Business Consulting and Planning

Minimizing the Tax Consequences of Awards and Settlements for Personal Injury by Lewis Taub, CPA

Posted on February 14, 2022 by Lewis Taub

Plaintiffs seeking compensatory and punitive damages for physical injury or mental distress often fail to recognize the tax implications of the lawsuit damages awarded to them. That information typically is revealed by legal counsel, who must have a firm understanding of the nuances of the U.S. tax code and, more importantly, how to apply those […]

Structuring the Sale of Your Business with Assets or Stock by Gary Curtis, CPA

Posted on February 10, 2022 by Gary Curtis

The emotional aspects of selling a business you nurtured and built over the course of your life can often cloud some of the economic realities that a sale will bring, not just immediately after the deal closes but far into the future. One factor entrepreneurs must consider when selling their businesses is how they will […]

Is it Time for your Business to Purchase Lease Accounting Software? by Whitney K. Schiffer, CPA

Posted on February 02, 2022 by Whitney Schiffer

Time is up for private companies to comply with the new lease accounting standards (ASC 842), which require businesses to begin recording the assets and liabilities of all leases, including operating leases, on their balance sheets. For calendar-year companies, the new lease accounting standard is effective on January 1, 2022. Private companies that have already […]

Calendar Gives Taxpayers a Little More Time for File Tax Returns in 2022 by Jeffrey M. Mutnik, CPA/PFS

Posted on February 01, 2022 by Jeffrey Mutnik

The IRS began accepting individuals’ 2021 federal income tax returns on January 24, marking the beginning of the 2022 tax filing season. For this year, taxpayers will have an additional three to four days to meet the filing deadline, known as Tax Day, which typically falls on April 15. In 2022, Tax Day falls on […]

Lease Accounting Standards Effective for Private Businesses in 2022 by Hector E. Aguililla, CPA

Posted on January 24, 2022 by Hector Aguililla

After numerous false starts, the time has finally come for private companies to begin reporting leases on their balance sheets and comply with the lease-accounting standards first introduced by the Financial Accounting Standards Board (FASB) in late 2015. While most public companies adopted Accounting Standards Update (ASU) Topic 842 in 2019, privately held business were […]

IRS Increases Some Standard Mileage Rates for 2022 by Kevin McNally, JD

Posted on January 19, 2022 by Kevin McNally

For the first time in two years, the IRS has raised some of the optional standard mileage rate that taxpayers may use to calculate deductible costs of operating cars, vans or trucks for business, charitable, medical or moving purposes in 2022. Taxpayers also have the option to calculate these expenses based on the actual costs […]

It’s Not Too Early to Start Planning for January 2022 Gifts by Jeffrey M. Mutnik, CPA/PFS

Posted on December 16, 2021 by Jeffrey Mutnik

The IRS recently released the inflation-adjusted estate and gift exemptions for 2022, which provide families with enhanced opportunities to transfer significantly more assets to younger generations tax-free. However, families must consider these adjustments within the context of potential tax reform in the year ahead. For tax year 2022, the lifetime estate-tax exemption jumps $360,000 to […]

IRS Announces 2022 Inflation-Adjusted Tax Rates for Individuals by Jack Winter, CPA/PFS, CFP

Posted on December 02, 2021 by Jack Winter

The IRS has released the annual inflation adjustments to various provisions of the tax code for 2022, noting that the changes are significant due to increases in consumer prices and inflation over the past 12 months. Individual taxpayers should consider these changes very carefully as they plan for tax efficiency in the year ahead and […]

Infrastructure Law Repeals Employee Retention Tax Credit for Fourth Quarter 2021 by Andrew Leonard, CPA

Posted on November 22, 2021 by Andrew Leonard

Included in the $1 trillion U.S. Infrastructure Investment and Jobs Act (IIJA) signed into law on Nov. 15, 2021, is an early termination of the employee retention tax credit (ERTC) that has helped incentivize qualifying businesses and not-for-profits to keep employees on payroll through the COVID-19 pandemic. Under the Act, the availability of the ERTC […]

Year-End Planning Amid the Prospect of Tax-Reform Uncertainty by Tony Gutierrez, CPA

Posted on November 16, 2021 by Anthony Gutierrez

Once again, year-end planning is complicated by an uncertain tax landscape that hinges on the government’s ability to pass legislation. As Congress continues to negotiate and pare down the administration’s original $3.5 trillion Build Back Better spending bill, taxpayers must tread carefully when making decisions that could impact their businesses and personal wealth for many […]

Category: Business Consulting and Planning