Why a gifting strategy still matters
December 1, 2021 Knowledge Center
Why a gifting strategy still matters

The IRS recently announced next year’s cost-of-living adjustment amounts. For 2022, the federal gift and estate tax exemption has cracked the $12 million mark: $12.06 million to be exact. Arguably more notable, the annual gift tax exemption has increased by $1,000 to $16,000 per recipient ($32,000 for married couples). It’s adjusted only in $1,000 increments, […]

Remember to use up your flexible spending account money
November 29, 2021 Knowledge Center
Remember to use up your flexible spending account money

Do you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses? As the end of 2021 nears, there are some rules and reminders to keep in mind. An account for health expenses  A pre-tax contribution of $2,750 to a health FSA is permitted in 2021. […]

New digital asset reporting requirements will be imposed in coming years
November 23, 2021 Knowledge Center
New digital asset reporting requirements will be imposed in coming years

The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency transactions. Existing reporting rules If you have a stock brokerage […]

4 key questions about employer-mandated COVID-19 vaccinations
November 23, 2021 Knowledge Center
4 key questions about employer-mandated COVID-19 vaccinations

In September, President Biden issued two executive orders intended to increase rates of vaccination against COVID-19 throughout the United States. One applied to federal contractors, the other addressed employers with 100 or more employees. As you’ve likely heard, the latter order was recently issued as an interim final rule by the Occupational Safety and Health […]

U.S. House passes the Build Back Better Act
November 22, 2021 Knowledge Center
U.S. House passes the Build Back Better Act

The U.S. House of Representatives passed a crucial part of President Biden’s agenda by a vote of 220-213 on November 19. The Build Back Better Act (BBBA) includes numerous provisions related to areas ranging from health care, climate change and immigration to education, social programs and, of course, taxes. Impact on the deficit The House vote […]

Michael Kaplan & Justine Ruffalo Named Among 2021 Business Managers Elite | Variety
November 22, 2021 In the News
Michael Kaplan & Justine Ruffalo Named Among 2021 Business Managers Elite | Variety

Congratulations Michael Kaplan and Justine Ruffalo on being named to this year’s Variety’s Business Managers Elite.

FASB offers practical expedient for private companies that issue share-based awards
November 19, 2021 Knowledge Center
FASB offers practical expedient for private companies that issue share-based awards

Recently, the Financial Accounting Standards Board (FASB) issued a simpler accounting option that will enable private companies to more easily measure certain types of shares they provide to both employees and nonemployees as part of compensation awards. Here are the details. Complex rules Many companies award stock options and other forms of share-based payments to […]

Feeling generous at year end? Strategies for donating to charity or gifting to loved ones
November 18, 2021 Knowledge Center
Feeling generous at year end? Strategies for donating to charity or gifting to loved ones

As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved in these transactions. Donating to charity  Normally, if you take the standard deduction and don’t itemize, you can’t claim a deduction for charitable contributions. But […]

Going concern disclosures
November 17, 2021 Knowledge Center
Going concern disclosures

With the COVID-19 pandemic well into its second year and the start of planning for the upcoming audit season, you may have questions about how to evaluate your company’s going concern status. While some industries appear to have rebounded from the worst of the economic downturn, others continue to struggle with pandemic-related issues, such as […]

Don’t forget to factor 2022 cost-of-living adjustments into your year-end tax planning
November 16, 2021 Knowledge Center
Don’t forget to factor 2022 cost-of-living adjustments into your year-end tax planning

The IRS recently issued its 2022 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, mainly due to the COVID-19 pandemic, many amounts increased considerably over 2021 amounts. As you implement 2021 year-end tax planning strategies, be sure to take these 2022 adjustments into account. Also, keep in mind that, […]

IRS Issue Snapshot discusses deduction limits for “combination” retirement plans
November 15, 2021 Knowledge Center
IRS Issue Snapshot discusses deduction limits for “combination” retirement plans

The IRS occasionally publishes “Issue Snapshots” to provide an overview of a tax topic for its employees. Recently, the tax agency released “Issue Snapshot: Combined Limits under IRC Section 404(a)(7).” The publication discusses the limits on contribution deductions when an employer provides both a defined contribution (DC) and defined benefit (DB) retirement plan — commonly referred […]

Businesses must navigate year-end tax planning with new tax laws potentially on the horizon
November 12, 2021 Knowledge Center
Businesses must navigate year-end tax planning with new tax laws potentially on the horizon

The end of the tax year is fast approaching for many businesses, but their ability to engage in traditional year-end planning may be hampered by the specter of looming tax legislation. The budget reconciliation bill, dubbed the Build Back Better Act (BBBA), is likely to include provisions affecting the taxation of businesses — although its […]