Business Owners

Tax Tips and Traps when Putting Family Members of the Payroll by Joanie B. Stein, CPA

Posted on December 17, 2019 by Joanie Stein

It is not uncommon for entrepreneurs to go into business with family members or to employ close relatives to work in their companies. In fact, putting family members on your payroll can not only help them earn their own money and gain valuable work experience, but it can also provide business owners with some unique […]

Private Businesses Have More Time to Adopt New Accounting Standards for Leases, Credit Losses by Hector E. Aguililla, CPA

Posted on December 10, 2019 by Hector Aguililla

The Financial Accounting Standards Board (FASB) recently issued ASU 2019-10, extending the deadline for privately held businesses and not-for-profit organizations to comply with new accounting standards for recognizing leases and credit losses. Both standards were introduced in 2016 in an effort to improve financial reporting transparency and to provide readers of financial statements with a […]

Numbers Taxpayers Need to Know for 2020 by Jeffrey M. Mutnik, CPA/PFS

Posted on December 03, 2019 by Jeffrey Mutnik

The IRS recently announced the annual inflation adjustments to various provisions of the tax code for 2020. Taxpayers should consider these changes very carefully as they plan for tax efficiency in 2020 and when they prepare to file their 2020 tax returns in 2021. It is also for taxpayers to keep in mind that these […]

Florida Again Reduces State Sales Tax on Commercial Real Estate Leases in 2020 by Karen A. Lake, CPA, CFST

Posted on November 12, 2019 by Karen Lake

The Florida legislature recently voted to again reduce the sales tax that commercial real estate owners charge and receive from tenants to 5.5 percent in 2020 from its current rate of 5.7 percent. Real property rentals subject to the reduced rate include commercial office space, retail, warehouses and certain self-storage units, excluding storage for motor […]

Business Owners Increasingly Rely on Quality of Earnings Reports to Sell their Companies by Daniel S. Hughes, CPA/CFF/CGMA, CVA

Posted on October 22, 2019 by Daniel Hughes

Business sales, mergers and acquisitions involve a delicate dance between sellers, hoping to receive the maximum amount for their companies, and buyers, who want to ensure that the price they pay aligns with the reality of the business’s current operations and ongoing financial performance. A critical component of a buyer’s due diligence process has been […]

Exit Strategies for Business Owners by Judd Appel, ABV

Posted on October 21, 2019 by Richard Berkowitz

As we enter the final quarter of 2019, savvy business owners are taking the time to review their recent performance and evaluate whether or not their existing strategies will serve them in the year ahead. For many business owners, this assessment will result in changes to current plans and prompt them to expedite the timing […]

Is it Time for your Business to Purchase Lease Accounting Software? by Whitney Schiffer, CPA

Posted on October 16, 2019 by Whitney Schiffer

Private companies and nonprofit organization struggling to adopt the new lease accounting standard (ASC 842) are getting a reprieve from the Financial Accounting Standards Board, which voted to delay the effective date of compliance by one year to Jan. 1, 2021. Affected entities should use the additional time to consider how they can more effectively […]

The Challenge of Selecting a Trustee Who Will Carry Out Your Legacy by Richard A. Berkowitz, JD, CPA

Posted on October 10, 2019 by Richard Berkowitz

Naming a trustee to manage your assets and ensure your heirs are provided for in the same manner as you would have if you were alive is one of the most important decisions you will make when creating your estate plan. Unfortunately, it is also the one decision that fails to receive the attention and […]

How Can Small Business Owners Qualify for a Home Office Deduction? by Adam Cohen, CPA

Posted on September 18, 2019 by Adam Cohen

Small-business owners who use a portion of their homes regularly and exclusively for business purposes may qualify for a home office deduction that can help them save money of their taxes and improve their bottom line. For purposes of claiming this deduction, a home is defined as a house, apartment, condominium, mobile home, boat or […]

What is Representations and Warranties Insurance? by Daniel S. Hughes, CPA/CFF, CGMA, CVA; and Mike Kaczka, CPA/CFF, CFE

Posted on September 12, 2019 by Daniel Hughes

Representations and warranties insurance (RWI) is becoming an increasingly common and required tool to expedite M&A transactions, bridge gaps in deal negotiations and reduce buyers’ and sellers’ risks of financial losses after deals close. At the most basic level, representations are the assertions sellers make about their companies, those entities’ financial positions and past and […]

Category: Business Owners