Insights

With a tax planning opportunity for just about everything, seeking to pay 0% on capital gains is no exception. There are quite a few planning strategies you can utilize in order to realize tax-free earnings on profits from capital assets.  The sale of capital assets, such as your home or investments (stocks, bonds, mutual funds,…

In the midst of continued uncertainty oscillating in the global market, opportunities emerge in times of challenge for market consolidation and distressed acquisitions. As these deals take shape, it is important to consider overall tax planning strategies, as well as the tax implications in the current climate. Market factors along with legislative changes can impact…

In a rapid emergency response to the global pandemic, the federal government rolled out the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide immediate need to small businesses and nonprofits that have been forced to close their doors. Until recently, it was unclear whether these loans would be subject to Single Audit…

In a recent and welcomed move, the Financial Accounting Standards Board (FASB) approved a one-year deferment for private companies and nonprofit organizations to comply with the new accounting rules for revenue recognition and leases as a result of the ongoing challenges surrounding the pandemic. Revenue Recognition Standards While public companies have been using the revenue…

Congress recently passed legislation to loosen some of the restrictions that came with the popular Payroll Protection Program; the president signed it into law on June 5. The new law runs only about 1,000 words, but it contains several major changes that vastly extend the terms of the program: The new law lets PPP loans…

The Internal Revenue Service has been distributing Economic Impact Payments to taxpayers across the nation since April. If you’re still waiting, you may be getting a Visa debit card instead of a check in the mail. Over the past few months, nearly 140 million taxpayers have received stimulus payments totaling $239 billion as either a…

Everyone wants to protect their families, even after they pass from this world. That’s the purpose of estate plans. But how do you know whether all of the elements of a good plan are in place? The first step is understanding the difference between a will and a trust: A will lays out your wishes…

“Siri, what is my year-to-date net income?” This is where technology is going. Are you on target to get there? Our remote work environments have forced us to take a hard look at the capabilities of our accounting software, and whether they’re serving us well or holding us back. A couple months ago, businesses were…

Let’s talk retirement planning. How should retirement accounts be handled after the big changes seen in the CARES Act? The Act extended the deadline for 2019 IRA contributions, waived the required minimum distributions for 2020, and allows the use of retirement funds of up to $100,000 penalty free. 2019 IRA Contributions Deadline Extended In an…

The Treasury Department is granting safe harbor to large and public companies that voluntarily return stimulus funds by this Thursday, May 7 under new guidance regarding the PPP’s “necessity” certification. A number of companies that received loans in the past few weeks through the Paycheck Protection Program (PPP) are returning the money, as the Small Business…