News

Financial rules and regulations are constantly evolving and changing. Browse through our News section and stay informed of the latest industry trends and hot topics.

Helping Clients Save Time and Money with Combined Prep & Audit Solution

Overview In serving our clients, we strive to remove burdens and disruptions from their worlds with superior financial services and passion beyond the numbers. Throughout

Less Stress, More Success! Discover How Perry & Associates CPAs Streamlines Financial Processes for Clients

For business owners, time is money — and every wasted minute is a missed opportunity. At Perry & Associates CPAs, our passion beyond the numbers,

How Modern Accounting Drives Business Growth

Making an Impact in the Communities We Love

Overview Being good community stewards is one of the founding principles of Perry & Associates CPAs, and one that fills us with passion and purpose.

10 Accounting Practices to Ensure Profit Success

As a team of accounting experts with years of experience and passion beyond the numbers, we have seen how smart accounting practices can help a

Using AI to Fight Financial Fraud

At Perry & Associates CPAs, we recognize the growing importance of advanced technologies like AI in safeguarding the financial sector from fraud. According to recent

Common Mistakes in Financial Statements of Non-Corporate Entities

At Perry & Associates CPAs, we often observe that non-corporate entities such as sole proprietorships, partnerships, and HUFs face recurring challenges in the preparation of

How Perry Forensic Helped Identify Fraud and Create Safer Policies

Overview When procedures, protocols and policies are abused by employees of an organization, it puts that organization at risk for fraud, financial loss, safety threats,

Investigative services: Perry Forensic adds three new expert members

Perry Forensic was featured in the March 1 issue of The Marietta Times in an article titled Investigative services: Perry Forensic adds three new expert

Protect Your Business From These Common Business Fraud Schemes

For business owners who have worked hard to make their dream of owning a business into a reality, business fraud can turn that dream into

Key Differences Between a Tax Accountant and Accounting Advisor

As experts in the accounting industry for over 50 years, we have seen that at times, business owners are unsure if they should seek the

Tax Tips You Should Know in 2024

As tax and accounting leaders in our industry who believe in a proactive approach, the halfway point of 2024 is a good time to take

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News

Overview In serving our clients, we strive to remove burdens and disruptions from their worlds with superior financial services and passion beyond the numbers. Throughout the years, we have worked with a variety of clients in both financial statement preparations as well as audit services. Over time, we realized that many of our clients were […]

Post author By Chris Kavinsky
Post date October 7, 2025

Overview

In serving our clients, we strive to remove burdens and disruptions from their worlds with superior financial services and passion beyond the numbers.

Throughout the years, we have worked with a variety of clients in both financial statement preparations as well as audit services. Over time, we realized that many of our clients were hiring separate CPA firms to assist with these two different services, resulting in inefficiencies — such as sending the same documents twice, answering similar questions for both engagements and dealing with miscommunication between separate firms — that lead to extra time and money spent coordinating the two services.

Determined to find a solution that would relieve stress from our clients and streamline operations, the Perry & Associates CPAs team formed our unique combined preparation and audit services. As they say, the rest is history!

Solution

Bringing preparation and audit together under one engagement meant rethinking and refining each step to create a smoother, more manageable process for our clients. We ensure that only one job leader (and possibly one associate) manages the full process, providing the client with streamlined communication and more efficient scheduling through a single point of contact. Client burdens are minimized by a one-time document upload and a smooth internal handoff from statement preparation to audit phase. Furthermore, we ensure that issues are identified and resolved during the preparation phase — before audit testing begins — helping to minimize potential audit findings.

Results

Developing a combined preparation and audit service has proven to be a gamechanger for our clients. Not only has the streamlined communication allowed for more efficient scheduling, but it has also led to fewer audit adjustments and findings as well as improved turnaround times for completing audit fieldwork. Client satisfaction has improved significantly due to our intuitive, efficient and reliable approach, and we are thrilled that this new service innovation has supported our clients’ business growth, while saving them time and money.

