Blog - Linkenheimer LLP CPAs & Advisors

A General Look at Generative AI for Businesses

If you follow the news, you’ve probably heard a lot about artificial intelligence (AI) and how it’s slowly and steadily expanding into various aspects of our lives. One widely cited example is ChatGPT, an AI “chatbot” that can engage in conversations with users and create coherently written articles, as well as other content, when prompted.

ChatGPT and other similar chatbots are what’s known as “generative” AI. The operative word there refers to software that’s able to generate new content based on input from users and existing data either inputted during development or gathered from the internet.

Along with college students and the curious, more and more businesses are joining the ranks of generative AI users. Research and advisory firm Gartner surveyed more than 1,400 company leaders in September 2023. Two in five (40%) said their organizations were piloting generative AI programs — a substantial increase from the 15% results of the same survey conducted by Gartner about six months earlier.

Imagine the possibilities

Naturally, how companies are using generative AI depends on factors such as industry, mission, operational needs and strategic objectives. But it can be informative to look at a few examples.

In consumer goods and retail, […]

By Linkenheimer LLP|2024-04-03T17:16:13+00:00April 3rd, 2024|AI, Tech|0 Comments

Elevating Your Cybersecurity: Advanced Tips for This Tax Season

As we navigate through another tax season, the importance of safeguarding our financial information becomes paramount. At Linkenheimer, while we prioritize your financial well-being, we also strive to arm you with knowledge to protect against sophisticated cyber threats. Beyond the common cybersecurity measures, there are advanced steps you can take to ensure a fortified defense against data breaches and financial data thefts, especially in line with Data Loss Prevention (DLP) strategies.

Advanced Cybersecurity Measures for Enhanced Protection

1. Monitor Financial Transactions Regularly: Regular monitoring of your bank and credit card transactions can help you spot unauthorized activities early. Sign up for alerts from your financial institutions to get real-time notifications of transactions.

2. Use Dedicated Devices for Financial Transactions: Consider using a dedicated computer or device for your financial transactions and tax filings. This device should not be used for browsing the internet or accessing social media, reducing the risk of encountering malware or phishing attacks.

3. Implement Network Segmentation at Home: For those with smart home devices or numerous connected devices, segmenting your network can add an additional layer of security. This means creating a separate network for your financial and work-related activities, isolating them […]

By Linkenheimer LLP|2024-04-01T21:07:50+00:00April 1st, 2024|Tech|0 Comments

2024 Q2 Tax Calendar: Key Deadlines for Businesses and Employers

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact your Linkenheimer CPA to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

April 15

If you’re a calendar-year corporation, file a 2023 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due.
For corporations, pay the first installment of 2024 estimated income taxes. Complete and retain Form 1120-W (worksheet) for your records.
For individuals, file a 2023 income tax return (Form 1040 or Form 1040-SR) or file for an automatic six-month extension (Form 4868) and pay any tax due.
For individuals, pay the first installment of 2024 estimated taxes, if you don’t pay income tax through withholding (Form 1040-ES).

April 30

Employers report income tax withholding and FICA taxes for the first quarter of 2024 (Form 941) and pay any tax due.

May 10

Employers report income tax withholding and FICA taxes for the first quarter of 2024 (Form 941), […]

By Linkenheimer LLP|2024-04-01T16:55:10+00:00April 1st, 2024|tax deadlines|0 Comments

Update on Retirement Account Required Minimum Distributions

If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax required minimum distribution (RMD) rules after reaching a certain age. If you inherit a tax-favored retirement account, including a traditional or Roth IRA, you’ll also have to deal with these rules.

Specifically, you’ll have to: 1) take annual withdrawals from the accounts and pay the resulting income tax and/or 2) reduce the balance in your inherited Roth IRA sooner than you might like.

Let’s take a look at the current rules after some recent tax-law changes.

RMD basics

The RMD rules require affected individuals to take annual withdrawals from tax-favored accounts. Except for RMDs that meet the definition of tax-free Roth IRA distributions, RMDs will generally trigger a federal income tax bill (and maybe a state tax bill).

Under a favorable exception, when you’re […]

By Linkenheimer LLP|2024-03-27T18:50:25+00:00March 27th, 2024|retirement|0 Comments

Business Owners, Your Financial Statements Are Trying To Tell You Something

Business owners are commonly and rightfully urged to regularly generate financial statements in compliance with Generally Accepted Accounting Principles (GAAP). One reason why is external users of financial statements, such as lenders and investors, place greater trust in financial reporting done under the rigorous standards of GAAP.

But that’s not the only reason. GAAP-compliant financial statements can reveal details of your company’s financial performance that you and your leadership team may otherwise not notice until a major problem has developed.

Earnings are only the beginning

Let’s begin with the income statement (also known as the profit and loss statement). It provides an overview of revenue, expenses and earnings over a given period.

Many business owners focus only on earnings in the income statement, which is understandable. You presumably went into business to make money. However, though revenue and profit trends are certainly important, they aren’t the only metrics that matter.

By Linkenheimer LLP|2024-03-27T18:19:50+00:00March 27th, 2024|business, Financial Reporting Framework|0 Comments