INSIGHTS
We See Things Differently
When we’re not addressing clients’ needs for business and financial advisory, assurance or tax matters, we’re researching, learning and thinking about related subjects. Check out some of our thinking on a broad variety of topics that may impact your organization. And if you’d like to learn more about any of these topics, we’re always happy to talk.
What to Ask Yourself When Considering a Merger or Acquisition
As we begin to see the light at the end of the pandemic, the economic landscape looks vastly different for small businesses than it did prior to COVID-19. If you are looking toward the future for opportunities to grow, you may be considering an acquisition or merger. It is one less competitor and quick growth, after all. Here are some things you need to consider when contemplating a merger or acquisition.
Will We Ever Get Back to the Old Normal?
Vaccines are rolling out to the general population nationwide, and there is one question on everyone's mind. Will we ever get back to normal, the old normal before COVID-19 turned our world upside down? Here is what you should really be asking and considering.
Who's Responsible for What During the Audit Process? Boards of Directors, Managing Agents, and Auditors Each Have Roles to Play
The audit process is very complicated, with various parties responsible for specific actions. It is crucial to understand what you are responsible for and understand what it all means. Having this understanding allows you to make informed decisions and to be as engaged in the audit process as you need to be. Here is who is responsible for what during the audit process.
Is An Audit Required For My Non-Profit Organization?
Paycheck Protection Program (PPP) Loan Program Officially Extended 60 Days
It's official. The PPP Loan Program has been extended to May 31, 2021.
The Economic Injury Disaster Loans (EIDL) Program Is Expanding In A Big Way
In April, the Economic Injury Disaster Loans (EIDL) Program is increasing. Here is what is happening.
Why Keeping Board Meeting Minutes Is So Important
Good minutes from Board of Director meetings keep the organization on track and moving forward with the mission. But minutes don’t just contain essential information for your organization, but for your future audit as well. Here’s the best way to take minutes and why keeping good minutes will pay off.
Great American Rescue Plan Signed into Law
News broke on March 11, 2021, that Biden’s American Rescue Plan Act of 2021 had been signed into law, sending $1.9 trillion in Coronavirus relief to individual Americans and small businesses. Here’s what you need to know about the new bill and how it will affect you and your business.
The Third Round of COVID-19 Relief Passed the Senate. Now What?
Key Points from Biden’s American Rescue Plan
President Joe Biden recently laid out a $1.9 trillion emergency relief plan called the American Rescue Plan. The plan provides resources for fighting the pandemic along with economic relief. Here’s how this proposed plan could impact you.
5 tips for safe intrafamily loans
If a relative needs financial help, offering an intrafamily loan might seem like a good idea. But if not properly executed, such loans can carry negative tax consequences. This article presents five simple steps that would-be lenders should consider before making such an arrangement.
Rolling over capital gains into a qualified opportunity fund
Anyone selling a business interest, real estate or other highly appreciated property could get hit with a substantial capital gains tax bill. One way to soften the blow—though it ties up the funds long term—is to “roll over” the gain into a qualified opportunity fund (QOF). This article explains how QOFs work and their potential benefits.
How to avoid tax scams
Scam artists seem to come out of the woodwork when there’s money involved—and taxes are no exception. Fortunately, by becoming familiar with common tax scams and understanding what the IRS will and won’t do, it’s easy to avoid them. This article explores several tax frauds and explains how taxpayers should act if they feel they’ve been the target of one.
When 15-year depreciation for QIP might be better than 100% bonus depreciation
Earlier this year, Congress finally passed legislation that corrects a drafting error related to real estate qualified improvement property (QIP). The correction is part of the CARES Act. It retroactively allows real property owners to depreciate QIP faster than before, either 100% the year the QIP is placed in service or over a 15-year period. This article explains the change and discusses why, though 100% bonus depreciation might sound a lot better, in some cases 15-year depreciation will provide more tax savings in the long run.
Is a Roth IRA conversion right for you this year?
The COVID-19 pandemic has been causing havoc in the global markets and the U.S. economy. In these uncertain times, it’s important to stay on top of your financial status, including taking measures to protect your retirement nest egg over the long term. This article discusses what to consider when determining whether a Roth IRA conversion makes financial sense.
Make Sure Staff Get the Right CPE
Answers to the Top 9 PPP Loan Forgiveness Questions
Are PPP loan forgiveness applications due on 11/30? Answers to this and all other PPP Loan Forgiveness questions, keeping you up at night.