Todd A. Rossman

Plante Moran Wealth Management Partner Brian Carter and Principal Mike King highlight best practices and emerging trends for running a well-functioning family office. The first step? Developing a compressive governance model with defined roles and responsibilities. Get the full list of tips here. #familyoffice #wealthmanagement https://okt.to/BHo8Ca

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The Inflation Reduction Act substantially revamped the Section 179D tax deduction, increasing potential deductions and expanding eligibility for building owners who complete energy-efficient upgrades. Learn more about these changes that are here to stay! #energyefficient #energy

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Employers: Are you prepared for 2025 open enrollment? Our newest bulletin is the open enrollment checklist you need. We break compliance changes, communication recommendations, required notices, and more. #healthplans #openenrollment

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Plante Moran Wealth Management Partner Brian Carter and Principal Mike King highlight best practices and emerging trends for running a well-functioning family office. The first step? Developing a compressive governance model with defined roles and responsibilities. Get the full list of tips here. #familyoffice #wealthmanagement https://okt.to/SPr5kf

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Plante Moran Wealth Management Partner Brian Carter and Principal Mike King highlight best practices and emerging trends for running a well-functioning family office. The first step? Developing a compressive governance model with defined roles and responsibilities. Get the full list of tips here. #familyoffice #wealthmanagement https://okt.to/59Rper

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Supply chain risk is ever-present. Here’s how to assess how much risk each of your suppliers could pose to your business. This insight is key to minimizing issues and delays so your business can continue undisrupted. #supplychain #riskmanagement

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Supply chain risk is ever-present. Here’s how to assess how much risk each of your suppliers could pose to your business. This insight is key to minimizing issues and delays so your business can continue undisrupted. #supplychain #riskmanagement

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Businesses don’t fail overnight. They fail when owners don’t pay attention to warning signs. In Sandor Jacobson’s latest article with Accounting Today, he shares 12 operational distress areas businesses often miss and the proactive measures that may improve chances for a successful turnaround. #business101 #warningsigns #businessoperations

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So You watched the debate for tax policy ????? And had to just listen to two old guys talk about their golf handicaps (mine is 20 btw) But I’ve got a breakdown of their policies below?? Biden is the current President, so we’ll go with his policy proposals 1st (plus he released his 2025 Green Book) His biggest point? No one making over $400,000 will have additional taxes Anyone over? He’s looking at you Oddly, Biden himself has not promised this, but his administration has shown desire to extending TCJA individual provisions… on those who make $400k or less ???Repeal 1031 If your gain is greater than 500k, then 1031 is a done deal (million if MFJ) ???Housing Credit Biden wants to supply a credit for 1st time home buyers for potentially up to $10,000 ???Increase the Corporate Rate to 28% ???All Depreciation is Recaptured at Ordinary rates Straight line depreciation would be taxed as ordinary income on the sale of the property ???Extend Return Lookbacks on QOFs This gives the IRS a longer than three years to look back and see if the deferred capital gain was actually reported or reported properly. If not, then either penalties or additional tax could be assessed ???Tax Unrealized Gains at Death Basically, the step up at death and ‘swap till you drop’ goes away forever ???Removal of Carried Interest Getting rid of carried interest ( in most cases or harsh limits on them) and this one is always on the table and almost happened a few years ago ???GoodBye Mega Backdoor Roth There's more to to unpack here than just this, but essentially, if you're a 'high income taxpayer' then you can't do a backdoor Roth conversion any longer. ???Increase the Net Investment Income tax Now to the former President’s policy points Trump hasn’t ‘announced’ opinions in the same manner but these are some items he discussed last night and has previously as well: ????♂?Make individual TCJA Tax Cuts Permanent Basically, everything from 2017, its tax law for all time (kidding tax law is never gong to be permanent) QBI, Standard Deduction doubling, double state and gift tax… Even Excess Business Loss Limitation as well ????♂?Bring corporate rate down to 20% This would just drop it down 1% ????♂?Make tips tax exempt This is an interesting one, need to check projections on this one ????♂?Increase tariffs across the board This gets more into foreign taxation which I’ll let better experts have their opinions on this ????♂?Tax large University Endowments Here’s a few other things I see happening ??Restoration of 100% bonus (retroactive) ?? Restoration of R&D (retroactive) ?? Interest Limitation Threshold restored And these are items from the current ‘debated’ tax bill ??Removal of State PTE Elections I think this could be a pay for, but pure speculation So much can change between now and the election, and politics always changes stances. However, with TCJA sunset approaching us like a Hole 18, these positions could rapidly turn into policy

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There's still time to participate in the 2024 National Manufacturing Survey, which highlights the trends and challenges that #manufacturingprofessionals are currently navigating. Complete the survey today! #AskMarcum #manufacturingindustry

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Donald Trump’s Auditor is a Fake The auditor of Trump Media is a fraudster (allegedly). BF Borgers CPA PC hit the news last week as the SEC stated “Borgers and his sham audit mill have been permanently shut down.”. Not words you would usually hear from an audit regulator… What did the regulator take issue to? - Deliberately not performing audits in line with auditing standards, - Fraudulently issuing audit reports, stating audits had been performed in line with standards, - Causing audit clients to violate laws. This impacted 1,500 filings with the PCAOB on public companies, with at least 75% of the filings not complying with requirements! What were they doing? - Rolling forward last year’s workpapers, changing only the date to pass them off as new work. - Documenting required planning meetings that never happened. - Faking that the Partner (Ben) and the Quality Reviewer had approved work. Unreal! All the journalistic coverage is focused on the fact this firm audited Trump Media. But looking beyond that, you find bigger issues. In November 2023 – 6 months ago - major concerns were flagged. The AICPA Peer Review Program, where accounting firms reviewing the quality of other accounting firms, terminated BF Borgers’ enrolment. Effectively this is a damming verdict on the quality of the firm’s work, for “failure to cooperate because the firm was found to be so seriously deficient in its performance that education and remedial, corrective actions are not adequate”. 10 minutes of research and you find more concerns over an accounting firm who is the appointed auditor for so many public companies: - Meet the team – only Ben… - Only 5 people work there per LinkedIn (perhaps they all just left?). - Website market share stats – based on 2017 data… - Client testimonials – seem to all relate to tax… They have been fined $12m as a firm, which I expect will mean the firm ceases to trade. And Ben has been fined $2m. But this doesn’t feel sufficient. While banned from doing PCAOB work, Ben and his firm (if they survive) have not been stripped of their ability to perform other accounting services. As a CPA. And Ben has likely taken Partner drawings way more than $2m over the last few years. If you are performing 1,500 PCAOB filings with 5 staff simply pretending to do work, you should be making big profits! Such behavior is unacceptable and taints the image of the broader accounting profession. Auditors and accountants perform incredibly valuable work to support the financial markets. Issues like this paint a false narrative. What more should be done on this issue, to clearly demonstrate how this cannot ever happen again?

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