Are you ready to relieve the burden of financial statement preparation and annual audits? Then contact Perry & Associates CPAs to learn more about our combined prep and audit solution!

News

Post author By perrycpasdev
Post date October 7, 2025

For business owners, time is money — and every wasted minute is a missed opportunity. At Perry & Associates CPAs, our passion beyond the numbers, along with our forward-thinking, ever investing, ever growing and ever innovating mindset, has allowed us to help clients streamline their financial processes, increase efficiency and make smarter business decisions with confidence. From combining financial services to working with business owners to develop long-term objectives and strategies, we are on a mission to provide our clients with peace of mind and help them thrive.

Our Passion is Proactive

At Perry & Associates CPAs, we believe that staying proactive with tax, client accounting services, financial reporting and audit services is key to eliminating inefficiencies, staying ahead of regulatory requirements and building a strong future that leads to financial success. From bookkeeping and payroll to audits and tax planning, we create customized solutions that remove bottlenecks and free up time and resources.

Expert Guidance Meets Real-World Tools

Streamlining isn’t just about doing things faster — it’s about doing them better and removing the burden from our clients’ worlds. That’s why our talented team pairs expert CPA insight with practical tools and technology that simplify day-to-day financial operations. Whether it’s implementing cloud-based accounting platforms through our IS services or setting up internal controls that reduce errors and prevent fraud in the auditing process, Perry & Associates CPAs equips clients with efficient systems to support their growth.

Big Accounting Firm Expertise With Small Firm Service

We serve a variety of clients, including nonprofit organizations and government agencies, and realize that no two organizations are the same. Our personalized approach allows us to better understand your unique goals, challenges and day-to-day operations. We go above and beyond the norm to meet client needs and timelines, and have a deep commitment to being a provider of help. The result? Less stress, fewer surprises and more time for our clients to focus on what they do best.

Go Beyond the Numbers With Perry & Associates CPAs

If you’re ready to streamline your financial operations, we are ready to support your business’s growth and help you save time and money with efficient, timely financial services. Your success is our success, and we can’t wait to watch your business reach new heights!

There’s no better time than the present! Contact Perry & Associates today and discover how a smarter, more efficient accounting approach can help your business thrive.

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https://www.forbes.com/councils/forbesfinancecouncil/2025/02/06/how-modern-accounting-drives-business-growth/ By Gary Galstyan, Forbes Councils Member Traditionally viewed as a back-office task focused on compliance and tax filings, accounting has transformed into a strategic tool that drives business growth and innovation. At Perry & Associates CPAs, we’ve seen firsthand how rethinking accounting as a proactive, insight-driven function opens new opportunities for our clients. Businesses […]

Post author By Chris Kavinsky
Post date July 25, 2025

https://www.forbes.com/councils/forbesfinancecouncil/2025/02/06/how-modern-accounting-drives-business-growth/

By Gary Galstyan, Forbes Councils Member

Traditionally viewed as a back-office task focused on compliance and tax filings, accounting has transformed into a strategic tool that drives business growth and innovation. At Perry & Associates CPAs, we’ve seen firsthand how rethinking accounting as a proactive, insight-driven function opens new opportunities for our clients. Businesses that rely on real-time financial data, forecasting, and strategic tax planning can improve operational efficiency, make agile decisions, and uncover cost-saving opportunities—such as one client who boosted profits by 20% after we identified inventory inefficiencies. By leveraging technology like AI-powered tools and cloud-based dashboards, and combining it with expert guidance, companies can better navigate uncertainty, access funding for expansion, and reinvest tax savings into innovation. At Perry & Associates, we help clients move beyond compliance to build financial strategies that support long-term growth. Accounting isn’t just about the numbers—it’s about moving your business forward.

