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    Posts

    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...

    Posts

    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,...

    Posts

    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,...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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....

    Posts

    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...

    Posts

    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,...

    Posts

    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...

    Posts

    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?...

    Posts

    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...

    Posts

    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...

    Posts

    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....

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    Posts

    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...

    reporting subsequent events
    Posts

    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,...

    Posts

    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...

    Posts

    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...

    Posts

    Reporting discontinued operations today

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

    Posts

    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...

    Posts

    ESOPs offer businesses a variety of potential benefits

    Wouldn’t it be great if your employees worked as if they owned the company? An employee stock ownership plan (ESOP)...

    Posts

    The IRS issues guidance on the executive action deferring payroll taxes

    On August 28, the IRS issued guidance that provides some explanation of how employers can defer withholding and remitting an...

    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

    External audits offer many benefits to nonprofits

    Your nonprofit organization may be required to hire an independent outside CPA to audit its books, depending on its annual...

    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...

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