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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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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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