News

Overview Being good community stewards is one of the founding principles of Perry & Associates CPAs, and one that fills us with passion and purpose. When North Star Child Advocacy Center — a nonprofit organization dedicated to supporting children and families affected by abuse — reached out to our team of experts, we were excited […]

Post author By Chris Kavinsky
Post date June 22, 2025

Overview

Being good community stewards is one of the founding principles of Perry & Associates CPAs, and one that fills us with passion and purpose. When North Star Child Advocacy Center — a nonprofit organization dedicated to supporting children and families affected by abuse — reached out to our team of experts, we were excited to provide assistance that would remove the burden of day-to-day accounting operations and allow them more time to focus on their important mission of child advocacy.

Solution

Our client accounting services team began managing internal accounting functions for the organization, implementing controls and providing other finance-related assistance. For the last five years, our ongoing services for the organization have included processing payroll, accounts payable, activity tracking, bank reconciliations, financials, board packets, grant budget and billing and more. We are also their team to call for other finance-related items that come up, which has included looking at new funding, assisting with audits, and purchasing a new building.

Results

With Perry & Associates CPAs on their side, North Star Child Advocacy Center has a trusted team of experienced professionals assisting them in a variety of accounting and finance functions, ensuring the organization’s time and resources are spent where they matter most. When our firm first started assisting with grants, we identified a budgeting/timing issue that would have cost the organization about $50,000, and were able to properly reallocate funding to keep most of the funds. Perry & Associates CPAs is proud to provide financial services that set the organization up for success and allow them to continue making their community a safer place for children.

“North Star has small staff running the busiest child advocacy center in West Virginia. When we brought Perry & Associates CPAs onboard, we had no checks and balances in place, no internal or external full-time accounting assistance and no one in-house who was proficient in accounting processes. Perry & Associates CPAs took the time to learn, in detail about us, implement needed mechanisms and teach us what we need to do to be free of any liability. We regained the financial trust of our Board of Directors and the foundations, businesses and people in the community who now support us emphatically. We worked with Perry & Associates CPAs to navigate the tedious grants that are vital to non-profits, helping us to find new grants and preventing us from losing tens of thousands of dollars of existing ones. Today, Perry & Associates CPAs is walking with us through our major property purchase and expansion of employees and services, helping us plan for North Star’s financial future. I not only found a competent and trustworthy business partner to assist North Star in growing to be the professional, fiscally responsible organization I wanted, I found friends and teammates.”

— Greg Collins
Executive Director
North Star Child Advocacy Center

Are you a nonprofit organization that wants to stress less and focus on your vision more? Contact Perry & Associates CPAs and we’ll get you on the right track!

Articles Frontpage Article News

As a team of accounting experts with years of experience and passion beyond the numbers, we have seen how smart accounting practices can help a business thrive – and how lack of a financial management plan can destroy a business as well. Whether your business is a startup, an established enterprise, or a non-profit, take […]

Post author By Chris Kavinsky
Post date June 2, 2025

Whether your business is a startup, an established enterprise, or a non-profit, take a moment to learn about Perry & Associates CPAs’ top 10 accounting practices to ensure profit success.

1. Identify Your Financial Goals

We’ve helped businesses in various stages of their financial journey throughout the years, and one thing remains clear; having clear financial goals helps business owners create a more realistic financial plan, reach financial targets, efficiently allocate resources, set budgets and discover opportunities to grow revenue. Without a plan, don’t expect profit to expand!

2. Establish a Chart of Accounts

A chart of accounts is a structured system that categorizes and organizes all the financial transactions of a business. Essentially, it’s a blueprint of your financial system. It typically includes a list of accounts representing assets, liabilities, equity, income and expenses. It helps business owners understand and track money coming in, money going out, what you own and what you owe. It also makes the financial reporting process much easier.

3. Budget and Forecast

Budgets provide a structured plan for how a business will allocate resources, manage spending and track progress toward financial goals. On the other hand, forecasting focuses on projecting future financial outcomes by analyzing past performance and current market trends. Both work hand in hand to help business owners make informed decisions and avoid overspending.

