Glenn Caldera

Last month Governor Brian Kemp of Georgia signed into law two significant bills – House Bill 1015 (HB 1015) and House Bill 1023 (HB 1023) – that will reduce taxes for both residents and corporations in the state. Read more from Tim Clancy in our Resource Center! #Georgiataxes #taxplanning #incometax #corporatetax #taxlegislation

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It's no secret in 2024 that everything has become more expensive. Even sales of menstrual products have declined due to high prices (Tampon, pad prices nearly double over last 5 years due to inflation (https://lnkd.in/eYYrWAHR)). However, in many cases the price increases are significantly outpacing the rate of inflation - especially in the fast food industry. The largest offenders? McDonalds, Popeyes, Taco Bell, and Chipotle. While inflation has caused around a 31% price increase from 2014-2024, McDonalds price increases are closer to 100%. Popeyes, 86%. Taco Bell, 81%. Chipotle comes in at 75%. This is what frustrates me about the ever-decreasing purchasing power we are experiencing - yes, some of it is inevitable inflation, as the costs of production increase across the board. But a lot of it is corporations trying to stay ahead of investor expectations and growth projections, and hurting the end consumer. Only when the companies begin to face consumer backlash for these egregious increases will they course correct. Until then, we budget and try to hang on as everything around us becomes unaffordable. Fast food inflation: Which chains are hiking their prices the most? https://lnkd.in/eH28haH7

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Great insights from Harvard Business Review on the critical importance of internal communication in today's distributed workforce. At CLA, we understand the value of clear, frequent communication from leaders, especially in times of economic uncertainty. Our platform empowers organizations to streamline their internal communication processes, ensuring that essential messages are delivered effectively and engagingly to all employees. #CLA #LeadershipMindset #InternalCommunication #EmployeeEngagement

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If you check the Internal Revenue Code, you may be surprised to find that most business deductions aren’t specifically listed there. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in the first sentence of Section 162, which states you can write off “all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.” Basic Definitions In general, an expense is ordinary if it’s considered common or customary in the particular trade or business. For example, insurance premiums to protect a store would be an ordinary business expense in the retail industry. A necessary expense is one that’s helpful or appropriate. For example, a car dealership may purchase an automatic defibrillator. It may not be necessary for the business operation, but it might be helpful if an employee or customer suffers a heart attack. It’s possible for an ordinary expense to be unnecessary. But to be deductible, an expense must be ordinary and necessary. A deductible amount must be reasonable in relation to the benefit expected. For example, if you’re attempting to land a $3,000 deal, a $65 lunch with the potential client should be OK with the IRS. (The Tax Cuts and Jobs Act eliminated most deductions for entertainment expenses but retained a 50% deduction for business meals.) Need some help - DM to set up a Discovery Call

GASB 103, Financial Reporting Model Improvements, is here! Changes affect MD&A, unusual items, proprietary funds, component unit presentation, and budgetary comparison info. Effective for fiscal years starting after June 15, 2025. https://lnkd.in/e_-ibp6b

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𝗗𝗮𝘆 𝟵: 𝗧𝗮𝘅 𝗧𝗶𝗽𝘀 𝗳𝗿𝗼𝗺 𝗖𝗙𝗢𝘀 Get ahead with these top tax tips from experienced CFOs: 𝗦𝘁𝗮𝘆 𝗢𝗿𝗴𝗮𝗻𝗶𝘇𝗲𝗱: Keep all financial documents and receipts in order year-round to make tax season easier. 𝗠𝗮𝘅𝗶𝗺𝗶𝘇𝗲 𝗗𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻𝘀 𝗮𝗻𝗱 𝗖𝗿𝗲𝗱𝗶𝘁𝘀: Know and use all available deductions and credits to save money. 𝗣𝗹𝗮𝗻 𝗔𝗵𝗲𝗮𝗱: Regularly review your financials and plan for taxes throughout the year. 𝗨𝘀𝗲 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆: Utilize accounting software to track expenses and simplify tax filing. 𝗖𝗼𝗻𝘀𝘂𝗹𝘁 𝗣𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹𝘀: Seek advice from tax experts to navigate complex tax laws and maximize benefits. 𝗥𝗲𝘃𝗶𝗲𝘄 𝗤𝘂𝗮𝗿𝘁𝗲𝗿𝗹𝘆 𝗘𝘀𝘁𝗶𝗺𝗮𝘁𝗲𝘀: Adjust quarterly tax payments to avoid penalties and manage cash flow. 𝗦𝘁𝗮𝘆 𝗜𝗻𝗳𝗼𝗿𝗺𝗲𝗱: Keep up with changing tax laws to make informed decisions. 𝗖𝗼𝗻𝘁𝗿𝗶𝗯𝘂𝘁𝗲 𝘁𝗼 𝗥𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝗣𝗹𝗮𝗻𝘀: Maximize retirement contributions to reduce taxable income. Stay proactive, organized, and informed to manage your taxes effectively and boost your business’s financial health. #accounting #bookkeeping #accountingservices #bookkeepingservices #accountingandfinance #financialsolutions #finances #trendingnow

