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December 17, 2021
Three Year-End Strategies for Cutting Your 2021 Tax Bill

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 […]

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December 14, 2021
QOE Reports: A Glimpse into the Future

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 […]

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December 13, 2021
Under the Infrastructure Investment and Jobs Act, The Employee Retention Credit Is Terminated Early

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 […]

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December 7, 2021
How Data Visualization Can Improve Your Company’s Auditing

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 […]

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December 2, 2021
Does Your Employer Offer a 401(k) Plan? Here’s What You Need to Know

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 […]

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November 29, 2021
Asset Valuation: Opportunities and Challenges of the COVID-19 Pandemic

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 […]

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November 24, 2021
How a Cost Segregation Study Can Help Your Business Save on Depreciation

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 […]

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November 9, 2021
The IRS is Coming for You: Taxing Cryptocurrency Transactions

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 […]

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November 4, 2021
On October First, New Per Diem Rates Became Effective for Business Travel

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 […]

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