Category: Business Owners

Business Owners

401(k) Plan Sponsors Get More Time to Adopt Amendments by Melissa Fleitas, CPA


Posted on September 20, 2022 by Melissa Fleitas

Under recent guidance issued by the IRS, retirement plans, including 401(k)s, certain 403(b) plans and individual retirement accounts (IRAs), have additional time to adopt required amendments incorporating new legislation introduced in 2019 and 2020. The new deadline for non-governmental calendar-year plans to adopt these amendments has been postponed from December 31, 2022, to December 31, […]

What Constitutes Best Evidence to Support Claims of Economic Damages? by Scott Bouchner, CMA, CVA, CFE, CIRA


Posted on September 07, 2022 by Scott Bouchner

In cases involving economic damages, attorneys have an obligation to prove lost profits with “reasonable certainty” based on the use of “best evidence.” Considering that the courts have not agreed on one universally accepted standard for defining “best evidence,” such decisions inevitably rely on the facts and circumstances of each individual case. As a result, […]

There’s Still Time for Businesses to Claim Employee Retention Tax Credits by Andrew Leonard, CPA


Posted on August 19, 2022 by Andrew Leonard

Although it has been two years since Congress introduced the Employee Retention Tax Credit (ERC) to help businesses and non-profits keep workers employed through the COVID-19 pandemic, many qualifying entities failed to claim the credits on their 2020 and 2021 tax returns. The good news is there’s still time for employers to request a retroactive […]

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.

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 […]