Category: Business Owners

Business Owners

Exposing Financial Statement Fraud by Richard Pollack, CPA


Posted on August 17, 2021 by Richard Pollack

It has been almost 20 years to the day that one of the country’s largest publicly traded companies filed for bankruptcy protection amid what continues to be cited as one of the largest accounting frauds in history. However, since the collapse of Enron and subsequent enactment of legislation to prevent similar scandals, corporate fraud and […]

Mega Backdoor Roths Can Help 401(k) Participants Supersize Retirement Savings by Jeffrey M. Mutnik, CPA/PFS


Posted on August 13, 2021 by Jeffrey Mutnik

Employer-sponsored 401(k) plans are excellent vehicles for individuals to save for retirement during their prime earning years. Annual contributions made today with pretax dollars grow tax-deferred until you reach retirement age, when the distributions you take are treated as taxable ordinary income. However, even if you are diligent and contribute the maximum allowable amount to […]

Good Tax Planning Starts with Good Recordkeeping by Rick D. Bazzani, CPA


Posted on August 02, 2021 by Rick Bazzani

It is not uncommon to blindly toss documents received throughout the year into a drawer, never to be seen again until it comes time to file your tax returns. This process, however, is not ideal for year-round tax planning, which is critical for tax efficiency and wealth preservation. Instead, take the time now to establish […]

Commercial Real Estate Owners Have a Limited Time to Appeal their 2021 Property Tax Assessments by John G. Ebenger, CPA


Posted on July 26, 2021 by John Ebenger

Commercial property owners in Florida will soon receive Truth in Millage (TRIM) notices indicating the county’s appraised market value of their real estate and the estimated property taxes they can expect to pay for the year. Although it is not uncommon for landlords and developers to ignore these estimates in anticipation of receiving a final […]

Why 2021 May be a Good Year for Businesses to Buy Aircraft by Angie Adames, CPA


Posted on July 22, 2021 by Angie Adames

It’s no wonder that the commercial air travel restrictions and individual concerns over personal safety during the COVID-19 pandemic spurred a global increase in private jet sales. According to market intelligence firm JetNet, sales and leases of pre-owned aircraft during the first four months of 2021 were up 32 percent over the same period in […]

Detecting Fraud in Bankruptcy Proceedings by Richard A. Pollack, CPA


Posted on July 20, 2021 by Richard Pollack

According to the Administrative Office of the U.S. Courts, the total number of bankruptcy filings in 2020 decreased nearly 30 percent from the prior year, despite the impact of the COVID-19 pandemic. By contrast, the total number of Chapter 11 reorganization filings during the same period increased 18.7 percent from 2019, while the number of […]

The Rules Employers Must Know for Reimbursing Remote Workers by Adam Cohen, CPA


Posted on July 15, 2021 by Adam Cohen

Whether employers welcome staff back to their offices or allow the continuation of remote-work arrangements, they must be prepared to address a myriad of tax issues, including employee expense reimbursement requirements. Generally, employees are not entitled to reimbursements for commuting expenses they incur for travel between their homes and their offices or other primary places […]

When Can Business Owners Deduct Travel Expenses? by Angie Adames, CPA


Posted on June 29, 2021 by Angie Adames

There is a very fine line between business and pleasure when it comes to how the IRS treats business-travel expenses, including airfare, meals and lodging. In general, some or all of these costs may be deductible only when they are deemed reasonable, necessary and directly attributed to the taxpayer’s active conduct of a trade or […]

Employer Tax Credits for Paid Sick and Family Leave Extends to Vaccines by Joanie Stein, CPA


Posted on June 21, 2021 by Joanie Stein

The IRS issued important guidance concerning an expansion of the COVID-19-related paid sick and family leave tax credits available to employers under the American Rescue Plan (ARP) enacted earlier this year. Background Congress introduced the emergency paid sick leave and family and medical leave programs in 2020 as part of the Families First Coronavirus Response […]