Category: Business Consulting and Planning

Business Consulting and Planning

Businesses, Nonprofits Have Until 2024 to Claim Valuable Employee Retention Tax Credits by Andreea Cioara, CPA


Posted on January 12, 2023 by Andreea Cioara

When COVID-19 set off a domino effect of business closings in March 2020, the U.S. government responded with a series of economic stimulus programs to help affected organizations stay afloat. Now, as we enter 2023, one of those relief measures is still available for businesses and nonprofits to apply for retroactively when they meet eligibility […]

How Can Taxpayers Prepare for New Corporate Transparency Act Reporting? by Joel G. Young, JD, LLM


Posted on January 04, 2023 by Joel Young

In late 2022, the U.S. Treasury issued final requirements that certain corporations, LLCs, partnerships, business trusts and similar entities will need to begin reporting under the Corporate Transparency Act (CTA). While the CTA aims to bolster the country’s anti-money laundering policies and unmask the identities of the true owners behind shell companies and other opaque […]

Leading and Growing Company Culture in Hybrid and Remote Work Environments by Richard A. Berkowitz, JD, CPA


Posted on December 28, 2022 by Richard Berkowitz

COVID-19 literally forced businesses to close their doors in 2020 and begin the process of adapting to remote-work arrangements. With many companies reporting surprisingly higher levels of productivity and profitability, the economics of the new paradigm have been favorable. Today, however, as it becomes clear that hybrid work schedules are here to stay, businesses are […]

UPDATE: IRS Delays Reporting Requirement for Transactions Involving Venmo and other Payment Apps by Savannah Snow, CPA


Posted on December 17, 2022 by Savannah Snow

Mobile payment processing apps, such as PayPal, Venmo, Cash App and Square, have made it easy for friends and family to send and receive payments as gifts or reimbursements for shared expenses. These platforms have also spread to the commercial sector, where many businesses accept them as forms of payment for goods and services. It […]

IRS Increases Retirement Plan Contribution Limits for 2023 by Jack Winter, CPA/PFS, CFP


Posted on December 08, 2022 by Jack Winter

The IRS recently released its annual cost-of-living adjustments for retirement savers, increasing the annual limits participants can contribute to those plans in 2023. Employer-Sponsored Retirement Plans The maximum amount you may contribute via salary deferral to an employer-sponsored 401(k) or 403(b) retirement savings plan in 2023 is $22,500, up from $20,500 last year. If you […]

Tax Treatment of Casualty Losses and Casualty Gains from Hurricanes Ian, Fiona by Arthur J. Lieberman


Posted on November 02, 2022 by Art Lieberman

Taxpayers are often unaware of how the tax code treats property damage and losses they sustain from natural disasters, such as the recent hurricanes across Florida, the Carolinas and Puerto Rico. Many taxpayers are also surprised to learn that when insurance proceeds or other recoveries exceed the tax basis of damaged property, they may incur a taxable […]

Important Considerations for Adapting to Evolving Market Demands and Changing Business Models by Hector E. Aguililla, CPA


Posted on October 19, 2022 by Hector Aguililla

The pandemic and subsequent months of economic uncertainty have proven that change is the one constant business leaders must accept and continually prepare for, not only to survive, but also to thrive over the long term. While changes may involve modifications to specific segments of a business, such as narrowing or expanding geographic distribution, products […]

What is an Opportunity Zone? by Alex Keneiby, CPA


Posted on October 11, 2022 by Alex Keneiby

At the end of 2017, the Tax Cuts and Jobs Act introduced the concept of Qualified Opportunity Zones (QOZs) to help incentivize private investment into revitalizing economically distressed communities throughout the U.S., the District of Columbia and five U.S. territories. In return for their investments into these state designated QOZs, private individuals and businesses can […]