Much was happening back in 2016. Some might say it was a rough year, as the world dealt with the Zika virus; learned of the passing of iconic artist, Prince; and watched the Chicago Cubs win their first world series since 1908 (admittedly that was only rough for some of us). And then came FASB...
Read MoreBusinesses are sold for many reasons, but typically issues of timing, liquidity and emotions take center stage. One of the most common drivers of a sale is the need for a succession strategy within family owned companies. Often the decision is purely financial — private companies are highly...
Read MoreOn June 14, 2022, Ohio Governor Mike DeWine signed Senate Bill 246 (S.B. 246) into law, giving businesses in the state potential relief from the federal tax burden created by the Tax Cuts and Jobs Act’s (TCJA) $10,000 cap on state and local tax deductions. Under this new legislation...
Read MoreWith the April 18th tax deadline just behind us, it’s timely to note that filing a return is not the end of the story for taxpayers who have “their number” called for an IRS examination. While in recent years there has been a severe staffing shortage at the IRS, followed by the...
Read MoreHow an entity’s financial statements are presented is often governed by bank documents or investor agreements, leaving owners of real estate firms without much of a choice in the matter. However, in some instances, you may have a choice between using income tax basis or GAAP to present your...
Read MoreProperly classifying workers as employees or independent contractors has always been a recurring tax issue for many business owners, but it’s likely even more important in our current environment. With a tight labor market forcing many businesses to use independent contractors to address...
Read MoreThe help of the trusted business adviser has never been more in demand than it is today. From sorting through the multitude of government financial incentives (think: paycheck protection program, employee retention tax credits and a host of others) and complying with government health mandates...
Read MorePartnerships and S Corporations with certain foreign activity or foreign owners may have a surprise in their returns this year — in the form of additional reporting via Schedules K-2 (Partners’ Distribute Share Items – International) and K-3 (Partner’s Share of Income...
Read MoreThe IRS recently released a memo outlining new informational requirements for amended tax returns claiming a Research and Development (R&D) tax credit, effective January 10, 2022. Depending on the specifics of your business, the impact could be minor or extremely time consuming. ...
Read MoreGoodbye 2021. A year of great anticipation, January 2021 was filled with goodbyes to 2020 and turning our focus to a year of recovery. And recover we did! Segments of the economy re-opened, the S&P 500 registered 68 record highs and by March job openings increased 80% over the prior year...
Read More