Business Owners

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.

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 […]

Hurricane Season Checklist for Business Owners by Kevin McNally, JD

Posted on June 23, 2022 by Kevin McNally

Whether you are a long-time Florida business owner, or you recently relocated your company or staff to the state, it is that time of year when you must begin preparing for hurricane season, which runs annually from June 1 through November 30. The following checklist is intended to help you protect and preserve your assets, […]

Category: Business Owners