Michael Kaplan Named One of Billboard’s 2021 Top Business Managers
February 22, 2021 In the News
Michael Kaplan Named One of Billboard’s 2021 Top Business Managers

Congratulations to our managing partner, Michael Kaplan, on being recognized as one of Billboard’s top business managers for the 6th consecutive year.

Not disclosing all of your assets helps no one
February 22, 2021 Knowledge Center
Not disclosing all of your assets helps no one

People sometimes keep assets hidden without letting their families know about their location or even that they exist. Similarly, they may have life insurance policies no one knows about. Using a fictional example, here’s why full disclosure of your assets to your family is recommended. George was a successful entrepreneur. He accumulated significant wealth during […]

Reporting restricted cash
February 22, 2021 Knowledge Center
Reporting restricted cash

Your company’s financial statements should be transparent about any restrictions on cash. Are your reporting practices in compliance with the current accounting guidance? The basics Restricted cash is a separate category of “cash and cash equivalents” that isn’t available for general business operations or investments. There are many types of restricted cash. For example, companies […]

Your Computers & Privacy: Ready or Not, There They Go | LABJ
February 16, 2021 In the News
Your Computers & Privacy: Ready or Not, There They Go | LABJ

by David Lam | Our right to privacy is being challenged in new and urgent ways. As consumers, we must be aware of the impact our choices have on privacy. As businesses, we must know our obligations to protect Personally Identifiable Information (PII) we collect from customers, employees, and others. This obligation has take on […]

Did you make donations in 2020? There’s still time to get substantiation
February 16, 2021 Knowledge Center
Did you make donations in 2020? There’s still time to get substantiation

If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2020 income tax return? It depends. What is required To support a charitable […]

2021 adjusted penalties for health benefits and other employer plans
February 12, 2021 Knowledge Center
2021 adjusted penalties for health benefits and other employer plans

The U.S. Department of Labor (DOL) recently announced the 2021 annual adjustments to civil monetary penalties for a wide range of benefits-related violations. Legislation enacted in 2015 requires annual adjustments to certain penalty amounts by January 15 of each year. The 2021 adjustments are effective for penalties assessed after January 15, 2021, with respect to violations occurring […]

Receivables can mean fraud risk — here’s how to reduce it
February 9, 2021 Knowledge Center
Receivables can mean fraud risk — here’s how to reduce it

One of the most common routes for occupational fraud perpetrators runs through the accounts receivable department. Unless you’re aware of these schemes and take steps to prevent them, your business could face serious financial losses. Creative misappropriation Receivables fraud occurs when dishonest employees divert customer payments for their personal use. The most popular method is […]

2021 individual taxes: Answers to your questions about limits
February 9, 2021 Knowledge Center
2021 individual taxes: Answers to your questions about limits

Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less than three months (unless you file an extension). However, it’s a good idea to acquaint yourself with tax amounts that […]

THE RULES OF ROYALTY ACCOUNTING | The Brand Licensing Podcast
February 8, 2021 Knowledge Center
THE RULES OF ROYALTY ACCOUNTING | The Brand Licensing Podcast

IMC Licensing’s The Brand Licensing Podcast recently sat down with Miller Kaplan’s head of Licensing & Royalties, Vincent Leoni, CPA, to discuss a range of topics from royalties to GMRs. You can listen on IMC’s website, or check it out on Apple Podcasts or Spotify. You can find the transcript on IMC’s website as well.

Consider your options when addressing life insurance in your estate plan
February 5, 2021 Knowledge Center
Consider your options when addressing life insurance in your estate plan

Life insurance has long provided a source of liquidity to pay estate taxes and other expenses. Even though for many families, federal and state estate taxes aren’t a concern, life insurance continues to offer many benefits for these nontaxable estates. For this reason, it’s important to properly account for your life insurance policies in your […]

New revenue idea? Watch out for the commerciality doctrine
February 4, 2021 Knowledge Center
New revenue idea? Watch out for the commerciality doctrine

If your not-for-profit has lost financial support during the pandemic, you may be looking for ways to raise new revenue. But if your proposed solution is a side business, be careful. Even when business ventures are related to a nonprofit’s exempt purpose, they can run afoul of the commerciality doctrine — and jeopardize an organization’s […]

The power of the tax credit for buying an electric vehicle
February 4, 2021 Knowledge Center
The power of the tax credit for buying an electric vehicle

Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you buy one, you may be eligible for a federal tax break. The tax code provides a credit to purchasers of qualifying plug-in electric drive motor vehicles including passenger vehicles […]