To help you make sure you do not miss any important 2021 deadlines, we have provided this summary of when various tax-related forms, payments, and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines...
Businesses and non-profit entities capitalize machines, furniture, buildings, and other property, plant, and equipment (PPE) assets on their balance sheets. Here is a refresher on some common questions about how to properly report these long-lived assets under U.S. Generally Accepted Accounting Principles (GAAP). What is included...
In mid-January, the IRS issued final regulations that clarify the application of employer shared responsibility provisions under the Affordable Care Act (ACA), as well as nondiscrimination rules, to Health Reimbursement Arrangements (HRAs). The regulations also address Individual Coverage Health Reimbursement Arrangements (ICHRAs). These accounts allow employers...
Your estate plan may include several different trusts. The reason is that various types of trusts can accomplish a myriad of estate planning goals. Thus, it is critical to understand the role of a trustee. The Trustee’s Duties The trustee is the person who has legal responsibility...
Most non-profit organizations collect vast volumes of data. But according to a study conducted by EveryAction and Nonprofit Hub, only 40 percent of non-profits regularly use that data to drive decisions. The majority of organizations that do not analyze and apply data say they lack...
A new year has arrived and, with it, a fresh 12 months of opportunities to communicate with customers and prospects. Like every year, 2021 brings distinctive marketing trends to the table. The COVID-19 pandemic and resulting economic challenges continue to drive the conversation in most...
The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that was enacted late in December). Even if you typically do not file until much closer...
The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you are fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may wonder about the tax...
Many startup companies require access to large sums of investment capital to take on well-established competitors. The need to raise such funding may encourage a startup’s founder to paint an overly optimistic picture of the business and exaggerate its ability to succeed. In some extreme...
Auditing standards require a year-end risk assessment. One potential source of risk may be a small business’ reliance on the owner and other critical members of its management team. If a so-called ‘key person’ unexpectedly becomes incapacitated or dies, it could disrupt day-to-day operations, alarm...