Category: Business Consulting and Planning

Business Consulting and Planning

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 […]

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 […]

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 […]