Working in the gig economy results in tax obligations
May 12, 2021 Knowledge Center
Working in the gig economy results in tax obligations

Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports. And reductions in working hours during the pandemic have caused even more people to turn to gig work to make up lost income. There are tax consequences for the people who perform […]

Liabilities for unused time off mount as pandemic lingers
May 11, 2021 Knowledge Center
Liabilities for unused time off mount as pandemic lingers

During the pandemic, many employees have postponed using their allotted paid time off until COVID-related restrictions are lifted and safety concerns subside. This situation has caused an increase in accruals for certain employers. Here’s some guidance to help evaluate whether your company is required to report a liability for so-called “compensated absences” and, if so, […]

Tax filing deadline is coming up: What to do if you need more time
May 10, 2021 Knowledge Center
Tax filing deadline is coming up: What to do if you need more time

“Tax day” is just around the corner. This year, the deadline for filing 2020 individual tax returns is Monday, May 17, 2021. The IRS postponed the usual April 15 due date due to the COVID-19 pandemic. If you still aren’t ready to file your return, you should request a tax-filing extension. Anyone can request one […]

The Biden administration proposes far-reaching tax overhaul
May 7, 2021 Knowledge Center
The Biden administration proposes far-reaching tax overhaul

President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs Plan and the Made in America Tax Plan. These plans propose major investments in various domestic initiatives, such as expanded tax credits for […]

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 […]