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    Home > Blog > Uncategorized

    Posts

    IRS Issues Guidance Addressing President Trump’s Order on Payroll Tax Deferral

    On August 8th, President Trump signed a Presidential Memorandum to direct the Treasury Secretary to use his authority to defer...

    Posts

    5 key points about bonus depreciation

    You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying property. Here...

    Posts

    Levels of assurance: Choosing the right option for your business today

    The COVID-19 crisis is causing private companies to re-evaluate the type of financial statements they should generate for 2020. Some...

    Posts

    Helping employees understand their health care accounts

    Many businesses now offer, as part of their health care benefits, various types of accounts that reimburse employees for medical...

    Posts

    CARES Act made changes to excess business losses

    The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that...

    Posts

    Divorcing? Revise your estate plan

    If you’re going through a divorce, you probably feel a little overwhelmed by all the legal and financial items you...

    Posts

    The President’s action to defer payroll taxes: What does it mean for your business?

    On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security...

    Posts

    3 steps to “stress test” your business

    During the COVID-19 crisis, you can’t afford to lose sight of other ongoing risk factors, such as cyberthreats, fraud, emerging...

    Posts

    5 good reasons to turn down an inheritance

    You may use a qualified disclaimer to refuse a bequest from a loved one. Doing so will cause an asset...

    Posts

    5 common accounting software mistakes to avoid

    Andrew Fingerhut, CPA and RRBB, on accounting software mistakes. No company can afford to operate without the right accounting software....

    Posts

    Forecasting financial results for a start-up business

    There’s a bright side to today’s unprecedented market conditions: Agile people may discover opportunities to start new business ventures. Start-ups...

    Posts

    The possible tax consequences of PPP loans

    If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the...

    Posts

    Because of COVID-19, college-aged children need a basic estate plan

    It’s August, and that means it’s time to get ready to go back to school for many students. If your...

    Posts

    Why do partners sometimes report more income on tax returns than they receive in cash?

    If you’re a partner in a business, you may have come across a situation that gave you pause. In a...

    Posts

    Strengthen your supply chain with constant risk awareness

    When the COVID-19 crisis exploded in March, among the many concerns was the state of the nation’s supply chains. Business...

    Posts

    Fortify your assets against creditors with a trust

    You may think of trusts as estate planning tools — vehicles for reducing taxes after your death. While trusts can...

    Posts

    Reopening concepts: What business owners should consider

    A widely circulated article about the COVID-19 pandemic, written by author Tomas Pueyo in March, described efforts to cope with...

    Posts

    Even if no money changes hands, bartering is a taxable transaction

    During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods...

    Posts

    Zeros and ones: Estate planning for your digital assets and accounts

    Nearly everyone owns at least some digital assets, such as online bank and brokerage accounts, bill-paying services, cloud-based document storage,...

    Posts

    Does your business have a unique selling proposition?

    Many business owners — particularly those who own smaller companies — spend so much time trying to eliminate weaknesses that...

    Posts

    Family matters: Estate planning considerations if you have adopted children or unadopted stepchildren

    If you have adopted children or unadopted stepchildren, estate planning is critical to ensure that your property is distributed the...

    Posts

    Businesses: Get ready for the new Form 1099-NEC

    There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers...

    Posts

    A win-win proposition: A CRT can benefit you and your favorite charity

    Are you a multitasker? If so, you may appreciate an estate planning technique that can convert assets into a stream...

    Posts

    Accounting for cloud computing arrangements

    The costs to set up cloud computing services can be significant, and many companies would prefer not to immediately expense...

    Posts

    Steer clear of the Trust Fund Recovery Penalty

    If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s...

    Posts

    IRS guidance provides RMD rollover relief

    The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things,...

    Posts

    Haven’t filed your 2019 business tax return yet? There may be ways to chip away at your bill

    The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the...

    Posts

    Establishing your company’s risk appetite

    The Committee of Sponsoring Organizations of the Treadway Commission (COSO) recently published new guidance on how companies can promote “risk...