4. Regularly Review Financial Statements

Schedule monthly or quarterly reviews of your financial statements. This will help you identify trends or potential problems at your place of business. Three primary financial statements to analyze are income statement, balance sheet and cash flow statement.

5. Maintain Proper Internal Controls

Strong internal controls minimize the risk of fraud and financial errors, which is critical to ensuring profit success. Our forensic team, Perry Forensic, recommends implementing policies and procedures that are designed to protect assets, ensure accurate financial reporting, support regulatory compliance and keep all members of the team on the same page. Ways to do this include separating responsibilities among staff, implementing clear procedures and performing routine audits.

6. Use Automation to Streamline Accounts Payable and Receivable Processes

Streamlining accounts payable and receivable processes means automating and optimizing how a business manages incoming and outgoing payments to improve accuracy, speed and cash flow. It reduces manual work, minimizes errors and ensures timely billing and payments. As a forward-thinking and ever-innovating team, we have experts who know the ins-and-outs of accounting software that can provide support and the expertise needed to set up and manage these systems.

7. Stay Compliant With Tax Regulations

No accounting best practices list would be complete without reminding business owners to stay on top of their taxes! Maintaining tax compliance is vital to your business’s overall financial well-being, and involves keeping accurate financial records, staying informed about current tax laws and regulations and identifying key tax planning opportunities that minimize your tax liabilities. Sound overwhelming? Then contact our tax and accounting experts.

8. Conduct Regular Audits

Conducting regular audits is an opportunity to receive constructive feedback, improve processes, identify risks and become aware of financial reporting concerns. At Perry & Associates CPAs, our auditing services gives our clients an intensive review of their systems and records to provide the highest level of assurance.

9. Set Clear Profit Goals and Monitor KPIs

Set clear profit goals and monitor key performance indicators (KPIs) such as cash flow forecast, inventory turnover, customer retention and revenue growth rate to evaluate progress and guide strategic decision-making.

10. Work With Accounting Experts like Perry & Associates CPAs

Partnering with a professional accounting firm can streamline your operations by saving time, minimizing errors and ensuring regulatory compliance. We are invested in your success and have a deep commitment to providing services in a way that are always responsible, reliable and accurate.

Need guidance on putting these best practices into effect? Contact Perry Forensic. We’ll get you on the right track to profit success and personal satisfaction.

mycurator News

Post author By Chris Kavinsky
Post date May 20, 2025

At Perry & Associates CPAs, we recognize the growing importance of advanced technologies like AI in safeguarding the financial sector from fraud. According to recent insights from Feedzai’s report 2025 AI Trends in Fraud and Financial Crime Prevention, over 90% of financial institutions are now leveraging AI in some capacity to combat financial crime—with 30% specifically using it for identity verification. However, this same technology is also enabling new threats, particularly through the misuse of generative AI in scams like voice cloning.

Financial institutions are actively applying AI in scam detection, transaction fraud monitoring, and automating AML processes. AI has also proven effective in reducing false positives, improving efficiency and accuracy in fraud prevention workflows. Despite these benefits, concerns remain around data privacy, algorithmic bias, and the high cost of implementation—issues that must be addressed with explainable and interpretable models to ensure regulatory compliance and public trust.

We also note a significant trend in the shift toward reusable, self-sovereign digital identities, as showcased at Money 20/20 Asia. Solutions like Sumsub’s SSI platform allow individuals to verify their identity once and use it across services, enhancing both user convenience and fraud resistance. With the projected cost of digital fraud expected to reach $107 billion by 2029, we believe financial institutions should closely monitor developments in AI and digital identity while adopting best practices in governance, compliance, and cybersecurity to stay ahead of evolving risks.

