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

In the nonprofit arena, effectively managing resources is both a key priority and challenge. When it comes to accounting, nonprofits are also confronted with categorizing donations, and differentiating between income and profit.

With the “great wealth transfer” upon us, it is estimated that approximately $72 trillion of assets that baby boomers are sitting on will eventually be passed onto their heirs. In addition to the transfer of significant assets, there is much more to know when it comes to inheritance and estate taxes.

Matt Keefer, Director of Tax Services at GSG, breaks down everything taxpayers need to know about The Tax Relief for American Families and Workers Act of 2024.

For any small business, effective accounting and financial planning is critical for long-term success – especially when there’s a new year ahead of us. For 2024, small businesses have the opportunity to develop the right strategies to streamline and optimize critical accounting processes.

In November, Financial Crimes Enforcement Network (FinCEN) issued a final rule that beginning on January 1, 2024, many companies in the U.S. will have to report information about their beneficial owners to FinCEN.

2023 has certainly been the year of Artificial Intelligence (AI) with non-stop news stories about how it will have a wide-range of impact on virtually every aspect of our lives. But the big question is can AI do your taxes and provide other financial services?

We address this question head-on in this podcast interview – with the big takeaway being that AI is not ready for a full takeover of financial services. The human element and guidance from experienced tax and audit professionals remains vital.

Business valuation success comes down to measuring risk and reward for helping buyers and sellers come to a financial agreement in an acquisition. It is also used in litigation, as well as for compliance reporting.

GSG was recently featured in a CFO Tech Outlook article about how business valuation helps to drive the understanding of the true worth of a company. Chuck Faunce provides a high-level overview of all things business valuation in this podcast interview.