With the April 18th tax deadline just behind us, it’s timely to note that filing a return is not the end of the story for taxpayers who have “their number” called for an IRS examination. While in recent years there has been a severe staffing shortage at the IRS, followed by the...
Read MoreHow an entity’s financial statements are presented is often governed by bank documents or investor agreements, leaving owners of real estate firms without much of a choice in the matter. However, in some instances, you may have a choice between using income tax basis or GAAP to present your...
Read MoreProperly classifying workers as employees or independent contractors has always been a recurring tax issue for many business owners, but it’s likely even more important in our current environment. With a tight labor market forcing many businesses to use independent contractors to address...
Read MoreThe help of the trusted business adviser has never been more in demand than it is today. From sorting through the multitude of government financial incentives (think: paycheck protection program, employee retention tax credits and a host of others) and complying with government health mandates...
Read MorePartnerships and S Corporations with certain foreign activity or foreign owners may have a surprise in their returns this year — in the form of additional reporting via Schedules K-2 (Partners’ Distribute Share Items – International) and K-3 (Partner’s Share of Income...
Read MoreThe IRS recently released a memo outlining new informational requirements for amended tax returns claiming a Research and Development (R&D) tax credit, effective January 10, 2022. Depending on the specifics of your business, the impact could be minor or extremely time consuming. ...
Read MoreIf you received extra money from the IRS in 2021 in the form of the advance child tax credit payment or the third round of Economic Impact Payments (stimulus payments), you will soon receive a letter from the IRS, if you haven’t already. The letters began mailing out in late December 2021...
Read MoreThe Infrastructure Investment and Jobs Act ended the employee retention credit (ERC) for periods after September 30, 2021, except for recovery startup businesses. As the ERC had previously been extended through 2021, employers may have already requested advanced payments or reduced payroll...
Read MoreDoes your organization have leases to account for under ASC 842, otherwise known as the new lease standard? Will the standard impact your debt covenants? What’s the best way to transition from ASC 840? Do you know what information to extract from your lease agreements to be compliant?These...
Read MoreEarlier this year, Ohio passed its 2022-2023 operating budget. The legislation not only renewed the Ohio Opportunity Zone (OZ) Tax Credit, retaining the previous fiscal biennium limit of $50 million in tax credits to be issued, but it also doubled the amount a single application can claim —...
Read MoreTalk about being thankful. We had more than 350 clients and friends register for our annual fall CPE day — undaunted by the virtual format we presented in again this year. We are always truly happy to put together this day, no matter the format, to help educate clients on what they need to...
Read MoreAs we continue to navigate a challenging environment, one certainty remains: year-end tax planning is upon us. Now is the time to look back on your business performance, successes and challenges to determine how you can use those to best optimize your tax position for 2021 — while keeping a...
Read MoreYour acquisition has deferred revenue, which you know how to treat. But guess what? The accounting rules have changed! Earlier this year, we posted a blog about where deferred revenue “goes” during an acquisition, focusing on the complex process of writing down that revenue as...
Read MoreIn the final installment of our series on leases, we offer lessees insights into the process of transitioning from ASC 840 to ASC 842 — focusing on available transition methods, practical expedients and policy elections.As the January 1, 2022, effective date for calendar year private...
Read MoreAlmost every industry is facing a labor shortage that is restricting businesses’ ability to grow. While employee engagement strategies can help attract and retain key talent, technology to help digitize your close often offers an impactful solution to overcome the labor gap.Finance leaders...
Read MoreIn the fourth installment of our series on leases, we look at the tax impact of the new standard.Tax law did not change as a result of the new leases standard, and for tax purposes leases will continue to be a true tax or non-tax lease. However, as with most changes to GAAP, there is potential...
Read MoreYou recently sold your company. Your advisers have been paid, you’ve taken a long overdue vacation and the burdens of deal-making are behind you. Then, surprise! The buyer is claiming you have to “give back” a million dollars of the proceeds from the sale because the assets of...
Read MoreIn the third installment of our series on leases, we take a different perspective on the topic, focusing on the changes lessors face upon implementation of the new standard.After years of anticipation, we are finally on the doorstep of the adoption of ASC 842, Leases. For most private companies...
Read MoreThis year’s 2021 Virtual Summer CPE Series was another great way for us to reach out and help our private company clients stay on top of important issues for their businesses. We are grateful for everyone who joined us over the past couple of months, giving us the chance to speak and answer...
Read MoreWhen is the last time you took a careful look at the treasury department of your business? How are you saving money and creating efficiencies while managing the lifeblood of your business: your cash? In this installment of our series on treasury and risk management best practices, explore the...
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