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Strategic New Year’s Resolutions for Business Owners — One of the most impactful resolutions a business owner can make at the beginning of the year is to create or update a realistic budget. A well-designed budget should align with both growth objectives and profitability targets, serving as a roadmap for decision-making throughout the year.

Strengthening Internal Controls to Support Audit Readiness — Internal controls are the foundation of a reliable accounting system. They are the processes, policies, and activities an organization establishes to safeguard assets, ensure accurate financial reporting, support compliance, prevent fraud, and promote operational efficiency. When these controls function well, everyone understands their r...

Maximizing Strategic Year-End Tax Planning — As the year ends, taxpayers have an important chance to review their finances and make moves that can lower their 2025 tax bill. With the state and local tax (SALT) deduction limit increasing from $10,000 to $40,000, more people may benefit from prepaying state taxes before year-end—especially those who itemize deductions. If your income has increased i...

Maximize Your Charitable Giving Impact — Why Charitable Giving Matters: While charitable giving starts as a generous act and a way to support causes you care about, it can also optimize your tax strategy. Thoughtful planning allows you to make a meaningful impact on your community while leveraging potential tax benefits. Understanding the rules and opportunities surrounding charitable contribution...

Why Form 990 Matters For nonprofit organizations, compliance and transparency are essential to maintaining tax-exempt status and building trust with donors, grant-makers, and the public. One of the most important tools in this process is Form 990—the annual information return required by the IRS for all tax-exempt organizations. More than a compliance obligation, Form 990 offers an opportunity to...

Why Business Structure Matters. When starting a business entity, one of the most important—and often overlooked—decisions is choosing the right structure. From sole proprietorships to LLCs to corporations, each business entity comes with different legal, operational, and tax implications. The structure of your business affects everything from daily decision-making, liability protection, taxes on i...

U.S. citizens and residents with foreign financial interests must understand and comply with international tax obligations to avoid costly penalties. The U.S. taxes individuals on worldwide income, meaning foreign bank accounts, investment accounts, pension plans, rental properties, and interests in foreign entities must be reported—whether owned directly or held through signature authority. Commo...

Exiting a business involves more than selecting a date and placing the company on the market—it requires careful preparation financially, operationally, and emotionally to ensure a smooth and successful transition. A thoughtfully developed exit plan enables business owners to preserve value, maintain continuity, and part ways on their own terms, but too often expectations around timing, ease, and...

Financial Planning and Analysis (FP&A) forecasting and planning goes beyond traditional budgeting. It’s a dynamic planning tool that helps organizations set realistic expectations, evaluate performance, and respond to changing circumstances. While budgets are often considered static documents meant to limit expenses, effective budgeting aligns both revenue and spending with an organization’s long-...

Why Financial Reporting Matters: While balance sheets and income statements are essential, financial reporting for nonprofits goes beyond just numbers on a page. It includes internal reports such as budget-to-actual comparisons, cash flow projections, functional expense allocations, and the integration of key metrics relevant to the organization. These reports provide a foundation for sound decisi...

When it comes to financial reporting, businesses and organizations often require attestation services, but there’s often confusion about what these services actually entail. Many people think they are undergoing an audit when, in reality, they are receiving a different level of service. Understanding the differences between an audit, a review, and a compilation can help you determine which service...

There are two main types of benefit plans: defined contribution plans and defined benefit plans. A defined contribution plan, such as a 401(k), ESOP, or profit-sharing plan, specifies the amount an employee contributes “up front,” but the final amount they can withdraw depends on market performance and is not guaranteed. In these plans, the investment risk falls on the employee since their returns...

Every organization encounters risks, but not all risks are negative. Avoiding risk entirely can limit growth and prevent an organization from reaching its full potential. Instead, organizations must learn to navigate and manage risk effectively. Risks generally fall into four main categories: 1. Strategic risks 2. Operational risks 3. Compliance risks 4. Financial risks. Strategic risks involve hi...

To properly value a business, one must first look into the past. This means all historical financial statements, such as income statements, balance sheets, statements of cash flows, and tax returns, should be evaluated to understand what the business has done historically. Interviews are often conducted within the business’s management team to achieve a more holistic view of the business. Human ca...

What are the Benefits of Gifting? Besides that warm, fuzzy feeling one can get from giving to another, gift exchanges are typically not subject to taxation, presenting an attractive way to support another person or organization. Recipients are also never subject to taxation as a result of accepting a gift. Currently, there are two main categories of gift giving that require zero reporting: gifts t...

Section 1031 Exchanges, or Like-Kind Exchanges. 1031 exchanges are a provision in the tax law that outlines a tax-deferred transaction within the real estate industry. The provision states that if one were to sell a piece of property, they may reinvest that money into another property without having to pay taxes on the previous sale’s profit at that moment in time. This does not mean, however, tha...

What is Outsourced Accounting? Outsourced Accounting covers foundational accounting work such as accounting, bookkeeping, bill pay, and payroll, as well as more advanced services like month-end close, audits, cash flow projections, and more. Our goal is to function as our client’s entire financing/accounting department. What are the Cost Benefits of Outsourced Accounting? Outsourced Accounting is...

1. Tax Refunds are free money from the government: Unfortunately, this myth is as pervasive as it is false. Large tax refunds are a lot like interest-free loans given from you to the government. You may have had money over-withheld from paycheck, or overpaid any estimated payments from the government, leaving them with an excess of your money at the end of tax season. We recommend putting those fu...

In any business, large or small, fraud can be a threat to the organization's most valuable assets. Fraud prevention is a critical practice that protects your business’s integrity, reputation, and financial stability. Understanding the risks, implementing preventative measures, and fostering a culture of accountability can help you avoid the devastation that fraud can cause. What is Fraud Preventio...

Understanding the true value of a business is a critical yet often overlooked aspect of ownership. Business valuations provide clarity, whether you’re planning for the future, managing estate considerations, or preparing for a transition. Our team helps business owners uncover their company’s worth, turning financial data and industry insights into actionable strategies for growth and success. Wha...

At Hantzmon Wiebel, one of the many services we specialize in is providing expert financial planning and analysis (FP&A), which empowers businesses and organizations to make informed decisions. FP&A serves as a valuable bridge between raw data and actionable insights, allowing business leaders to have the tools and understanding necessary to drive success. What Is FP&A? FP&A involves four key poin...