Look to the future with a QOE report
Posted November 19, 2021 / No comments
Are you thinking about merging with or acquiring a business? CPA-prepared financial statements can provide valuable insight into historical financial results. But an independent quality of earnings (QOE) report can be another valuable tool in the due diligence process. It looks beyond the quantitative information provided by the seller’s financial statements. These reports can help
Read MoreDon’t forget to factor 2022 cost-of-living adjustments into your year-end tax planning
Posted November 16, 2021 / No comments
The IRS recently issued its 2022 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, mainly due to the COVID-19 pandemic, many amounts increased considerably over 2021 amounts. As you implement 2021 year-end tax planning strategies, be sure to take these 2022 adjustments into account. Also, keep in mind that,
Read MoreBusinesses must navigate year-end tax planning with new tax laws potentially on the horizon
Posted November 11, 2021 / No comments
The end of the tax year is fast approaching for many businesses, but their ability to engage in traditional year-end planning may be hampered by the specter of looming tax legislation. The budget reconciliation bill, dubbed the Build Back Better Act (BBBA), is likely to include provisions affecting the taxation of businesses — although its
Read MoreThe Infrastructure Investment and Jobs Act includes tax-related provisions you’ll want to know about
Posted November 10, 2021 / No comments
Almost three months after it passed the U.S. Senate, the U.S. House of Representatives has passed the Infrastructure Investment and Jobs Act (IIJA), better known as the bipartisan infrastructure bill. While the bulk of the law is directed toward massive investment in infrastructure projects across the country, a handful of noteworthy tax provisions are tucked
Read MorePotential tax law changes hang over year-end tax planning for individuals
Posted November 10, 2021 / No comments
As if another year of the COVID-19 pandemic wasn’t enough to produce an unusual landscape for year-end tax planning, Congress continues to negotiate the budget reconciliation bill. The proposed Build Back Better Act (BBBA) is certain to include some significant tax provisions, but much uncertainty remains about their impact. While we wait to see which
Read MoreDebate continues in Congress over proposed tax changes
Posted October 19, 2021 / No comments
Negotiations continue in Washington, D.C., over the future of President Biden’s agenda. Tax law changes may be ahead under two proposed laws, the Build Back Better Act (BBBA) and the Bipartisan Infrastructure Bill (BIB), also known as the Infrastructure Investment and Jobs Act. The final provisions remain to be seen, but the BBBA and, to
Read MoreDisasters and your taxes: What you need to know
Posted September 17, 2021 / No comments
Homeowners and businesses across the country have experienced weather-related disasters in recent months. From hurricanes, tornadoes and other severe storms to the wildfires again raging in the West, natural disasters have led to significant losses for a wide swath of taxpayers. If you’re among them, you may qualify for a federal income tax deduction, as
Read MoreIRS issues ERC guidance as Congress mulls early termination
Posted August 10, 2021 / No comments
The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to encourage employers to keep their workforces intact during the COVID-19 pandemic. Notice 2021-49 addresses various issues, particularly those related to the extension of the credit through 2021 by the American Rescue Plan Act (ARPA). The
Read MoreSBA streamlines forgiveness for smaller PPP loans
Posted August 9, 2021 / No comments
The Small Business Administration (SBA) has released new guidance intended to expedite the forgiveness process for certain borrowers under the Paycheck Protection Program (PPP). The simplified process generally is available for loans of $150,000 or less, which the SBA reports account for 93% of outstanding PPP loans. The guidance comes at a time when many
Read MoreWinning the cat-and-mouse game of job interview questions
Posted July 23, 2021 / No comments
In many industries, the job interview process has become a game of cat and mouse. Books and websites are filled with tips for applicants on how to best answer common questions. Type the phrase “answers to job interview questions” into a search engine and you’ll instantly receive millions of results. That means job candidates (the
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