Chuck Faunce, Director of Business Valuation and Litigation Services at GSG, breaks down the implications of the recent Supreme Court decision in Connelly vs. United States, and why it could significantly increase estate tax obligations for closely held business owners.

Jenny Estrada, Principal of Audit and Accounting Services at GSG, discusses all things audit and GSG – from breaking misconceptions around auditing, to what it’s like to work for the GSG audit department, to the common responsibilities for the job, and much more.

When it comes to providing paid family and medical leave for employees, big changes are on the horizon for all Maryland employers with the state’s PFML program. Now’s the time for careful planning and proactive decision-making.

In the NFP arena, accounting and auditing can be very nuanced – from identifying risks for net assets classifications to auditing the tracking of donor restrictions to contribution accounting.

For any small business, effective accounting and financial planning is critical for long-term success – especially before we prepare to navigate the opportunities and challenges of a new year.

In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.

When it comes to tax planning, it is always best to leave no stone unturned when it comes to developing strategies that can help minimize your tax burden. The annual GSG tax planning guide provides broad suggestions for tax planning as we are coming to the end of 2024.

Even if you think it could never happen to your organization, internal or external fraud can happen at any time.

The IRS plans to close a tax loophole known as "partnership basis shifting," which allows wealthy taxpayers to move assets among related parties to avoid paying taxes. The U.S. Treasury Department estimates that ending this practice could generate over $50 billion in revenue over the next decade.

For many, the idea of turning a hobby into a viable business