2021 is almost over, but there may still be time to reduce your tax liability. These three quick strategies may allow you to reduce your taxes before the end of the year. Accelerate deductions or defer income Some tax deductions, such as the mortgage interest deduction, are claimed for the year of payment. This means…

If you’re considering merging with or acquiring another business, CPA-prepared financial statements may offer useful insight into historical financial results. However, you may also want to think about using an independent quality of earnings (QOE) report. QOE reports look beyond the quantitative information included in the seller’s financial statements and can serve as another valuable…

On November 15, President Biden signed The Infrastructure Investment and Jobs Act. Although the Act doesn’t include many tax provisions, it does make one important change to the Employee Retention Credit (ERC). During the COVID-19 pandemic, many employers used the ERC, a valuable tax credit, to survive the economic downturn. However, the new legislation has…

Managers, investors, and lenders often use performance dashboards, graphs, and other visual aids to make it easier to digest complex financial information. These tools can also be used by auditors during financial statement audits as a way to identify trends and anomalies that need to be looked into further. Data visualization as an auditing tool…

401(k) plans allow employees to accumulate retirement savings on a tax-advantaged basis, and employers may offer them for several reasons, including as an incentive to attract and retain talent. If your employer offers such a plan and you’re thinking about participating, here are a few things to know. A 401(k) plan gives you the option…

Valuation plays an essential role in any well-crafted estate plan. After all, the value of your assets at the time of transfer has a major effect on the tax implications of different estate planning strategies. Many business interests and other assets have had their value impacted by the COVID-19 pandemic, and this may create some…

If your business is depreciating the entire construction cost of the building that houses your operation over a 30-year period, a cost segregation study may be worth considering. Running a cost segregation study could allow your business to reduce taxes and boost cash flow by accelerating depreciation deductions on certain items. And as a result…

Have you or your clients used cryptocurrency?  We’re here to fill you in on IRS enforcement efforts and how investors and companies in the virtual currency industry should address these actions and what they mean for you, including: Risks of not following the rules How is the IRS prioritizing audits and prosecution The IRS’ use of big…

After months of virtual meetings, your business’s employees may be finally resuming travel. If so, your employees can use the IRS’s “per diem” rates to substantiate the amount of expenses for lodging, meals, and incidental expenses while traveling away from home (or use a special transportation industry rate if your company works in the transportation…

If your business is depreciating the entire construction cost of the building that houses your operation over a 30-year period, a cost segregation study may be worth considering. Running a cost segregation study could allow your business to reduce taxes and boost cash flow by accelerating depreciation deductions on certain items. And as a result…

The recently expanded Employee Retention Credit provides immediate cash-flow relief to eligible employers that have been impacted by the COVID-19 pandemic.  Employers can receive as much as $5,000 per impacted employee for 2020 and up to $28,000 per impacted employee for 2021! Wondering what it means for you and how to take advantage of it?…

Many businesses and not-for-profit organizations are still experiencing the adverse effects of the COVID-19 pandemic, but different organizations are affected differently depending on their geographic location and the nature of their operations.  If your organization only prepares its financial statements at the end of the year, you may not have considered how to factor the…