    Posts

    SBA reopens EIDL program to small businesses and nonprofits

    Just last week, the Small Business Administration (SBA) announced that it has reopened the Economic Injury Disaster Loan (EIDL) and...

    Posts

    Business succession and estate planning: It can be complicated

    Transferring a family business to the next generation requires a delicate balancing act. Estate and succession planning strategies aren’t always...

    Posts

    Asset impairment is expected to hit 2020 financial statements

    Some companies are expected to report impairment losses in fiscal year 2020 because of the COVID-19 crisis. Depending on the...

    Posts

    Launching a business? How to treat start-up expenses on your tax return

    While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new...

    Posts

    New PPP loan forgiveness applications released

    The U.S. Small Business Administration (SBA), in consultation with Treasury, released Wednesday a revised loan forgiveness application for the Paycheck...

    Posts

    Is it time to outsource finance and accounting?

    Outsourcing may appeal to organizations that are currently struggling with mounting overhead costs during the COVID-19 crisis. By outsourcing, you...

    Posts

    Good records are the key to tax deductions and trouble-free IRS audits

    If you operate a small business, or you’re starting a new one, you probably know you need to keep records...

    Posts

    PPP Flexibility Act eases rules for borrowers coping with COVID-19

    As you may recall, the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) back in April to help...

    Posts

    Concealing a trust could run afoul of state law

    You may have good intentions in keeping a trust a secret from its beneficiaries. Perhaps you have concerns that, if...

    Posts

    PPP forgiveness changes coming as Senate passes House bill

    House and Senate have passed significant relief to borrowers under the PPP Borrowers who had only 8 weeks from the...

    Posts

    Does your company have an emergency succession plan?

    For business owners, succession planning is ideally a long-term project. You want to begin laying out a smooth ownership transition,...

    Posts

    Business meal deductions: The current rules amid proposed changes

    Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that...

    Posts

    Revenue recognition and leases: FASB gives certain entities more time

    Private companies and most nonprofits were supposed to implement updated revenue recognition guidance in fiscal year 2019 and updated lease...

    Posts

    Estate planning when time is short

    The novel coronavirus (COVID-19) pandemic has caused some people to contemplate their own mortality or that of a family member....

    Posts

    Businesses revise sales compensation models during pandemic

    Economists will look back on 2020 as a year with a distinct before and after. In early March, most companies’...

    Posts

    Looking for a trust that can also act as a financial backup plan? Consider a SLAT

    Some of the most effective estate planning strategies involve setting up irrevocable trusts. For a trust to be deemed irrevocable,...

    Posts

    IRS releases 2021 amounts for Health Savings Accounts

    The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust...

    Posts

    Independent assurance inspires confidence in sustainability reports

    Sustainability reports explain the impact of an organization’s activities on the economy, environment and society. During the novel coronavirus (COVID-19)...

    Posts

    Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible

    The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program...

    Posts

    Important Updates to PPP Guidance

    SBA update to Loan Forgiveness and more Disbursements for Partner Income The SBA yesterday updated their guidance on two important...

    Posts

    Business charitable contribution rules have changed under the CARES Act

    In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize...

    Posts

    The IRS clarifies the deductibility of PPP-funded expenses

    The IRS has issued new guidance addressing a question that has lingered since the launch of the Paycheck Protection Program...

    Posts

    COVID-19: A reminder of why cross-training your accounting staff is key

    Imagine this scenario: A company’s controller is hospitalized for the novel coronavirus (COVID-19), and she’s the only person inside the...

    Posts

    SBA extends the PPP repayment deadline for self-certification

    The Small Business Administration (SBA) has extended the repayment deadline for Payroll Protection Program (PPP) borrowers that wish to take...

    Posts

    Subchapter V: A silver lining for small businesses mulling bankruptcy

    Many small businesses continue to struggle in the wake of the coronavirus (COVID-19) pandemic. Some have already closed their doors...

    Posts

    The CARES Act liberalizes net operating losses

    The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax...

