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Did you make donations in 2020? There’s still time to get substantiation

Timothy King

Posted By: Timothy King

Posted February 27, 2021 / No comments

If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2020 income tax return? It depends. What is required To support a charitable

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What are the tax implications of buying or selling a business?

Keith Orr

Posted By: Keith Orr

Posted February 26, 2021 / No comments

Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering buying or selling another business, it’s important to understand the tax implications. Two ways to arrange a deal Under current tax law,

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PPP revisions target smallest businesses

Robert Tighe

Posted By: Robert Tighe

Posted February 25, 2021 / No comments

The Biden administration has announced several reforms to the popular Paycheck Protection Program (PPP) to bring greater relief to the smallest and most vulnerable businesses. Among other things, the administration is imposing a two-week moratorium on loans to companies with 20 or more employees and focusing on smaller businesses. It’s also changing several program rules

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Now or later: When’s the right time to transfer your wealth?

Keith Orr

Posted By: Keith Orr

Posted February 11, 2021 / No comments

To gift or not to gift? It’s a deceptively complex question. The temporary doubling of the federal gift and estate tax exemption — to an inflation-adjusted $11.7 million in 2021 — is viewed by some people as a “use it or lose it” proposition. In other words, you should make gifts now to take advantage

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2021 tax calendar

Robert Tighe

Posted By: Robert Tighe

Posted February 3, 2021 / No comments

To help you make sure you don’t miss any important 2021 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Date Deadline for  February 1

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The power of the tax credit for buying an electric vehicle

Timothy King

Posted By: Timothy King

Posted February 2, 2021 / No comments

Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you buy one, you may be eligible for a federal tax break. The tax code provides a credit to purchasers of qualifying plug-in electric drive motor vehicles including passenger vehicles

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Updated guidance on the employee payroll tax deferral

Cynthia Petschke

Posted By: Cynthia Petschke

Posted January 29, 2021 / No comments

In late January, the IRS updated Notice 2020-65. It provides guidance regarding an executive memorandum signed last summer that allowed employers to defer the withholding, deposit and payment of certain payroll tax obligations in 2020. The update reflects the changed deferral rules contained in the Consolidated Appropriations Act (CAA). A brief history On August 8, 2020, a

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Footnote disclosures: The story behind the numbers

Stephen Leazzo

Posted By: Stephen Leazzo

Posted January 29, 2021 / No comments

The footnotes to your company’s financial statements give investors and lenders insight into account balances, accounting practices and potential risk factors — knowledge that’s vital to making well-informed business and investment decisions. Here are four important issues that you should cover in your footnote disclosures. 1. Unreported or contingent liabilities A company’s balance sheet might

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IRS issues final regs on ICHRAs

Keith Orr

Posted By: Keith Orr

Posted January 22, 2021 / No comments

In mid-January, the IRS issued final regulations that clarify the application of employer shared responsibility provisions under the Affordable Care Act (ACA), as well as nondiscrimination rules, to Health Reimbursement Arrangements (HRAs). The regs also address Individual Coverage Health Reimbursement Arrangements (ICHRAs). These accounts allow employers to make tax-deductible contributions to reimburse employees for part

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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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