Category: Business Consulting and Planning

Business Consulting and Planning

Berkowitz Pollack Brant Introduces COVID-19 Response Team, Helps Individuals and Businesses Respond to Challenges by Andrew Leonard, CPA


Posted on March 26, 2020 by Andrew Leonard

The spread of the coronavirus and the rapid pace at which taxpayers must make critical decisions and adapt to shifting policies and regulations will leave an indelible mark on individuals and businesses for generations to come. While change is expected, you do not have to face it alone. The tax, audit, business-consulting and business-valuation advisors […]

Taxpayers Have More Time to Make Contributions to Certain Retirement Plans, HSAs for 2019 by Rick D. Bazzani, CPA


Posted on March 25, 2020 by Rick Bazzani

The IRS has clarified that the extension of the 2019 federal income tax filing deadline to July 15, 2020, also applies to taxpayers’ contributions to traditional IRAs, solo 401(k)s and health savings accounts (HSAs). Generally, the deadline for making these contributions is the due date of the taxpayer’s federal income tax return filing, which is […]

IRS Extends Federal Tax Filing, Payment Deadlines to July 15 by Steven G. Messing, JD, CPA


Posted on March 24, 2020 by Steve Messing

In response to COVID-19 and its impact on U.S. taxpayers, the IRS officially postponed the 2019 federal income tax filing and payment deadlines from April 15, 2020, to July 15, 2020. These automatic filing and payment extensions apply to all individual taxpayers (including the self-employed), trusts and estates, C corporations, partnerships, limited liability companies (LLCs) and other […]

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 […]