Business Owners

What To Do After Filing Your Tax Returns by Tomoko Shoji, CPA/PFS, CFP

Posted on May 10, 2022 by Tomoko Shoji

Congratulations! You filed your tax return (or requested a filing extension) and paid your tax liabilities by the April deadline. However, there are circumstances for which you may need to amend your return and/or attempt to reduce your tax liabilities for the current year. Following are some tips to keep in mind after filing your […]

Podcast – BPB Knows Credits and Incentives

Posted on May 05, 2022 by Karen Lake

In this episode Director of Tax Services Karen Lake shares information about SALT, state and local tax credits, work opportunity tax credits and more.

Business Interest Expense Deductions Become More Restrictive in 2022 by Heath Standorf, CPA

Posted on April 11, 2022 by Heath Standorf

One of the few unfavorable provisions of the Tax Cuts and Jobs Act (TCJA) recently became even more detrimental to certain businesses. Effective Jan. 1, 2022, the amount of net business interest expense (BIE) businesses may deduct from taxable income is further reduced. The results have the potential to increase investment and borrowing costs, making […]

Podcast – BPB Knows Business Valuations

Posted on April 07, 2022 by Scott Bouchner

In this episode Director of Forensic and Advisory Services Scott Bouchner explains business valuations, when they are useful and how to get started.

IRS Updates Tax Reporting Requirements for Carried Interest by Angie Adames, CPA

Posted on April 05, 2022 by Angie Adames

At the end of 2021, the IRS issued new guidance for certain passthrough entities and other taxpayers to use for purposes of reporting applicable partnership interests (API) held in connection with the performance of services, also referred to as “carried interest.” The guidance, provided in the form of frequently asked questions (FAQs), updates final regulations […]

Last-Minute Tips to Cut Your Tax Bill by Jason Morely, CPA/PFS

Posted on March 18, 2022 by Jason Morley

Before filing your 2021 individual tax returns, consider if there is anything else you can do to reduce the taxes you owe Uncle Sam. While your annual tax liability is based primarily on the income you earned and the actions you took before December 31, 2021, you may qualify for a last-minute opportunity to cut […]

Establishing or Challenging Causation Claims with Forensic Experts by Scott M. Bouchner, CMA, CVA, CFE, CIRA

Posted on February 16, 2022 by Scott Bouchner

To recover lost profits or other economic damages in a civil lawsuit, a plaintiff must not only be able to establish liability and show that a defendant perpetrated a wrongful act, but, as the Florida Supreme Court decided in W.W. Gay Mechanical Contractor, Inc. v. Wharfside Two, Ltd., 545 So.2d 1348 (1989), a plaintiff must […]

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 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, […]

Category: Business Owners