Category: Business Consulting and Planning

Business Consulting and Planning

Federal and State Governments Offer Disaster-Relief Loans to Small Businesses Impacted by COVID-19 by Joseph L. Saka, CPA/PFS


Posted on March 16, 2020 by Joseph Saka

The Small Business Administration (SBA) announced it will offer up to $2 million in low-interest disaster-recovery loans to support the nation’s 30 million small businesses suffering losses due to the novel coronavirus (COVID-19). Under the Economic Injury Disaster Loan program, the SBA will provide states and territories with federal aid to help qualifying small businesses […]

Is your Business Ready for the New Overtime Rules in 2020? by Adam Cohen, CPA


Posted on March 04, 2020 by Adam Cohen

With the cheer of a New Year, businesses must contend with new rules for calculating employees’ overtime hours under the Fair Labor Standards Act (FLSA). According to the Department of Labor, companies will need to begin paying overtime in 2020 to approximately 1.3 million workers who were not previously eligible to receive it. In general, […]

How Can Individuals Prepare for the Start of Tax Season? by Rick D. Bazzani, CPA


Posted on January 16, 2020 by Rick Bazzani

The 2020 tax season officially begins on January 27, when the IRS will begin accepting and processing individuals’ electronically filed tax returns for 2019. With the federal filing deadline on Wednesday, April 15, taxpayers have just two-and-a-half months to gather important documents, meet with their tax advisors and pay any outstanding tax liabilities from 2019. […]

Private Businesses Have More Time to Adopt New Accounting Standards for Leases, Credit Losses by Hector E. Aguililla, CPA


Posted on December 10, 2019 by Hector Aguililla

The Financial Accounting Standards Board (FASB) recently issued ASU 2019-10, extending the deadline for privately held businesses and not-for-profit organizations to comply with new accounting standards for recognizing leases and credit losses. Both standards were introduced in 2016 in an effort to improve financial reporting transparency and to provide readers of financial statements with a […]

IRS Zeroes in on Partnerships, Updates Forms to Improve Future Tax Compliance by Angie Adames, CPA


Posted on November 20, 2019 by Angie Adames

In an effort to improve tax compliance and the quality of information reported by partnerships, the IRS recently issued updated versions of Form 1065, U.S. Return of Partnership Income, and Schedule K-1, Partner’s Share of Income, Deductions, Credits, etc., for applicable taxpayers to use when filing their 2019 tax returns in 2020. According to the […]

New Rules for Delaware LLCs with Real Estate Holdings by Joseph L. Saka, CPA/PFS


Posted on October 24, 2019 by Joseph Saka

Savvy real estate developers and investors have long relied on the Delaware Limited Liability Company Act (DLLCA) to provide them with a flexible and tax-friendly solution for purchasing and holding real property. In planning for the future, current and prospective Delaware LLCs and their members should recognize that the state recently made amendments to the […]

Wayfair Decision Imposes New State Tax Burden on Foreign Businesses Selling into the U.S. UPDATED by Karen A. Lake, CPA


Posted on September 24, 2019 by Karen Lake

The U.S. Supreme Court’s 2018 decision in South Dakota v. Wayfair has had far-reaching impact on the state and local sales tax (SALT) obligations and previous competitive advantages of online and foreign businesses that sell products into the U.S. The court’s ruling eliminated the prevailing physical presence test, which required sellers to collect sales tax […]