Take your financial statements to the next level

Spring is the time of year that calendar-year-end businesses issue financial statements and prepare tax returns. This year, take your...

Possible tax consequences of guaranteeing a loan to your corporation

What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as...

Changes to premium tax credit could
increase penalty risk for some businesses

The premium tax credit (PTC) is a refundable credit that helps individuals and families pay for insurance obtained from a...

Simple retirement savings options for your small business

Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial...

Reporting profits interest awards

During the pandemic, cash has been tight for many small businesses, which may make it hard to attract and retain...

What happens if your spouse fails to designate you as beneficiary of his or her IRA?

One advantage of inheriting an IRA from your spouse is that you’re entitled to transfer the funds to a spousal...

Tax advantages of hiring your child at your small business

As a business owner, you should be aware that you can save family income and payroll taxes by putting your...

Updated guidance for impairment testing: When to consider triggering events

On March 30, the Financial Accounting Standards Board (FASB) published an updated accounting standard on events that trigger an impairment...

Keep it all in the family: Transferring your vacation home

If your family owns a vacation home, you know what a relaxing refuge it can be. This is especially true...

EIDL loans, restaurant grants offer
relief to struggling small businesses

The American Rescue Plan Act (ARPA), signed into law in early March, aims at offering widespread financial relief to individuals...

PPP application deadline extended

President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application...

Need a new business vehicle? Consider a heavy SUV

Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport...

A revocable living trust works only if you properly fund it

A revocable living trust is often used to complement a will. For instance, you might transfer specific securities to the...

4 ways to improve the effectiveness of your audit committee

Audit committees face many challenges in 2021. As the economy rebounds from the COVID-19 pandemic, there are new dimensions to...

COBRA provisions play critical role in COVID-19 relief law

During the COVID-19 pandemic, many employees and their families have lost group health plan coverage because of layoffs or reduced...

Is an S corporation the best choice of entity for your business?

Are you thinking about launching a business with some partners and wondering what type of entity to form? An S...

Make the most of the Employee Retention Credit

The Employee Retention Credit (ERC), which was created to encourage employers to keep their workforces intact during the COVID-19 pandemic,...

How auditors assess cyber risks

Data security is a critical part of the audit risk assessment. If your financial statements are audited, your audit team...

Do you need to file a gift tax return?

It’s tax-filing season and you’re likely focused on your income or business tax returns. But don’t forget about another type...

Extended tax filing deadline provides relief to individual taxpayers and the IRS

The IRS has announced that the federal income tax filing deadline for individuals for the 2020 tax year is extended...

New COVID-19 relief law extends employee retention credit

Many businesses have retained employees during the COVID-19 pandemic and enjoyed tax relief with the help of the employee retention...

The American Rescue Plan Act provides sweeping relief measures for eligible families and businesses

On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA). The $1.9 trillion law is...

The latest on COVID-related deadline extensions for health care benefits

The U.S. Department of Labor (DOL) recently issued EBSA Disaster Relief Notice 2021-01, which is of interest to employers. It clarifies...

Making sense of your statement of cash flows

The statement of cash flows essentially tells you about cash entering and leaving a business. It’s arguably the most misunderstood...

The American Rescue Plan Act has passed: What’s in it for you?

Congress has passed the latest legislation aimed at providing economic and other relief from the COVID-19 pandemic that has haunted...

Launching a small business? Here are some tax considerations

While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses....

How to compute your company’s breakeven point

Breakeven analysis can be useful when investing in new equipment, launching a new product or analyzing the effects of a...

Creating an education legacy using a family education trust

For many people, an important goal of estate planning is to leave a legacy for their children, grandchildren and future...

PPP adjusted to prioritize very small businesses

When the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) last year, the program’s stated objective was “to...

Work Opportunity Tax Credit extended through 2025

Are you a business owner thinking about hiring? Be aware that a recent law extended a credit for hiring individuals...

Analytical procedures can help make your audit more efficient

The use of audit analytics can help during the planning and review stages of the audit. But analytics can have...

PPP revisions target smallest businesses

The Biden administration has announced several reforms to the popular Paycheck Protection Program (PPP) to bring greater relief to the...

Take control of your charitable donations using restrictions

Did you know that you can put restrictions on charitable donations you make through your estate? If you want the...

Should your business add Roth contributions to its 401(k)?

If your business sponsors a 401(k) plan, you might someday consider adding designated Roth contributions. Here are some factors to...

