Subscribe to our Accounting, Tax and Business Insights Newsletter
Our Latest Insights
Pandemic Funding Changes and Opportunities
October 2020 has arrived, and with it not only are there signs of seasons changing, but also continued change in the pandemic funding landscape. It is certainly not time to go into hibernation, or you might miss some of the more recent funding opportunities or the...
Qualified Small Business Stock (QSBS) Exemption
A non-corporate taxpayer generally can exclude up to 100% of gain realized from the sale or exchange of qualified small business stock held more than five years. Sounds interesting, but how do you determine if you are able to take the Qualified Small Business Stock...
Another Shot at Funding
“The Department of Health and Human Services (HHS) has been focused on distributing funding in a way that is fast, fair and transparent,” according to HHS Secretary Alex Azar. Extending the application deadline for the Phase 2 general distribution to Medicaid,...
Dear First Responders and Front Line Workers: We appreciate you!
Our firm would like to thank and acknowledge all first responders and front line workers. We applaud you! For the teams of doctors, nurses, EMTs, firefighters, police, cashiers, trash collectors, waiters, waitresses, postal workers, etc…a VERY BIG THANK YOU!! We want...
Paycheck Protection Program Update: When is the “Right” Time to Ask for Forgiveness?
As the summer nears its close, business owners who were able to take advantage of the Small Business Administration’s (SBA’s) Paycheck Protection Program (PPP) are still grappling with a number of questions and issues. At the forefront of these are determining how...
AICPA Issues Guidance on Accounting for PPP Loans and Related Forgiveness
The AICPA worked with many of its volunteer members and the FASB staff and in June issued “Technical Question and Answer (TQA) 3200.18, Borrower Accounting for a Forgivable Loan Received Under the Small Business Administration Paycheck Protection Program.” This...
Don’t Panic!
Over the past month, many of us, accountant and client alike, have received a notice from the IRS for underpayment of taxes related to a Form 1041 (U.S. Income Tax Return for Estates and Trusts) that was filed electronically with a balance due. If you filed your...
Metrics within a Bonus Plan for a Closely Held Medical Practice
I’d like to start off this article by addressing a few of the conditions we as employees, owners, and citizens are experiencing in our daily lives and our employment situations, and how that relates to this article and the article published in our last newsletter. As...
New Rules for Retirement Plans in 2020
The Coronavirus Aid, Relief and Economic Security (CARES) Act contains provisions that make it easier to withdraw funds in certain tax-advantaged retirement accounts like 401(k)s and traditional Individual Retirement Accounts (IRAs). These temporary changes eliminate...