Business Owners

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 Allows Employers to Rehire Retirees, Retain Existing Employees Beyond Retirement Age by Adam Cohen, CPA

Posted on January 20, 2022 by Adam Cohen

Businesses struggling to keep up with consumer demand during the current labor shortage can find relief in some of the retirement plan provisions included in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted in 2020. According to the U.S. Department of Labor, despite strong economic recovery since the start of the pandemic, […]

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 […]

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 […]

Minimize Future Conflicts in Buy-Sell Agreements by Choosing the Right Valuation Method by David E. Kolan, CPA

Posted on October 28, 2021 by David Kolan

A transfer of business ownership typically follows a triggering event, such as the death, disability, termination, or retirement of a shareholder. In each of these circumstances, disputes can arise due to the conflicting goals of all the parties involved in the transaction. Resolving these disagreements at the time of transfer can prove costly and time […]

Will Grantor Trusts Become Extinct? by Jeffrey M. Mutnik, CPA/PFS

Posted on October 14, 2021

If and when Congress passes a law reforming the tax code, there is a general expectation that taxes will increase, and some commonly used estate planning strategies will be added to the endangered species list. Among the tools being targeted are irrevocable grantor trusts, which have long enabled grantors to remove appreciating assets from their […]

Properly Titling Trustees’ Signatures Can Protect Their Assets by Jeffrey M. Mutnik, CPA/PFS

Posted on September 24, 2021

When individuals sign legal documents, including personal checks, contracts, tax returns, etc., they generally are not required to add any language explaining who they are. Their names alone satisfy the legal requirements for validating those documents. However, when those people are also officers of corporations or managers of partnerships or LLCs, they usually include their […]

Work Opportunity Tax Credits Can be a Win-Win for Employers Facing Staffing Shortages by Karen A. Lake, CPA

Posted on September 16, 2021 by Karen Lake

Despite a strong economic recovery since the start of the COVID-19 pandemic, businesses of all sizes are struggling to find and hire ample staff to keep up with demand. For some, relief has come by expanding their pool of potential employees to include veterans, ex-felons and other individuals who typically face significant barriers to employment. […]

Your Businesses May Be Missing Out on R&D Tax Credits by Karen A. Lake, CPA

Posted on September 08, 2021 by Karen Lake

The federal research and development (R&D) tax credit is one of the most valuable tax incentives while also being one of the most misunderstood. Contrary to popular belief, eligibility is not limited to businesses that employ scientists, develop cutting-edge products or make groundbreaking discoveries. Rather, it may apply to businesses, large and small, in a […]

Category: Business Owners