Business Consulting and Planning

Wealthy Taxpayers, Corporations Should Heed Warnings Implied by IRS Budget Increase by Jeffrey M. Mutnik, CPA/PFS

Posted on April 21, 2021 by Jeffrey Mutnik

Included in the Biden Administration’s proposed budget for fiscal 2022 is an additional $1.2 billion in funding to help the IRS ramp up its tax enforcement efforts after more than a decade of spending and staffing cuts. What this means for taxpayers is a likely increase in IRS audits and heightened scrutiny of tax compliance, […]

Latest Stimulus Package Changes Tax Treatment of Unemployment Benefits Received in 2020 by Joanie B. Stein, CPA

Posted on April 07, 2021 by Joanie Stein

The American Rescue Plan (ARP), signed into law on March 11, 2021, allows eligible taxpayers to exclude from their 2020 taxable income up to $10,200 in unemployment benefits they received last year. This relief is subject to certain restrictions and limitations as well as further changes as the IRS continues to issue guidance. Ordinarily, unemployment […]

The Latest Updates on Opportunity Zone Investments by Arkadiy (Eric) Green, CPA

Posted on March 18, 2021 by Eric Green

Like so much of 2020, the Qualified Opportunity Zone (QOZ) program suffered under the weight of the COVID pandemic. In response, the IRS relaxed certain deadlines and requirements taxpayers must meet to yield the program’s generous tax savings. A second round of relief was issued by the IRS in early 2021, and a bill making […]

The Strategic Imperative for ESG Reporting by David E. Kolan, CPA

Posted on March 09, 2021 by David Kolan

Consumers’ passions to live more socially conscious, environmentally responsible lives has seeped deeper into the corporate world, where companies are now expected to address their impact on these societal issues with the same level of enthusiasm as its customers and investors. It is consequently no surprise that more than 90 percent of U.S. companies traded […]

IRS Issued Final Regulations on Tax Treatment of Carried Interest by Arkadiy (Eric) Green, CPA

Posted on March 04, 2021 by Eric Green

In January 2021, the IRS issued final regulations concerning the taxation of carried interest under the Tax Cuts and Jobs Act (TCJA) effective for tax years beginning in 2018. These regulations, which modify certain provisions of proposed guidance issued last year, bring mostly welcome changes to real estate businesses and private equity funds. Background Carried […]

Commercial Real Estate Landlords Can Find Tax Savings in COVID-Related Abandonment Losses by John G. Ebenger, CPA

Posted on February 22, 2021 by John Ebenger

With all the economic hardships caused by the COVID-19 crisis, businesses must take the time to carefully review their financial losses to uncover potential opportunities for which they may use those deductions to maximize tax efficiency in 2020 and the years ahead. For example, much ink has been spilled over the Coronavirus Aid, Relief and […]

Time to Pivot Again – Moving Management Beyond COVID-19 Survival by Richard A. Berkowitz, JD,CPA

Posted on January 26, 2021 by Richard Berkowitz

The COVID-19 pandemic has forced businesses to quickly adapt in extraordinary ways. Today, as vaccinations begin to roll out across the country, companies must again prepare to acclimate to a future business environment when the pandemic is no longer paramount. As simple as it may seem to assume that we will all return to “business […]

Which COVID-19-Related Payroll Tax Credit Is My Business Eligible to Receive? by Cherry Laufenberg, CPA

Posted on January 13, 2021 by Cherry Laufenberg

In the wake of the COVID-19 pandemic, the U.S. enacted laws providing a variety of financial-relief measures to support businesses struggling to maintain operations and payroll through the crisis period. Key among those provisions are tax credits for businesses that retain employees despite full or partial suspensions of their operations and that continue to pay […]

2021 Changes to Tax Provisions Related to Health Care Costs by Adam Cohen, CPA

Posted on January 13, 2021 by Adam Cohen

The COVID-19 pandemic and long-awaited rollout of FDA-approved vaccines this year highlight the importance of planning for rising medical costs and taking advantage of tax breaks, when available, to help you cover some of those expenses. Following are the IRS’s annual cost-of-living adjustments for various provisions of the tax code that relate to health care […]

UPDATED – Did COVID-19 Layoffs Trigger a Partial 401(k) Plan Termination? by Melissa Fleitas, CPA

Posted on January 12, 2021 by Melissa Fleitas

The Consolidations Appropriations Act of 2021, signed into law on Dec. 27, 2020, provides 401(k) sponsors with welcome relief from partial plan terminations that may have otherwise occurred in the wake of COVID-19-related workforce reductions. Background Under longstanding IRS rules, businesses that lay off 20 percent or more of employees covered by a defined-contribution plan in a […]

Category: Business Consulting and Planning