Insights & Resources
Insights
Driven by personal passions, Abdo professionals dive deep into their individual areas of expertise and distill their knowledge to keep you fully informed.
How to Protect Yourself from Fraud When Investing in Real Estate
Conducting due diligence is critical when making a real estate investment. Over the past two years, however, the pandemic has made it more difficult than ever. Here are a few ways to protect yourself from real estate fraud given the current environment.
7 Benefits of Automating Your Accounts Payable Process
Accounts payable is an infamously tedious process. For many cities and local governments, it can be downright overwhelming, especially for those with an overburdened finance department. If your organization is getting bogged down by the flow of vendor invoices and checks, automation could be the solution.
Opening up to SLAT opportunities
Estate tax planning can become complicated when multiple parties are involved. For example, you have a spouse from a second marriage and children from your first marriage. Spousal lifetime access trusts, or SLATs, are designed to benefit your children or other heirs, while paying income to your spouse during his or her lifetime.
What estate planning strategies are available for non-U.S. citizens?
If you’re a U.S. resident, but not a citizen, the IRS treats you similarly to a U.S. citizen. Residency is a complicated subject and estate tax planning can get complicated if you or your spouse is a nonresident alien.
It’s time to consider 2022 Minnesota PTE and Q1 estimated tax payments
Since the Tax Cut and Jobs Act was passed, there’s been a $10,000 limit on the deduction for state taxes paid by individuals on their federal returns. A growing number of states, including Minnesota, now offer workarounds to this personal state tax deduction limitation.
Cloud-based accounting for professional services firms: Spend less time creating financial reports and more time moving forward
Professional Services firms are facing an ever-evolving financial landscape. Weathering today’s environment while adapting a long-term strategy calls for speed and accuracy to be nimble and successful. Sage Intacct helps savvy firms evolve from being tactical to strategic by providing built-in automation and real-time, actionable insights in the key finance areas of billing, production and cash receipts.
A beneficiary designation or joint title can override your will
Inattention to beneficiary designations and jointly titled assets can quickly unravel your estate plan. To ensure that your estate plan reflects your wishes, review beneficiary designations and property titles regularly, particularly after significant life events.
Defined-value gifts: Plan carefully to avoid unpleasant tax surprises
It can be risky to make gifts of hard-to-value assets, such as interests in a closely held business or family limited partnership (FLP) because of the prospect of unexpected tax liability. A defined-value gift may be the answer.
Leveraging cloud accounting insights to get ahead in the real estate industry
Weathering today’s environment while adapting a long-term strategy calls for speed and accuracy to be nimble and successful.
Clarity Counts When it Comes to Estate Planning Documents
If you’re planning your estate, precise language is critical in your planning documents. A lack of clarity may be an invitation to litigation. Learn more about the implications of ambiguous language from the dispute that arose after musician Tom Petty’s death.
Top 10 Tax Opportunities for Contractors
To be great advisors for contractors, we must proactively stay on top of ways for our clients in the industry to save on taxes and reduce financial risks.
Spotlighting Issues in Your Firm Using Strategic Data Analytics Part 1: Productivity
Seeing a drop in productivity, even a small one, can be unnerving. One of the greatest benefits of data analytics is the objective view it provides. The numbers don’t lie, which means we’re empowered with answers instead of overwhelmed with assumptions.