Check out the original article by Masha Borak here.

mycurator News

At Perry & Associates CPAs, we often observe that non-corporate entities such as sole proprietorships, partnerships, and HUFs face recurring challenges in the preparation of reliable financial statements. Common issues include inadequate disclosure of accounting policies, failure to adhere to the accrual basis of accounting, incorrect inventory valuation, and premature or delayed revenue recognition. We […]

Post author By Jeff Voytko
Post date May 19, 2025

News Uncategorized

Overview When procedures, protocols and policies are abused by employees of an organization, it puts that organization at risk for fraud, financial loss, safety threats, and in worst case situations, total ruin. For government agencies that have a duty to the public, managing risks that could lead to corruption is especially important. Perry Forensic was […]

Post author By Chris Kavinsky
Post date March 11, 2025

Overview

When procedures, protocols and policies are abused by employees of an organization, it puts that organization at risk for fraud, financial loss, safety threats, and in worst case situations, total ruin. For government agencies that have a duty to the public, managing risks that could lead to corruption is especially important. Perry Forensic was contacted by one of the largest counties in West Virginia to conduct an independent investigation into possible criminal and policy violations of a long tenured upper management employee.

As this case related to impropriety by a senior leader of the organization, accuracy and discretion were key. The investigation involved both forensic accounting and general investigation. Which revealed both criminal and administrative violations by the senior leader. Perry Forensic, a world leader in financial investigative services, immediately got to work.

Solution

The Perry Forensic team first helped the government entity identify gaps in policy that allowed for impropriety to occur, and provided assisted assistance in refining existing policies. Perry Forensic also helped the organization develop new policies based on the findings of the investigation that would help reduce the threat of impropriety or policy violation in the future. These results and solutions were provided to the county prosecutor for further review.

Results

The county was very pleased with the discreet method Perry Forensic conducted the investigation and the quality of the work product. While this is still an open investigation, they are confident that the areas of improvement identified, as well as the updated and new policies, will reduce the risk of future threats and protect the organization.

Do you suspect policy violations at your place of business?

Then contact Perry Forensic and let’s get to the bottom of any financial wrongdoing.

News

Perry Forensic was featured in the March 1 issue of The Marietta Times in an article titled Investigative services: Perry Forensic adds three new expert members

Post author By Chris Kavinsky
Post date March 6, 2025

Perry Forensic was featured in the March 1 issue of The Marietta Times in an article titled Investigative services: Perry Forensic adds three new expert members

Frontpage Article News

Post author By Chris Kavinsky
Post date February 1, 2025

For business owners who have worked hard to make their dream of owning a business into a reality, business fraud can turn that dream into a nightmare. Fraud costs companies billions of dollars each year, and small businesses share heavily in those losses. In fact, a study conducted by Veriff showed that 90% of respondents reported as much as 9% of revenue lost as a result of fraud. At Perry & Associates CPAs, our talented forensic team is on a mission to detect fraud and help our clients take smart steps to not fall victim to fraud scams. Learn more about the top 10 types of business fraud and how to keep your business safe.

10 Most Common Business Fraud Cases

Payroll Fraud

Payroll fraud makes up about 9% of occupational fraud worldwide. Small businesses have a high risk of falling victim to payroll fraud if they do not have anti-fraud controls in place. There are also many ways that payroll fraud can occur. One example is when employees manipulate the payroll system by logging false hours, therefore getting paid for work they did not do. Another type of payroll fraud can occur when a commissioned employee reports false sales or orders. To prevent payroll fraud, we recommend implementing strong internal controls, regular audits and digital attendance systems. It’s also important to have supervisors or managers review timesheets on a regular basis.

Workman’s Compensation Fraud

Small businesses are required by law to provide workman’s compensation insurance for their employees’ benefit, however some employees have been known to cheat the system for profit. Examples of workman’s compensation fraud include exaggerating an injury (or completely fabricating an injury) or claiming an injury happened at work when it did not. To prevent this, make sure your employees work in a safe environment, educate your employees about the claims process and have strict disciplinary policies for fraudulent activity.

