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.
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.
8 Tips for Filing an Amended Tax Return
You filed your taxes, but there is a mistake or perhaps a missed opportunity. What now? It’s time to file an amended tax return. Here are some key rules and other items to keep in mind.
Where Did the Auditors Go? A Guide to the Remote Audit
Decluttering Your Business Records? Here’s a Guide for Doing So Safely.
Want to Declutter? Here’s What to Keep, What to Toss—and When
How Credit Unions Should Prepare for the End of LIBOR (and Get Ready for SOFR)
The 80-120 Rule, and How It Affects Your Annual 401(k) Plan Reporting
How to Prepare for a Financial Statement Audit
9 proven ways to keep your audit interruptions — and fees — to a minimum.
Where’s My Refund?
SBA gives clarity on Paycheck Protection Program Eligibility
Allowance for Loan Losses in the COVID-19 Environment