Reporting restricted cash

Your company’s financial statements should be transparent about any restrictions on cash. Are your reporting practices in compliance with the...

If you run a business from home, you could qualify for home office deductions

During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home...

Not disclosing all of your assets helps no one

People sometimes keep assets hidden without letting their families know about their location or even that they exist. Similarly, they...

Building customers’ trust in your website

The events of the past year have taught business owners many important lessons. One of them is that, when a...

Should my distressed company consider a debt restructuring?

Many businesses have experienced severe cash flow problems during the COVID-19 pandemic. As a result, some may have delayed or...

Now or later: When’s the right time to transfer your wealth?

To gift or not to gift? It’s a deceptively complex question. The temporary doubling of the federal gift and estate...

The many uses of a SWOT analysis

Using a strengths, weaknesses, opportunities and threats (SWOT) analysis to frame an important business decision is a long-standing recommended practice....

Financial keys to securing a commercial loan

Does your business need a loan? Before contacting your bank, it’s important to gather all relevant financial information to prove...

Consider your options when addressing life insurance in your estate plan

Life insurance has long provided a source of liquidity to pay estate taxes and other expenses. Even though for many...

Footnote disclosures: The story behind the numbers

The footnotes to your company’s financial statements give investors and lenders insight into account balances, accounting practices and potential risk...

The cents-per-mile rate for business miles decreases again for 2021

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased...

View your financial statements through the right lens

Many business owners generate financial statements, at least in part, because lenders and other stakeholders demand it. You’re likely also...

The new Form 1099-NEC and the revised 1099-MISC are due to recipients soon

There’s a new IRS form for business taxpayers that pay or receive certain types of nonemployee compensation and it must...

2021 tax calendar

To help you make sure you don’t miss any important 2021 deadlines, we’ve provided this summary of when various tax-related...

Accounting for property, plant and equipment assets

Businesses and not-for-profit entities capitalize machines, furniture, buildings, and other property, plant and equipment (PPE) assets on their balance sheets....

Assessing and mitigating key person risks

Auditing standards require a year-end risk assessment. One potential source of risk may be a small business’s reliance on the...

Blockchain beckons businesses … still

The term and concept known as “blockchain” is hardly new. This technology surfaced more than a decade ago. Bitcoin, the...

Reduce gift and estate tax exposure by making direct payments of tuition and medical expenses

Now that the gift and estate tax exemption has risen to $11.7 million for 2021, you may be less concerned...

New law provides option to delay implementing the updated CECL standard

The Consolidated Appropriations Act (CAA), signed into law on December 27, 2020, includes a variety of economic relief measures. One such...

Can your business benefit from the enhanced Employee Retention Tax Credit?

COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are...

Need another PPP loan for your small business? Here are the new rules

Congress recently passed, and President Trump signed, a new law providing additional relief for businesses and individuals during the COVID-19...

How can your business benefit from the Consolidated Appropriations Act?

The Consolidated Appropriations Act of 2021 (CAA) was signed into law in late December. The sprawling legislation contains billions of...

Paycheck Protection Program Round 2: The Highlights

This is a great article from The National Law Review summarizing the PPP Loan program Round 2. Monday, December 28,...

Congress Reverses IRS, Expenses with PPP Money are Tax Deductible

(This is a great article from Forbes and Robert W. Wood that summarizes) Can you deduct business expenses? Of course....

With a flick of the switch: Build an on-off mechanism into your estate plan

When planning your estate, it’s critical to balance estate tax planning and income tax planning. The rub is that, currently,...

Drive more savings to your business with the heavy SUV tax break

Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in...

Put your company’s financial statements to work for you

It’s almost time for calendar-year businesses to prepare their year-end financial statements. If used correctly, these reports can be a...

2 options for families with disabled loved ones: ABLE accounts and SNTs

If you have a family member who’s disabled, you likely know that financial and estate planning can be tricky. You...

Review your estate plan in light of a new presidential administration

As President-elect Joe Biden moves forward with the transition and prepares for the inauguration next month, you may be wondering...

The QBI deduction basics and a year-end tax tip that might help you qualify

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes...

Small businesses: Cash in on depreciation tax savers

As we approach the end of the year, it’s a good time to think about whether your business needs to...

The IRS and US Treasury Issue Guidance on Deductibility of Expenses Related to a PPP Loan

The US Treasury and the Internal Revenue Service (“IRS”) released guidance on November 18, 2020, in Rev. Rul. 2020-27 and...

