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IRS clarifies theft and fraud loss deductions

The Tax Cuts and Jobs Act (TCJA) significantly limited the types of theft losses that are deductible on federal income taxes. But a recent "advice memo" (CCA 202511015) from the IRS's Office of Chief Counsel suggests more victims of fraudulent scams may be able to claim a theft loss deduction than previously understood. Casualty loss deduction basics The federal tax code generally allows individuals to... Read More

2 financial planning tools that can help manufacturers weather uncertainty

Manufacturers are facing uncertainty on a variety of fronts. Rapidly shifting tariff policies, supply chain disruptions, fluctuating demand and rising raw material costs are likely among the factors creating shaky ground for your business. But two proven financial planning tools can help you better navigate the instability: rolling forecasts and financial modeling. 1. Rolling forecasts Many... Read More

How Contractors Can Increase Bonding Capacity

Bonding capacity plays a critical role in helping construction companies qualify for larger projects. It signals financial strength, project stability, and reliability to both clients and surety providers. If the goal is to grow and take on more complex work, improving bonding capacity should be a strategic priority. There are several practical steps that contractors can take to strengthen their position... Read More

Contractors can calculate KPIs, too

Successful companies of all types use key performance indicators (KPIs) to monitor their financial health and spot red flags. Well, you know what? Construction businesses can do it, too. And you should. Let's review some of the most important KPIs for contractors to calculate. Profitability metrics Net income is among the most widely cited metrics related to profitability, but there are plenty of... Read More

Protect your manufacturing company with group captive insurance

In recent years, manufacturers have increasingly turned to group captive insurance as a strategic alternative to traditional insurance models. Commercial insurance policies can be costly and may not cover all the risks manufacturers face today. Those risks can range from equipment breakdowns and product liability to workplace safety issues. Group captive insurance allows manufacturing companies to... Read More

Manufacturers: Do you know the telltale signs of vendor fraud?

Vendor fraud can be a significant risk in the manufacturing sector, where companies rely on numerous third-party suppliers for raw materials, components and services. Deceptive practices can erode your manufacturing company's profitability, compromise product quality and damage relationships with legitimate suppliers. Such purchasing schemes usually are a form of occupational fraud, where an employee of the... Read More

Disaster victims may qualify for tax relief … including on amended returns

Victims of presidentially declared disasters in recent years who couldn't previously claim a casualty loss deduction may now be able to claim a refund. Additional tax relief also might be available. Read on to learn more about the potential opportunities for victims of certain disasters. Loosened restrictions for casualty losses The tax relief comes via the Federal Disaster Tax Relief Act (FDTRA), which... Read More

Powers of Attorney as Part of Your Estate Plan

A Power of Attorney (POA) can be an essential tool in estate planning. Understanding the different types of Powers of Attorney is important in choosing the right instrument to fulfill an individual's particular needs. A Power of Attorney is a legal document that allows a person (commonly referred to as the "principal") to grant authority to another person (commonly referred to as the "agent", "proxy",... Read More

Understanding Foreign Trade Zones and How They Can Be an Effective Planning Tool to Mitigate Tariffs and Related Costs

With the new regulations on tariffs, there are some cost-saving measures on foreign merchandise that is re-exported as finished goods. By optimizing entry procedures, businesses can leverage the supply chain to decrease cost while boosting agility, stability, and resiliency. Over 90 years after the Foreign Trade Zone ("FTZ") Act of 1934 was first established and subsequently introduced the nation's first... Read More