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    Posts

    IRS additional guidance addresses COBRA assistance under ARPA

    In Notice 2021-46, the IRS recently issued additional guidance on the COBRA premium assistance provisions of the American Rescue Plan...

    Posts

    With a self-directed IRA, you choose your own investments

    If you’re the type who would rather order ala carte rather than a set entrée, you might prefer a “self-directed”...

    Posts

    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...

    Posts

    CAMs: Thumbs up or thumbs down?

    Auditors of public companies started reporting critical audit matters (CAMs) in their audit opinions in 2019. This represents a major...

    Posts

    Is your business underusing its accounting software?

    Someone might have once told you that human beings use only 10% of our brains. The implication is that we...

    Posts

    IRS issues ERC guidance as Congress mulls early termination

    The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to...

    Posts

    Large cash transactions with your business must be reported to the IRS

    If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to...

    Posts

    Have you followed up on the management letter from your audit team?

    Auditors typically deliver financial statements to calendar-year businesses in the spring. A useful tool that accompanies the annual report is...

    Posts

    A family bank professionalizes intrafamily lending

    Because of the COVID-19 pandemic and the resulting economic turndown in some areas, you may have family members in need...

    Posts

    Is an LLC the right choice for your small business?

    Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to...

    Posts

    Financial statements: Take the time to read the entire story

    A complete set of financial statements for your business contains three reports. Each serves a different purpose, but ultimately helps...

    Posts

    Keep family matters out of the public eye by avoiding probate

    Although probate can be time consuming and expensive, one of its biggest downsides is that it’s public — anyone who’s...

    Posts

    The deductibility of corporate expenses covered by officers or shareholders

    Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These...

    Posts

    Can a broken trust be fixed?

    An irrevocable trust has long been a key component of many estate plans. But what if it no longer serves...

    Posts

    Analytics software: A brave new world in auditing

    Analytical software tools will never fully replace auditors, but they can help auditors do their work more efficiently and effectively....

    Posts

    Getting a new business off the ground: How start-up expenses are handled on your tax return

    Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From...

    Posts

    5 ways to take action on accounts receivable

    No matter the size or shape of a business, one really can’t overstate the importance of sound accounts receivable policies...

    Posts

    Who in a small business can be hit with the “Trust Fund Recovery Penalty?”

    There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a...

    Posts

    Is your company ready for agile auditing?

    Agility — or the ability to react quickly — is essential to surviving and thriving in today’s competitive landscape. Though...

    Posts

    IRS extends administrative relief for 401(k) plans

    As mitigation measures related to COVID-19 ease, it will be interesting to see which practices and regulatory changes taken in...

    Posts

    10 facts about the pass-through deduction for qualified business income

    Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax...

    Posts

    Auditing WIP

    Many types of businesses — such as homebuilders and manufacturers — turn raw materials into finished products for customers. Production...

    Posts

    Does your estate plan address your grandchildren in a fair manner?

    Many people, when planning their estates, simply divide their assets equally among their children. But “equal” may not necessarily mean...

    Posts

    Here come the child tax credit payments: What you need to know

    The first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million...

    Posts

    Eligible Businesses: Claim the Employee Retention Tax Credit

    The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue...

    Posts

    Follow the cutoff rules for revenue and expenses

    Timing counts in financial reporting. Under the accrual method of accounting, the end of the accounting period serves as a...

    Posts

    Hiring your minor children this summer? Reap tax and nontax benefits

    If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax...

    Posts

    Accounting methods: Private companies have options

    Businesses need financial information that’s accurate, relevant and timely. The Securities and Exchange Commission requires publicly traded companies to follow...

    Posts

    Don’t assume your profitable company has strong cash flow

    Most of us are taught from a young age never to assume anything. Why? Well, because when you assume, you...

    Posts

    Estate planning in the FAST lane

    Traditionally, estate planning has focused on more technical objectives, such as minimizing gift and estate taxes and protecting assets against...

    Posts

    Hit or miss: Is your working capital on-target?

    Working capital equals the difference between current assets and current liabilities. Organizations need a certain amount of working capital to...

    Posts

    Recordkeeping DOs and DON’Ts for business meal and vehicle expenses

    If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases,...

    Posts

    The IRS has announced 2022 amounts for Health Savings Accounts

    The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). Fundamentals of HSAs An HSA...

    Posts

    Using your financial statements to evaluate capital budgeting decisions

    Strategic investments — such as expanding a plant, purchasing a major piece of equipment or introducing a new product line...

    Posts

    Protect your assets with a “hybrid” DAPT

    One benefit of the current federal gift and estate tax exemption amount ($11.7 million in 2021) is that it allows...

    Posts

    An S corporation could cut your self-employment tax

    If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject...

    Posts

    Beware of the “reciprocal trust” doctrine

    If you and your spouse have similar irrevocable trusts that benefit each other, it’s important to know that the trusts...

    Posts

    Help ensure the IRS doesn’t reclassify independent contractors as employees

    Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers...

    Posts

    Receivables may be a source of cash in tough times

    Many companies are continuing to struggle financially during the COVID-19 pandemic. If cash is tight, what can your business do...

    Posts

    Providing education assistance to employees? Follow these rules

    Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can...

    Posts

    Claiming the business energy credit for using alternative energy

    Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a...

    Posts

    Accounting for business combinations

    If your company is planning to merge with or buy another business, your attention is probably on conducting due diligence...

    Posts

    Should a tax apportionment clause be in your estate plan?

    Even though the federal gift and estate tax exemption is currently very high ($11.7 million for 2021), there are families...

    Posts

    Ensure competitive intelligence efforts are helpful, not harmful

    With so many employees working remotely these days, engaging in competitive intelligence has never been easier. The Internet as a...

    Posts

    Know the ins and outs of “reasonable compensation” for a corporate business owner

    Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation...

    Posts

    What’s on the FASB’s 2021 agenda?

    In December 2020, Richard Jones stepped up as chairman of the Financial Accounting Standards Board (FASB). After meeting with stakeholders...

    Posts

    Spendthrift trusts aren’t just for spendthrifts

    Now that the federal gift and estate tax exemption has reached an inflation-adjusted $11.7 million for 2021, fewer estates are...

    Posts

    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...

    Posts

    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...

    Posts

    Reporting profits interest awards

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

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    PPP application deadline extended

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

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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,...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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....

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    Reporting restricted cash

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

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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....

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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....

    Posts

    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...

    Posts

    Blockchain beckons businesses … still

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

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

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