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Friday, 22 January

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Accounting for property, plant and equipment assets

Cynthia Petschke

Posted By: Cynthia Petschke

Posted January 22, 2021 / No comments

Businesses and not-for-profit entities capitalize machines, furniture, buildings, and other property, plant and equipment (PPE) assets on their balance sheets. Here’s a refresher on some common questions about how to properly report these long-lived assets under U.S. Generally Accepted Accounting Principles (GAAP). What’s included in book value? PPE is reported on the balance sheet at

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What does a trustee do?

Timothy King

Posted By: Timothy King

Posted January 21, 2021 / No comments

Your estate plan may include several different trusts. The reason is that various types of trusts can accomplish a myriad of estate planning goals. Thus, it’s critical to understand the role of a trustee. The trustee’s duties  The trustee is the person who has legal responsibility for administering the trust on behalf of the interested

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New law provides option to delay implementing the updated CECL standard

Stephen Leazzo

Posted By: Stephen Leazzo

Posted January 8, 2021 / No comments

The Consolidated Appropriations Act (CAA), signed into law on December 27, 2020, includes a variety of economic relief measures. One such measure allows certain banks and credit unions to temporarily postpone implementation of the controversial current expected credit loss (CECL) standard. Here are the details. Updated accounting rules The Financial Accounting Standards Board (FASB) issued Accounting

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Is this the year for a 360-degree performance feedback program?

Robert Tighe

Posted By: Robert Tighe

Posted January 8, 2021 / No comments

More and more employers have established 360-degree performance feedback programs to give themselves a broader perspective on how well employees are performing and interacting. Under this model, an employee is evaluated by not only his or her supervisor, but also direct reports (if applicable), peers — and sometimes even vendors or customers. If you think

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How can your business benefit from the Consolidated Appropriations Act?

Cynthia Petschke

Posted By: Cynthia Petschke

Posted January 7, 2021 / No comments

The Consolidated Appropriations Act of 2021 (CAA) was signed into law in late December. The sprawling legislation contains billions of dollars in additional stimulus funding in response to the COVID-19 pandemic, as well as numerous unrelated provisions. Let’s take a closer look at the provisions that are most likely to affect your company’s bottom line.

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The Consolidated Appropriations Act brings COVID-19 relief (and more) to individuals

Keith Orr

Posted By: Keith Orr

Posted January 5, 2021 / No comments

President Trump signed into law billions of dollars in long-awaited COVID-19 and economic relief. The relief package is part of the nearly 5,600-page Consolidated Appropriations Act (CAA), which also contains numerous other tax, payroll and retirement provisions. Here are some of the provisions most likely to affect individual taxpayers. Recovery rebates The most headline-grabbing component

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The COVID-19 relief law: What’s in it for you?

Timothy King

Posted By: Timothy King

Posted January 5, 2021 / No comments

The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTR). Direct

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Congress passes COVID-19 aid package containing billions in funding and tax breaks

Robert Tighe

Posted By: Robert Tighe

Posted December 23, 2020 / No comments

After months of negotiations in Washington, an agreement has been struck on a new aid package to address the ongoing fallout from the COVID-19 pandemic. The legislation has been passed by both the U.S. House of Representatives and the U.S. Senate, and President Trump is expected to sign it soon. Included in the nearly 5,600-page

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Consider reevaluating your tax plans based on the outcome of the presidential election

Timothy King

Posted By: Timothy King

Posted November 18, 2020 / No comments

Now that Joe Biden has been projected as the winner of the presidential election by major news outlets,* you may wonder if your federal taxes will be affected. President-elect Biden campaigned on a broad agenda, including a pledge to roll back many of President Trump’s tax policies. In response to the Tax Cuts and Jobs

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Health Savings Accounts for your small business

Robert Tighe

Posted By: Robert Tighe

Posted November 16, 2020 / No comments

Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). Or perhaps you already have an HSA. It’s a good time to review how these accounts work since the

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