Keegan Linscott & Associates

The Financial Accounting Standards Board's ASU 2025-05 offers welcome relief for organizations struggling with the complexity of applying credit loss guidance to short-term receivables. By eliminating the requirement to develop forward-looking economic forecasts and allowing consideration of post-balance sheet collections, this update promises to reduce compliance costs while improving the relevance of financial information. Whether you're a private company, not-for-profit organization, or even a public business entity, understanding these new provisions could transform how you approach credit loss accounting for accounts receivable and contract assets.

S-corporations are one of the most frequently discussed (but often misunderstood) tax structures for small business owners. While they can offer real savings on self-employment taxes, the benefits aren't automatic - they depend on your income level, involvement in the business, and whether you're ready to manage the added compliance responsibilities. Here's what you need to know about how S-corps work, who they're right for, and what's required to maintain one.

The Office of Management and Budget has raised the Single Audit threshold from $750,000 to $1 million—but here's the catch: the transition isn't as simple as it sounds. Organizations may need to follow both old and new rules simultaneously, depending on when their grants were awarded. Miss this critical timing detail, and you could face unexpected audit requirements or compliance violations.

Prepare for the upcoming tax season with confidence by streamlining your year-end financial checklist, focusing on efficient 1099 preparation. Learn how to maintain compliance, avoid costly penalties, and enhance your financial strategy with expert tips and insights from Keegan Linscott & Associates, PC. Discover the keys to a strong financial foundation and seamless reporting processes.

The One Big Beautiful Bill Act (OBBBA), signed on July 4, brings transformative changes to U.S. tax legislation with new and expanded deductions that impact both individuals and businesses. From the "no tax on tips" provision to the raised SALT cap, learn how these changes could reshape your financial planning and discover strategies to maximize potential savings. Dive into the details and ensure you're ready to capitalize on these new opportunities.

The Senate Finance Committee has introduced a tax bill aimed at extending key components of the 2017 Tax Cuts and Jobs Act, with crucial differences from the House's version. As legislators rush to reconcile both measures, the stakes involve significant changes to individual and business tax provisions, including SALT deductions and QBI rules. Discover how potential shifts could impact taxpayers and businesses in this evolving legislative landscape.

Small business owners need to take note: the Financial Crimes Enforcement Network has set March 21 as the new deadline for filing Beneficial Ownership Information reports under the Corporate Transparency Act. This article explores how these rules impact small businesses, details the recent legal developments affecting deadlines, and outlines essential steps for compliance to avoid significant penalties.

Discover key strategies to maximize your Qualified Business Income (QBI) deduction before it potentially expires in 2025. Learn how to navigate phaseouts, entity structures, and more to enhance your tax savings. Stay ahead with smart planning and ensure you capture this valuable opportunity.

Keegan Linscott & Associates (KLA) is excited to announce its participation in the upcoming Meet the Firms events this spring semester at the University of Arizona and Northern Arizona University. Meet the Firms is a fantastic opportunity for accounting students to network with professionals and learn more about potential career paths in the field. 

Are you looking to lower your tax bill in Arizona for 2024? This article outlines how contributing to charities, foster care, public and private schools, and the Military Family Relief Fund can significantly reduce your tax liability. Get a head start on your year-end tax planning with this informative guide.

Discover the newly enforced Corporate Transparency Act, requiring U.S. and certain non-U.S. entities to report beneficial ownership to FinCEN. Learn about the hefty penalties for non-compliance and the specific reporting requirements for different entities. Review the list of exemptions and understand when and how you must file your reports.

On Tuesday, October 22nd, members of Keegan Linscott and Associates, PC teamed up with the Arizona Diaper Bank to bundle diapers that help support a diverse community of over 600,000 individuals!