payroll schemes making the rounds and how to prevent them or at...
Income Tax Issues for the Special Needs Trusts
In this webinar, Teresa Ferruzzo, CPA, abip partner, discusses a crucial financial planning tool for families who care for a loved one with special needs: Special Needs Trusts (SNTs). A Special Needs Trust is an essential mechanism to ensure that a family member with...
The Tax Side of Gambling
Whether you’re a casual or professional gambler, your winnings are taxable. However, the Treasury Inspector General for Tax Administration reports that gambling income is vastly underreported. Failing to report winnings accurately can lead to back taxes, interest and...