Wire Transfer Fraud

Wire transfer fraud takes place when fraudsters attempt to trick an organization into wiring funds into unauthorized or fake accounts. This can include impersonating a high-level executive at a company via email or pretending to be a supplier. Implement multi-step verification for all wire transfer requests, have team members verify that any requests are being sent by the alleged sender and begin integrating fraud detection software if necessary to prevent this form of fraud from happening at your business.

Check Tampering

Check tampering occurs when an employee manipulates company checks for personal gain. One of the most common forms of check tampering occurs when an employee writes checks to fake payees and then works with those businesses to get the money. Another example is when the payee name on a legitimate check is altered to redirect funds, or when someone forges the signature of an authorized check signer at a business. Protect yourself from check tampering fraud by having more than one person check the company’s finances and having the business owner sign each check personally.

Invoice Fraud

Invoice fraud is a type of business fraud that occurs when a scammer creates counterfeit invoices for goods or services that were never provided. In some cases, businesses pay these invoices without thinking or checking that the purchase was actually made. It also happens when vendors or employees inflate invoice amounts beyond what was agreed upon or submitting the same invoice multiple times to receive duplicate payments. Prevent invoice fraud by having checking each invoice received very carefully and match up to products and services rendered, requiring multiple approvals for high-value transactions, segregating duties so that no single person handles the entire invoice process and conducting regular audits.

Vendor Fraud

If your organization works with a variety of different vendors, you’ll want to stay on the alert for vendor fraud. Vendor fraud occurs when a vendor overcharges, or bills for services not rendered. It also happens when an employee creates a shell company and then pays their shell company with business checks from their workplace. Avoid vendor fraud by researching and vetting all vendors before signing a check and implementing a vendor management system, verify invoices and perform regular vendor reviews.

Asset Misappropriation

Asset misappropriation occurs when an employee steals or misuses company resources such as inventory, cash or equipment. Make sure you secure all valuable assets at your business and consistently monitor inventory to avoid this type of business fraud.

Bribery

Bribery occurs when an employee accepts offers or bribes to influence business decisions, such as accepting kickbacks from a supplier in exchange for a contract. Prevent this from happening at your business by establish a clear code of ethics and training employees on anti-bribery policies. Creating an anonymous reporting channel for anyone that notices this type of behavior is also an effective step.

Investment Fraud

Investment fraud is when an organization misrepresents itself in order to solicit funds from investors. Make sure to conduct thorough background checks on investment opportunities and verify regulatory compliance.

Revenue skimming

Revenue skimming is a type of fraud that most commonly takes place when cash is given by customers at a business. It occurs when customers pay cash for an item or service and the employee collects the cash from the customer and pockets it. One way to protect your business from revenue skimming is to segregate and rotate employee duties, implement surprise audits and use a point-of-sale (POS) systems that automatically track sales and issue receipts for all transactions.

Remember, it’s far safer and effective to prevent your business from fraud than to pick up the pieces after business fraud has occurred. If you suspect fraud at your organization, make sure to contact our forensic team as soon as possible, who have experience in identifying fraud in areas such as embezzlement, money laundering, illicit funds, hidden assets, bribery schemes and more. Protecting your organization is our passion!

Tags Top 10 Cases of Business Fraud

Frontpage Article News

As experts in the accounting industry for over 50 years, we have seen that at times, business owners are unsure if they should seek the guidance of our expert tax accountants or accounting advisors. While both provide crucial financial services, their focus areas and responsibilities differ significantly, and it’s important to understand the difference so […]

Post author By Greencrest
Post date November 1, 2024

In this Perry & Associates CPAs blog, gain a better understanding of the fundamental differences between tax accountants and accounting advisors.

What is the Role of a Tax Accountant?

Tax accountants are financial professionals who specialize in preparing tax documents, advising clients on taxation matters and ensuring that individuals and businesses comply with tax laws. At Perry & Associates CPAs, we are proactive in our approach and stay current on new tax laws and legislation so we can identify and address key tax planning opportunities to minimize your liabilities.