    Posts

    SBA issues PPP guidance on laid-off employees who refuse to be rehired

    Businesses that received Paycheck Protection Program (PPP) loans can exclude laid-off employees from loan forgiveness reduction calculations if the employees...

    Posts

    AICPA challenging nondeductibility of PPP-related expenses

    The IRS released guidance (Notice 2020-32) to explain that a taxpayer that receives a loan through the Paycheck Protection Program...

    Posts

    AICPA makes PPP loan forgiveness recommendations

    The AICPA on Wednesday issued a series of recommendations it would like to see the U.S. Small Business Administration (SBA)...

    Posts

    Adjust your expectations of business interruption coverage

    A natural place to turn when disaster strikes is insurance. The very reason you pay premiums and deal with the...

    Posts

    Hiring independent contractors? Make sure they’re properly classified

    As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But...

    Posts

    New Guidance from SBA on PPP Loan ‘Necessity’ Certification

    When the PPP Loan program was first announced and brought out through the banking system, it seemed to be prudent...

    Posts

    Congress expands small business COVID-19 relief

    Congress and the Trump administration have struck a deal on another piece of legislation, the latest in a series of...

    Posts

    Going, going, gone: Going concern assessments in the midst of COVID-19

    The novel coronavirus (COVID-19) pandemic has adversely affected the global economy. Companies of all sizes in all industries are faced...

    Posts

    The rules have changed regarding your IRAs, RMDs and estate plan

    Many people’s estates typically include IRAs. Be aware that two major laws passed into law recently, the Setting Every Community...

    Posts

    Adjusting your financial statements for COVID-19 tax relief measures

    The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, contains several tax-related provisions for...

    Posts

    New COVID-19 law makes favorable changes to “qualified improvement property”

    The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many...

    Posts

    IRS launches website for tracking stimulus payments

    The IRS announced Wednesday the launch of its “Get My Payment” website, which permits taxpayers to check on the date...

    Posts

    SBA publishes new PPP guidance for the self-employed (sole proprietor/independent contractor) and general partners

    The U.S. Small Business Administration issued a new interim final rule Tuesday that supplements the guidance for the Paycheck Protection...

    Posts

    Relief from not making employment tax deposits due to COVID-19 tax credits

    The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to...

    Posts

    IRS launches tool for nonfilers to receive stimulus payments

    Article in the Journal of Accountancy: By Sally P. Schreiber, J.D. April 10, 2020 The IRS has launched an online...

    Posts

    IRS extends more tax deadlines to cover individuals, trusts, estates, corporations

    IR 2020-66, 4/9/2020; Notice 2020-23, 2020-18 IRB In a Notice, the IRS has extended more tax deadlines to cover individuals,...

    Posts

    Just launched: The SBA’s Paycheck Protection Program

    To stem the tide of joblessness caused by the coronavirus (COVID-19) outbreak, the Small Business Administration (SBA) has officially launched...

    Posts

    The Small Business Administration launches the Paycheck Protection Program

    The Coronavirus Aid, Relief and Economic Security Act (CARES Act) allocates nearly $350 billion to a new lending program through...

    Posts

    Answers to questions about the CARES Act employee retention tax credit

    The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of...

    Posts

    CARES Act Benefits for Individuals

    Some of the benefits in the $2 Trillion CARES Act.   The CARES Act that Congress approved and President Trump...

    Posts

    CARES Act provides COVID-19 pandemic relief to businesses

    The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) represents the third phase of Congress’s legislative efforts to address...

    Posts

    The CARES Act includes a ‘Paycheck Protection Program’ for Small Businesses

    Congress passed “The Coronavirus Aid, Relief, and Economic Security Act” (CARES Act), which included the “Paycheck Protection Program” (PPP) for...

    Posts

    Coronavirus Relief Resources for US Business Owners

    Phase III of the Relief Package from the Federal Government: Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”)...

    Posts

    CARES Act will provide billions of dollars of relief to individuals, businesses, state and local governments, and the health care system

    After extensive negotiations between the U.S. House of Representatives, the U.S. Senate and the White House, an agreement has been...