Putting the finishing touches on next year’s budget

By now, some businesses have completed their 2021 budgets while others are still crunching numbers and scrutinizing line items. As...

Only specific trusts are eligible to hold S corporation stock

S corporations must comply with several strict requirements or risk losing their tax-advantaged status. Among other things, they can have...

IRS Ok’s Passthrough entity Workarounds for SALT Cap

Passthrough Taxes Created by States as SALT Workarounds Will Be Allowed as Deduction Without Regard to any SALT Limitation The...

Do you want to withdraw cash from your closely held corporation at a low tax cost?

Owners of closely held corporations are often interested in easily withdrawing money from their businesses at the lowest possible tax...

Preparing for the possibility of a remote audit

The coming audit season might be much different than seasons of yore. As many companies continue to operate remotely during...

Estate planning and your art collection

If you’re an art collector, it’s critical for your estate plan to address your collection separately from other types of...

Tax responsibilities if your business is closing amid the pandemic

Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist...

What do the 2021 cost-of-living adjustment numbers mean for you?

The IRS has announced its 2021 cost-of-living adjustments to tax amounts that might affect you. Many increased to account for...

How effectively does your business manage risk?

From natural disasters and government shutdowns to cyberattacks and fraud, risks abound in today’s volatile, uncertain marketplace. While some level...

Don’t forget about making a portability election

Portability allows a surviving spouse to apply a deceased spouse’s unused federal gift and estate tax exemption amount toward his...

Now more than ever, carefully track payroll records

The subject of payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that caused...

New business? It’s a good time to start a retirement plan

If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and your...

Year-end tax planning strategies must take business turbulence into account

Election years often lead to uncertainty for businesses, but 2020 surely takes the cake when it comes to unpredictability. Amid...

Best practices when forecasting cash flow

Cash flow is a top concern for most businesses today. Cash flow forecasts can help you predict potential shortfalls and...

The 2021 “Social Security wage base” is increasing

If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing....

Avoiding conflicts of interest with auditors

A conflict of interest could impair your auditor’s objectivity and integrity and potentially compromise you company’s financial statements. That’s why...

Put pen to paper: How a letter of instruction can benefit family harmony

You may view your will as the centerpiece of your estate plan. But other documents can complement it. For example,...

Reviewing your disaster plan in a tumultuous year

It’s been a year like no other. The sudden impact of the COVID-19 pandemic in March forced every business owner...

Understanding the passive activity loss rules

Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in?...

More time: FASB delays long-term insurance standard … again

On September 30, the Financial Accounting Standards Board (FASB) finalized a rule to defer the effective date of the updated long-term...

4 steps to improving your company’s sales

Most salespeople would tell you that there are few better feelings in life than closing a deal. This is because...

Is a noncharitable purpose trust right for you?

There are two trust types that don’t require one or more human beneficiaries: charitable trusts and noncharitable purpose (NCP) trusts....

The easiest way to survive an IRS audit is to get ready in advance

IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among...

Gifts in kind: New reporting requirements for nonprofits

On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about noncash...

The red flags are many when borrowing from your retirement plan

The COVID-19 pandemic has resulted in many people borrowing from their companies’ qualified retirement plans, and the CARES Act provides...

Don’t procrastinate if you plan to transfer ownership of your life insurance policy

Generally, the proceeds of your life insurance policy are included in your taxable estate. You can remove them by transferring...

Compare and contrast: How do the Republican and Democratic tax plans differ?

With the presidential election only weeks away, many people are beginning to pay closer attention to each candidate’s positions on...

Business website costs: How to handle them for tax purposes

The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website...

Weighing the risks vs. rewards of a mezzanine loan

To say that most small to midsize businesses have at least considered taking out a loan this year would probably...

On-time financial reporting is key in times of crisis

Many companies are struggling as a result of shutdowns and restructurings during the COVID-19 crisis. To add insult to injury,...

Buy-sell agreements: A smart business decision also makes estate planning sense

Do you own a business with one or more individuals? Undoubtedly, your interest in the business represents a substantial part...

Employers have questions and concerns about deferring employees’ Social Security taxes

The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit...

Reporting discontinued operations today

Marketplace changes during the COVID-19 crisis have caused many companies to make major strategic shifts in their operations — and...

Making lifetime gifts continues to be a smart estate planning strategy

With the federal gift and estate tax exemption now at a record high $11.58 million for 2020, most estates aren’t...