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U.S. DEPARTMENT TREASURY PROPOSES SWEEPING TAX CHANGES IN 2025 BUDGET PLAN On April 16, 2024, the United States Treasury Department released its Fiscal Y2025 Greenbook, detailing the revenue proposals in President Biden's 2025 budget. We hereby highlight some of the key proposals. Corporate Tax Changes - Increasing the corporate tax rate from 21% to 28% - Increasing the corporate alternative minimum tax from 15% to 21% - Expanding the 4% excise tax on corporate stock buybacks International Tax Changes Aligning the U.S. global intangible low-taxed income (GILTI) minimum tax with the Pillar Two income inclusion rule, including: - Eliminating the 10% qualified business asset investment (QBAI) exemption - Reducing the Section 250 deduction from 50% to 25% - Increasing the GILTI rate from 10.5% to 21% by raising the corporate rate to 28% - Shifting from a global blending approach to a jurisdiction-by-jurisdiction calculation - Allowing for net operating loss (NOL) and foreign tax credit (FTC) carryforwards - Replacing the base erosion and anti-abuse tax (BEAT) with a new "undertaxed profits rule" to align with Pillar Two, denying U.S. tax deductions to domestic group members to impose a 15% minimum tax on low-taxed foreign profits Individual Tax Changes - Increasing the top marginal individual income tax rate from 37% to 39.6% for individuals earning over $400,000 ($450,000 for joint filers) - Raising the additional Medicare tax rate for high-income households from 3.8% to 5%, and modifying how it applies to certain pass-through income - Imposing a 25% minimum tax on total income for the wealthiest 0.01% of taxpayers - Taxing long-term capital gains and qualified dividends at ordinary rates for taxpayers with income over $1 million - Establishing refundable tax credits for first-time homebuyers and home sellers, phasing out at $100,000-$200,000 in modified adjusted gross income (MAGI) - Fully restoring the expanded Child Tax Credit for 2024-2025, providing $3,000-$3,600 per child with phaseouts starting at $150,000 MAGI for joint filers, $112,500 for heads of household, and $75,000 for other filers Other Proposals Targeting High-Net-Worth Individuals - Requiring gain recognition on transfers between grantor trusts and the deemed owner, and increasing the minimum value requirement for grantor retained annuity trusts (GRATs) - Subjecting certain unrealized appreciation to tax at the time of transfer by donors, decedents, and non-corporate entities - Restricting the benefits of the generation-skipping transfer tax exemption The Greenbook also includes several provisions aimed at increasing compliance and penalizing certain employer behaviors, including: - A 20% penalty tax on employers for erroneous employment tax refund claims - Withholding of a 20% penalty tax on noncompliant nonqualified deferred compensation plans #Corporate&TaxLawyers

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What’s the one service most financial clients want but aren’t getting? Tax planning. Unlock the power of early engagement and ensure your clients’ taxes are in top shape with the dynamic collaboration between PreciseFP and Holistiplan. Read more to find out how. https://lnkd.in/g4-E3gWu

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Succession planning is often delayed due to the fast-paced nature of the construction industry and the emotional challenge of passing on a business you've built from the ground up. However, discussing and planning for the future is crucial for ensuring the long-term success of your business. Keep this important task from ending up on the back burner to help ensure a seamless transition for your business. #SuccessionPlanning #ConstructionIndustry #BusinessGrowth #FuturePlanning

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💡A Pew Research study shines a light on the landscape of Black-owned businesses across the U.S. 📈 We have seen a remarkable uptick, growing from 124,004 firms in 2017 to 161,031 in 2021. During this same period gross revenue jumped 43% to $183 billion. Despite these gains, Black-owned businesses still represent a modest share of all U.S. firms. We have come far but we still have work to do. Check out the other cool statistics in the article and let me know your thoughts. 💭 https://lnkd.in/gwMapzDC #blackownedbusiness #economics #finance #smallbusiness

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