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Learn MoreNow that the holiday season is behind us, it’s time to make some progress on those New Year’s resolutions to improve your control over your personal finances. This article is the first in a three part series focused on saving for college through 529 plans. Most are familiar with these tax-favored...
Read MoreAs the COVID-19 pandemic continues, many businesses have seen their open receivables accounts swell. As you make tough decisions around writing off receivables, it is important to also consider the state sales tax and gross receipts tax implications. Many state taxing authorities allow for a bad...
Read MoreOn January 5, 2021, the Department of the Treasury released new final regulations pertaining to the deductibility of business interest expense under IRC Section 163(j). These regulations supplant proposed regulations issued in November 2018 and July 2020, and supplement final and proposed...
Read MoreDue to the COVID-19 crisis, many companies expect to report higher-than-normal write-offs of accounts receivable (A/R) in 2020 and possibly beyond. As year-end approaches, businesses need to review their A/R ledgers for stale, uncollectible accounts that should be written off and consider whether...
Read MoreForm 1099-NEC is a new 2020 tax form most businesses will need to file by January 31, 2021. Used to report nonemployee compensation paid during 2020, the new form replaces the 1099-MISC previously used to report these payments. What Type of Payments Can You Report on Form 1099-NEC? Form...
Read MoreMany private companies are struggling with how to apply the goodwill impairment model in today’s uncertain, volatile conditions. And although the Financial Accounting Standards Board (FASB) has changed and simplified the accounting model for goodwill several times over the past decade, confusion...
Read More** Updated 1/8/21 ** The long awaited follow up to the CARES Act passed back in March was signed into law on Sunday, December 28, 2020. The Consolidated Appropriations Act, 2021 includes a $284 billion allocation to the Small Business Association (SBA) for the continuation of the Paycheck...
Read MoreOn December 21, 2020, after more than eight months of deliberation, Congress passed the Consolidated Appropriations Act, 2021 to provide much needed relief to Americans and their employers dealing with the ongoing repercussions of the COVID-19 pandemic. The Act, signed by President Trump on December...
Read More** Updated 12/28/20 to reflect the signing of the bill into law. ** The Consolidated Appropriations Act, 2021, signed into law on December 27, 2020, offers many tax related provisions to begin analyzing in the 5,600 page legislative package. In addition to allowing taxpayers to deduct expenses...
Read More** Updated 12/28/20 to reflect the signing of the bill into law ** On Sunday, December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 into law. The package provides government funding as well as a new round of coronavirus stimulus provisions. To the relief of many...
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