    Posts

    SBA offering loans to small businesses hit hard by COVID-19

    Every company has faced unprecedented challenges in adjusting to life following the widespread outbreak of the coronavirus (COVID-19). Small businesses...

    Posts

    Congress’ Proposed and Agreed upon(but not voted on yet) $2 Trillion Stimulus

    What's in the nearly $2 trillion U.S. Senate coronavirus stimulus? From Rueters: By Tracy Rucinski; Chicago, Susan Cornwell, Peter Cooney,...

    Posts

    Updated 2019 federal tax return filing and payment guidance.

    Late Friday, the IRS issued Notice 2020-18, which supersedes its prior guidance, Notice 2020-17, issued two days earlier. https://www.irs.gov/pub/irs-drop/n-20-18.pdf. Notice...

    Posts

    Coronavirus relief bill contains tax credits for employers

    A further, deeper explanation of the payroll tax credits available: The coronavirus relief bill signed by President Donald Trump late...

    Posts

    The IRS announces that income tax payments due April 15 can be deferred to July 15, regardless of the amount

    The IRS and the U.S. Treasury Department have been making a series of announcements to provide tax relief in the...

    Posts

    Coronavirus (COVID-19): Tax relief for small businesses

    Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at...

    Posts

    Recovering Business Interruption Losses from Coronavirus

    The fight against the coronavirus (COVID-19) is now a full-blown war and surrendering is not an option. Business owners must...

    Posts

    An Urgent Need for Small Business Capital

    Article from NJBIA Mar20,2020 By Steve Wilson 4 Comments As thousands of small businesses confront a prolonged period of no...

    Posts

    The IRS extends the federal income tax payment deadline

    After U.S. Treasury Secretary Steven Mnuchin’s announcement that the deadline for paying federal income taxes would be extended, the IRS...

    Posts

    Coronavirus Relief so far. Important

    The COVID -19 ‘Coronavirus’ has certainly impacted all of us and will probably get worse before it gets better. The...

    Posts

    The tax-filing deadline will remain April 15, but the IRS will waive penalties and interest on tax payments for 90 days

    From Business Insider: The tax-filing deadline will remain April 15, but the IRS will waive penalties and interest on tax...

    Posts

    House passes bill to provide coronavirus relief; Senate expected to act this week

    Several arms of the federal government have taken, or are weighing, significant steps to help the country deal with the...

    Posts

    Small business owners still have time to set up a SEP plan for last year

    Do you own a business but haven’t gotten around to setting up a tax-advantaged retirement plan? Fortunately, it’s not too...

    Posts

    SBA offering low interest loan relief for COVID-19 affected companies

    Coronavirus (COVID-19) SBA Disaster Assistance in Response to the Coronavirus The U.S. Small Business Administration is offering designated states and...

    Posts

    Determine a reasonable salary for a corporate business owner

    If you’re the owner of an incorporated business, you probably know that there’s a tax advantage to taking money out...

    Posts

    Lease or buy? Changes to accounting rules may change your mind

    The rules for reporting leasing transactions are changing. Though these changes have been delayed until 2021 for private companies (and...

    Posts

    Have you coordinated your payable-on-death accounts with your estate plan?

    Payable-on-death (POD) accounts provide a quick, simple and inexpensive way to transfer assets outside of probate. They can be used...

    Posts

    The IRS provides guidance on meal and entertainment deductions

    The IRS has released proposed regulations addressing the deductibility of meal and entertainment expenses in tax years beginning after December...

    Posts

    How’s your buy-sell agreement doing these days?

    Most companies wouldn’t go into business without some basic types of insurance in place, such as property coverage and a...

    Posts

    Work Opportunity Tax Credit extended through 2020

    If you’re a business owner, be aware that a recent tax law extended a credit for hiring individuals from one...

    Posts

    When to write off stale receivables

    Accounts receivables are classified under current assets on the balance sheet if you expect to collect them within a year...

    Posts

    2 trust types to consider when estate planning for a blended family

    No one said estate planning is easy, and this is especially true if you have a “blended family.” The good...

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