Insights

Another pandemic-powered delay is pushing the effective date back for new standards related to audits of financial statements for employee benefit plans (EBP). In July 2019, the American Institute of CPAs (AICPA) Auditing Standards Board (ASB) issued a final new standard, Statement on Auditing Standards No. 136, Forming an Opinion and Reporting on Financial Statements of…

The option of portability when planning your estate could make a substantial difference come tax time, especially with today’s generous estate and gift tax exemption amounts. Should you consider this option when planning your estate? Prior to 2010, the concept of portability as a tax strategy simply did not exist. Any amount of a lifetime…

Any successful business will tell you that having excellent accounting is the secret ingredient to growing their business. Why? Because having access to the right financial information will drive better business decisions. Business owners need a clear picture of the economic health of their business and how they can leverage opportunities to overcome obstacles. We see…

New Tax Relief & Grants will Support Businesses Impacted by COVID-19 As businesses and taxpayers continue to feel the effects of the pandemic into the new year, additional relief programs and assistance are being offered at both the state and federal level. Below is a brief update on some of the programs to be aware of, highlighting…

The IRS has introduced a new Form 1099-NEC, Nonemployee Compensation. It’s a sibling to Form 1099-MISC and replaces it for certain purposes. You must file it for each person in the course of your business to whom you have paid at least $600 during the year for the following: Services performed by someone who is…

With lifetime gift and estate tax exemptions at an all-time high in 2020, not as many taxpayers will be subject to federal gift taxes this year. However, that doesn’t mean you won’t have to file a gift tax return. Nontaxable Gifts There are a few scenarios that do not involve paying gift tax, but you…

Many manufacturers are feeling the impact of the current crisis. But companies that are ready to retool and refocus may be able to take advantage of several opportunities. Some manufacturers have pivoted to meet customer demand, and more may be able to do so if they can take advantage of (1) increased access to market trends and…

What will 2021 bring us? After a year of turmoil and surprises, no one has a clear crystal ball. But there are some certainties, and one is that the federal government is changing a variety of number affecting the finances of businesses and individuals. First, any individual or business that received government funds this year…

Many businesses are facing the financial effects of the Covid-19 pandemic. The loss of clients and decreased cash flow have forced businesses to make some hard choices that involve restructuring debt either in or outside of bankruptcy or simply closing the doors. Key Considerations The first task for company leaders is leaving their emotions aside as…

From a tax perspective, the distinction between hobbies and businesses is important because businesses can deduct losses, but hobbies cannot. The Tax Cuts and Jobs Act kept the itemized deductions for allocable mortgage interest and property taxes. However, by eliminating virtually all miscellaneous itemized deductions for tax years 2018-2025, the 2017 TCJA made it advantageous…