Our tax accountant services include the following:

Estate & Trust Tax Preparation
IRS Representation
Sales Tax Services
Tax Planning & Preparation
Non-Profit Tax Services

What is the Role of an Accounting Advisor?

An accounting advisor is a professional who provides guidance and support to businesses on various accounting matters. While they can have a broader, more strategic role that guides clients toward sustainable growth, they also help clients maintain meaningful, well-organized financial records that are paramount to running a business effectively and efficiently on a daily basis.

Our accounting advisor services include the following:

Audit Services
General Bookkeeping/Write-Up
Cash Flow & Budgeting Analysis
Payroll Services
Financial Forecasts & Projections
Financial Statement Preparation
Reviews & Compilations
As-Needed Accounting Consultation Services

Key Differences:

A tax accountant has specialized knowledge of tax laws, rules and regulations, whereas an accounting advisor usually has a broader range of financial expertise. Also, while some may only feel the need to consult their tax accountant to prepare for tax season, accounting advisors tend to work as part of the client’s financial team, providing advice and guidance throughout the year. In summary:

If your focus is on tax compliance, filing accurate tax returns, minimizing tax liabilities or resolving tax disputes, a tax accountant can provide you with the guidance you need.
If you need help with day-to-day financial management, such as bookkeeping, preparing financial statements, or making long-term financial decisions, seek an accounting advisor to stay on track.

If you think your organization could benefit from a tax accountant and accounting advisor, you can choose to have both!

Once you’ve analyzed the financial needs of your organization, make sure to contact our experts! We’ll schedule an appointment to assess your situation more in depth and guide you on the path to success!

Articles Frontpage Article News

As tax and accounting leaders in our industry who believe in a proactive approach, the halfway point of 2024 is a good time to take stock of any changes in tax laws and procedures that could impact both your business and finances. In this Perry & Associates CPAs blog, learn our tax tips for 2024 […]

Post author By Greencrest
Post date August 1, 2024

In this Perry & Associates CPAs blog, learn our tax tips for 2024 that could ultimately help you plan for this tax season.

Take Advantage of Tax Credits and Deductions

There are a variety of deductions and credits that businesses can utilize strategically, which is why it’s crucial to understand how your business is classified. Let’s discuss a few 2024 deductions and credits that could help your business save this year:

Section 179 Deduction: This allows businesses to deduct the full purchase price of qualifying equipment and software paid for or financed during the tax year. The maximum section 179 expense deduction is $1,220,000. Discover how else this deduction has changed in 2024 from the IRS.
Bonus Depreciation: Bonus depreciation is a tax incentive that accelerates by allowing businesses to write off a large percentage of cost for an eligible asset in the first year it was purchased. Learn more about depreciation here.

Leverage Retirement Plans

This year, both you and your employees can contribute slightly more to your retirement accounts. For employer-sponsored plans including 401(k), 403(b) and 457 retirement plans—as well as Thrift Savings Plans, the 2024 contribution limits will jump to $23,000. Not only can offering these plans have tax advantages, they help attract and retain employees.

Understand the Tax Implications of Your Business Structure

Every business structure (sole proprietorship, S-Corp, C-Corp, Partnership) has varying tax implications and tax filing requirements. Make sure you are filing under the correct structure, using the appropriate forms and receiving tax benefits as they apply accordingly.

Seek Out the Help of Experts

At Perry & Associates CPAs, we stay ever innovating and ever investing with the latest software, training, professional development and research to ensure that our team is aware of the latest tax rules and legislation to keep our clients ahead of the curve. We know that filing taxes and staying abreast of constantly changing laws and procedures is stressful, which is why we want to relieve the burden! Regardless of industry, we can show you how our passion beyond the numbers is an ideal solution for your business.

The year is already halfway over – make sure you are making the right tax decisions! Contact our experts and we’ll provide you with the guidance, tools, resources and information to ensure you are headed in the right direction.