Welcome to the SingerLewak Newsletter, where we provide you with the latest business updates and announcements. It's important to stay informed and connected in this ever-changing corporate landscape, which is why we've curated a collection of insightful articles, industry news, and exciting updates to keep you up to date with the latest trends and developments.

We hope you find this newsletter informative and engaging, and a valuable resource for your business endeavors. Your feedback and suggestions are always welcome, so please don't hesitate to reach out. Thank you for being a part of our community, and we look forward to providing you with valuable insights and updates in the future.

Happy reading!

-Your Friends at SingerLewak

SingerLewak Announces Growth in the Puget Sound Market with the Merger of Hearthstone CPA

Hearthstone CPA Group specializes in supplying traditional services that include tax, accounting, advisory and consulting services, while also offering certain non-traditional services that include fraud investigations, mergers, and acquisition services.

Check out the free #StopRansomeWare Guide

An independent and comprehensive resource to defend against and respond to ransomware attacks. It offers step-by-step instructions on what to do if your business has been compromised. The guide is available on our website.

Seeking guidance on Cybersecurity?

Our SL Business Informatics Cybersecurity team would be happy to be of guidance or support with implementing practices shared in this guide as well as other Cybersecurity regulations that may be even more relevant to your industry. Reach out by filling in the form on the link for our website, above.

IRS Postpones the Tax-Filing and Tax-Payment Deadline to

November 16 for California Storm Victims

Per IRS Issue Number IR-2023-159, issued October 16, 2023, the IRS is extending the tax deadline for (most) California taxpayers from October 16, 2023, to November 16, 2023. This relief applies to all California counties with the exception of Lassen, Modoc, and Shasta counties.

Proposed Regulations to Provide Clarity on Tax Treatment of Research Expenses

Taxpayers may now rely on a recently issued IRS notice that addresses the amortization of specified research or experimental expenditures (“SRE”). Prior to 2022, SRE expenses were generally deductible for income tax purposes. Starting in 2022, SRE expenses are generally required to be capitalized and amortized over a period of five years (or fifteen years for foreign research expenses) for income tax purposes per the Tax Cuts and Jobs Act (“TCJA”).

To protect taxpayers from scams, IRS orders immediate stop to new Employee Retention Credit processing amid surge of questionable claims and concerns from tax pros.

The IRS announced on September 14, 2023, that it was pausing the processing of new Employee Retention Credit (“ERC”) refund claims. This is effective immediately and will continue through at least December 31, 2023.

New IRS Notice to Provide Retirement Payment and RMD Relief

On July 14, 2023, the IRS issued Notice 2023-54, which granted transition relief in connection with the required minimum distribution (“RMD”) rule changes found in the SECURE 2.0 Act (the “Act”). Two key provisions of the Notice are listed below:

California’s Pass Through Entity Tax – Summary, Examples, and Frequently Asked Questions (FAQs)

The elective pass-through entity tax (PTET) is effective for tax years beginning 1/1/2021 and before 1/1/2026. The California PTET will terminate prior to 1/1/2026 upon termination of the current federal $10,000 limitation rule, should that occur. The tax is on “qualified net income” will be paid on all income reported on the K-1 including interest, dividends, and capital gains.

Unleashing Efficiency: Mastering Operational Leverage for Enhanced Profitability

In today’s ever-evolving business climate, companies are constantly searching for ways to improve their bottom line and stay ahead of the competition. Operational leverage, a strategic concept focused on maximizing efficiency and productivity, has emerged as a crucial factor for success. By refining processes, enhancing operations, and reducing costs, organizations can optimize resource utilization and increase profitability.

The Power of Financial Leverage: Unlocking Growth and Maximizing Returns

In the world of business and finance, companies are always looking for ways to optimize their growth and maximize their returns on investments. One strategy that has gained significant attention is financial leverage. This article explores the concept of financial leverage, its advantages, risks, and how it affects the dynamics of corporate decision-making.

Introduction to Leverage

In the fast-paced world of business, entrepreneurs and companies prioritize maximizing profits and gaining a competitive edge. One crucial concept to achieve these goals is “leverage.” Understanding and implementing leverage can significantly impact a company’s success, especially in times of rising interest rates. This blog post delves into the basics of leverage and explores its importance in today’s business landscape.

The Power of a Core Group: Fueling Personal and Professional Success

In the pursuit of personal and professional goals, the road to success can be both exhilarating and challenging. While individual determination and self-motivation are essential, there is an undeniable truth: Alone, we may go fast, but together, we can go far. From shared experiences to amplified achievements, let’s delve into the reasons why a strong support network is instrumental in achieving our goals.

Effective Communication in Financial Consulting

Effective communication is essential to help clients achieve their financial goals and build long-lasting relationships. Clear, transparent, and empathetic communication is the foundation of successful financial advisory services. In financial consulting, clear and effective communication is crucial to ensure that clients fully understand complex financial information and can make informed decisions.

The Balancing Act Podcast

In each episode, we bring you engaging conversations with industry experts, thought leaders, and successful entrepreneurs who share their insights, experiences, and practical advice.

Listen to the Latest Episodes

Episode 10: Cybersecurity: A Pragmatic Approach for the C-Suite and Business Owner

Episode 11: Professional Development: Mastering Personal Branding in Today’s Digital Age

Begin Your Cybersecurity plan with SingerLewak

Discover how to develop a comprehensive cybersecurity plan tailored to meet the specific needs of your organization. Our expert guidance and best practices will help you safeguard sensitive data, fortify network defenses, and prevent potential security threats.

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Combating High-Interest Rates

Businesses are adjusting to increased interest rates by enhancing their cash flow tactics and streamlining their debt structures to sustain their progress and productivity. In these evolving economic circumstances, strategic financial planning is imperative for triumph. Check out this video to discover effective cash flow strategies and observe a business operation example.

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Join Our Team!

Whether you are looking for an internship or a full-time career, SingerLewak is proud to support our employees’ aspirations for a limitless future in public accounting.

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