Business Consulting and Planning

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. […]

IRS Guidance Puts Businesses, Non-Profits in a Tight Spot with New Parking Rules by Richard Cabrera, JD, LLM, CPA

Posted on December 30, 2019 by Richard Cabrera

Since Congress passed the Tax Cuts and Jobs Act (TCJA) in December 2017, it has focused a lot of attention on the new law’s lower individual and corporate tax rates. What Congress is not publicizing are some the revenue raisers it wrote into the TCJA to pay for the new tax cuts, including the elimination […]

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 […]

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

Posted on October 16, 2019 by Whitney Schiffer

Private companies and nonprofit organization struggling to adopt the new lease accounting standard (ASC 842) are getting a reprieve from the Financial Accounting Standards Board, which voted to delay the effective date of compliance by one year to Jan. 1, 2021. Affected entities should use the additional time to consider how they can more effectively […]

The Challenge of Selecting a Trustee Who Will Carry Out Your Legacy by Richard A. Berkowitz, JD, CPA

Posted on October 10, 2019 by Richard Berkowitz

Naming a trustee to manage your assets and ensure your heirs are provided for in the same manner as you would have if you were alive is one of the most important decisions you will make when creating your estate plan. Unfortunately, it is also the one decision that fails to receive the attention and […]

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 […]

What is Representations and Warranties Insurance? by Daniel S. Hughes, CPA/CFF, CGMA, CVA; and Mike Kaczka, CPA/CFF, CFE

Posted on September 12, 2019 by Daniel Hughes

Representations and warranties insurance (RWI) is becoming an increasingly common and required tool to expedite M&A transactions, bridge gaps in deal negotiations and reduce buyers’ and sellers’ risks of financial losses after deals close. At the most basic level, representations are the assertions sellers make about their companies, those entities’ financial positions and past and […]

5 Reasons You Should Not Hold Real Estate in an S Corporation by John G. Ebenger, CPA

Posted on September 04, 2019 by John Ebenger

Savvy investors know that holding real estate in their individual names is a bad idea that exposes them to a broad range of legal risks and personal financial liabilities. Instead, U.S. tax laws permit investors to structure their real estate holdings into separate business entities, such as partnerships, limited liability companies (LLCs) and corporations, which […]

Category: Business Consulting and Planning