The One Big Beautiful Bill Act (OBBBA) will have widespread impact for almost every taxpayer. Visit our OBBBA Resource Center regularly for continuing updates and guidance on the tax impact of this legislation to you and your industry.
Learn MoreCOVID-19 has changed risk considerations and the way audit planning is conducted. But many smaller businesses issue reviewed, not audited, financial statements. If you are one of those companies, below are some changes you might expect as your accountants conduct year-end review...
Read MoreDespite hopes that COVID-19 would be behind us as the calendar turned to a new year, Qualified Opportunity Zone (QOZ) participants, like many others, are still grappling with the pandemic’s effects. In response, the U.S. Treasury released Notice 2021-10 on January 19, providing much needed relief by...
Read MoreThe pace and intricacies of regulatory change in the investment industry are, at times, nothing short of overwhelming. Yet, organizations in this space need to have a clear understanding of evolving regulations, their timing and overall impact. To help you stay up to date, below is Cohen & Co’s...
Read MoreNow that the holiday season is behind us, it’s time to make some progress on those New Year’s resolutions to improve your control over your personal finances. This article is the first in a three part series focused on saving for college through 529 plans. Most are familiar with these tax-favored...
Read MoreAs the COVID-19 pandemic continues, many businesses have seen their open receivables accounts swell. As you make tough decisions around writing off receivables, it is important to also consider the state sales tax and gross receipts tax implications. Many state taxing authorities allow for a bad...
Read MoreOn January 5, 2021, the Department of the Treasury released new final regulations pertaining to the deductibility of business interest expense under IRC Section 163(j). These regulations supplant proposed regulations issued in November 2018 and July 2020, and supplement final and proposed...
Read MoreDue to the COVID-19 crisis, many companies expect to report higher-than-normal write-offs of accounts receivable (A/R) in 2020 and possibly beyond. As year-end approaches, businesses need to review their A/R ledgers for stale, uncollectible accounts that should be written off and consider whether...
Read MoreForm 1099-NEC is a new 2020 tax form most businesses will need to file by January 31, 2021. Used to report nonemployee compensation paid during 2020, the new form replaces the 1099-MISC previously used to report these payments. What Type of Payments Can You Report on Form 1099-NEC? Form...
Read MoreMany private companies are struggling with how to apply the goodwill impairment model in today’s uncertain, volatile conditions. And although the Financial Accounting Standards Board (FASB) has changed and simplified the accounting model for goodwill several times over the past decade, confusion...
Read MoreRecent trends in the cryptocurrency marketplace have indicated an increased interest in activities connected with Proof of Stake (PoS) cryptocurrencies, whether used with the intent of receiving regular income from PoS rewards or engaging in other income generating activities in a decentralized...
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