Business Owners

Do You Need a Construction Overrun Investigation? by Joel Glick, CPA/CFF, CFE, CGMA

Posted on August 17, 2022 by Joel Glick

While construction cranes continue to dot the skylines of cities across the world, the construction industry is facing a challenging time. Soaring demand for projects are being hampered by rising costs of construction materials, delivery delays due to supply chain disruptions and a shortage of skilled laborers. In this environment, real estate developers, building owners […]

UPDATED – What Does the Inflation Reduction Act Mean to Taxpayers? by Richard Cabrera, JD, LLM, CPA

Posted on August 12, 2022 by Richard Cabrera

The Inflation Reduction Act signed into law on Aug. 16, 2022, represents an investment of more than $430 billion in new federal spending to combat climate change, reduce consumers’ healthcare costs and lower the deficit. To help raise the revenue required to accomplish these goals, the bill includes a package of tax reforms impacting consumers […]

UPDATED – Carried Interest Deduction Remains Intact Under New Law by John G. Ebenger, CPA

Posted on August 10, 2022 by John Ebenger

The sweeping Inflation Reduction Act approved by Congress and signed into law on Aug. 16, 2022, did not include any of the previously proposed restrictions to the beneficial tax treatment of carried interest typically paid to general partners, fund managers or others in connection with their performance. Consequently, qualifying taxpayers may continue to treat carried […]

Podcast – BPB Knows 401K Plan Audits

Posted on August 04, 2022 by Melissa Fleitas

In this episode Associate Director of Assurance and Advisory Services Melissa Fleitas shares what plan sponsors need to know about required reporting of 401(k) plans and employee benefits programs.

New York Businesses May Qualify for COVID-19 Capital Costs Tax Credit Program by Luke Lucas, CPA

Posted on July 20, 2022 by Luke Lucas

Included in New York’s 2022-2023 budget is a $250 million COVID-19 Capital Costs Tax Credit Program, offering financial assistance to help the state’s small businesses cover some of the operating costs they incurred adapting to the pandemic. The assistance comes in the form of tax credits equal to 50 percent of qualifying expenses and up […]

Avoiding Usury Traps in Business Lending Arrangements by Joel Glick, CPA/CFF, CFE

Posted on July 12, 2022 by Joel Glick

There are a variety of economic and non-economic factors that can negatively impact cash flows for businesses of all sizes across various industries. Currently, the ongoing labor and supply-chain constraints coupled with record-high inflation and rising interest rates are making it more difficult for businesses to cover their operating costs and maintain profitability. While there […]

How to Survive an IRS Audit by Andreea Cioara, CPA

Posted on July 08, 2022 by Andreea Cioara

The thought of an IRS audit can strike fear and loathing in any law-abiding U.S. taxpayer. As the recipient of an examination notice from the IRS, it is the taxpayer who shoulders the responsibility to prove that previously filed tax returns were both complete and accurate. This burden of proof does not lie with the […]

Employer Benefit Plan Sponsors Face New Audit Requirements by Melissa Fleitas, CPA

Posted on June 27, 2022 by Melissa Fleitas

The July 31 deadline for businesses to file annual employee benefit plan returns (or request a two and a half month filing extension) is right around the corner. While all employers offering defined contribution plans will find a few changes to the information reporting requirements found on IRS Form 5500, those with 100 or more […]

Podcast – BPB Knows SOC Reporting

Posted on June 02, 2022

In this episode Director of Consulting Services Steve Nouss explains the various types of SOC reports. Companies that have their processes reviewed under SOC standards give peace of mind to vendors and customers.

3 Ways Real Estate Investors Can Avoid the Passive Activity Loss Limitations Rules by Angie Adames, CPA

Posted on June 01, 2022 by Angie Adames

One of the most basic tenets of tax efficiency is tax-loss harvesting, or the practice of selling underperforming investments and creating a capital loss that you can then use to offset capital gains and ultimately reduce the amount of income subject to tax. Despite the simplicity of this concept, there is a myriad of complexities […]

Category: Business Owners