The Restaurant Revitalization Fund is now live
May 6, 2021 COVID-19
The Restaurant Revitalization Fund is now live

The COVID-19 pandemic has affected various industries in very different ways. Widespread lockdowns and discouraged movement have led to increased profitability for some manufacturers and many big-box retailers. The restaurant industry, however, has had a much harder go of it — especially smaller, privately owned businesses in economically challenged areas. In response, the Small Business Administration (SBA) […]

Why it’s important to meet the tax return filing and payment deadlines
May 5, 2021 Knowledge Center
Why it’s important to meet the tax return filing and payment deadlines

The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS. Here are the basic rules. Failure to pay  Separate penalties apply for failing to pay and failing to file. The failure-to-pay penalty […]

Accounting for business combinations
April 30, 2021 Knowledge Center
Accounting for business combinations

If your company is planning to merge with or buy another business, your attention is probably on conducting due diligence and negotiating deal terms. But you also should address the post-closing financial reporting requirements for the transaction. If not, it may lead to disappointing financial results, restatements and potential lawsuits after the dust settles. Here’s […]

President Biden details his tax proposals for individuals
April 29, 2021 Knowledge Center
President Biden details his tax proposals for individuals

President Biden’s proposals for individual taxpayers were outlined in an April 28 address to Congress and in an 18-page fact sheet released by the White House. The “American Families Plan” contains tax breaks for low- and middle-income taxpayers and tax increases on those “making over $400,000 per year.” Here’s a summary of some of the […]

Should a tax apportionment clause be in your estate plan?
April 29, 2021 Knowledge Center
Should a tax apportionment clause be in your estate plan?

Even though the federal gift and estate tax exemption is currently very high ($11.7 million for 2021), there are families that still have to contend with significant federal estate tax liability. Plus, the exemption is scheduled to drop significantly in 2026, and reducing it sooner has been proposed. Even if you aren’t subject to federal […]

DOL offers cybersecurity guidance – finally
April 28, 2021 Knowledge Center
DOL offers cybersecurity guidance – finally

by David Lam, CISSP, CPP and Kimberly Pease, CISSP   Information security, sometimes referred to as cybersecurity, is top of mind for many companies and individuals – and with good reason. There are ever-increasing stories of hacks and breaches of governments, major corporations, and even technology firms themselves. Even so, most employee benefit plans, labor […]

Home sales: How to determine your “basis”
April 28, 2021 Knowledge Center
Home sales: How to determine your “basis”

The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.” How it works You can claim an itemized deduction on your tax return for real estate taxes and home mortgage interest. Most other home ownership costs can’t […]

Employers get more relief from failure-to-deposit employment tax penalties
April 27, 2021 COVID-19
Employers get more relief from failure-to-deposit employment tax penalties

Under the Internal Revenue Code, an employer would typically be penalized for failing to deposit certain federal employment taxes by the designated deadline. Examples include deposits of withheld income taxes and FICA taxes. However, the IRS recently provided additional penalty relief for employers who have failed to timely deposit their employment taxes because those deposits […]

Some employers are incentivizing employees to get COVID-19 vaccinations
April 22, 2021 COVID-19
Some employers are incentivizing employees to get COVID-19 vaccinations

As efforts continue to get as many Americans as possible vaccinated against COVID-19, employers are contemplating their roles — with many already taking action. If your organization has yet to formally decide on how openly you wish to push employees to get inoculated, it’s not too late. You still have time to roll out a […]

What happens if your spouse fails to designate you as beneficiary of their IRA?
April 21, 2021 Knowledge Center
What happens if your spouse fails to designate you as beneficiary of their IRA?

One advantage of inheriting an IRA from your spouse is that you’re entitled to transfer the funds to a spousal rollover IRA. The rollover IRA is treated as your own IRA for tax purposes, which means you need not begin taking required minimum distributions (RMDs) until you reach age 72. This differs from an IRA […]

What’s on the FASB’s 2021 agenda?
April 20, 2021 Knowledge Center
What’s on the FASB’s 2021 agenda?

In December 2020, Richard Jones stepped up as chairman of the Financial Accounting Standards Board (FASB). After meeting with stakeholders in early 2021, Jones identified a list of high-priority projects that he plans to tackle under his leadership. Big picture The FASB is responsible for creating and updating U.S. Generally Accepted Accounting Principles (GAAP), the […]

Changes to premium tax credit could increase penalty risk for some businesses
April 16, 2021 COVID-19
Changes to premium tax credit could increase penalty risk for some businesses

The premium tax credit (PTC) is a refundable credit that helps individuals and families pay for insurance obtained from a Health Insurance Marketplace (commonly known as an “Exchange”). A provision of the Affordable Care Act (ACA) created the credit. The American Rescue Plan Act (ARPA), signed into law in March 2021, made several significant enhancements […]