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October 1, 2021
How does tax depreciation work for business vehicles?

The rules governing depreciation tax deductions for business automobiles are complicated, and vehicles that are classified as passenger autos—such as SUVs and many pickups—fall under special limitations that may result in full depreciation taking longer than expected. Here is a quick guide to some of the rules governing tax depreciation and deductions for business vehicles. […]

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September 28, 2021
The Enhanced Employee Retention Credit – A Tax Solution to Meeting Your Cash-flow Needs

The Newly 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? […]

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September 28, 2021
Audits and Related-Party Accounting Rules

Despite being a normal and sometimes necessary part of operating a business, related-party transactions have developed a bad reputation because they’re sometimes used to disguise poor performance or dishonest activities. Because of this, it’s important for your external audit process to identify related parties and evaluate your interactions with them—especially when market conditions are as […]

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September 24, 2021
This National Small Business Week, Consider These Three Tax Breaks

The Small Business Administration has declared the week of September 13-17 to be National Small Business Week. Here are three tax breaks you should consider as we celebrate small businesses this week. Tax breaks for asset additions Qualified new and used property that is acquired and placed into service by your business this year is […]

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September 23, 2021
Social Distancing and Estate Planning

The need for social distancing is likely to continue as COVID-19 cases surge in many states—and that may cause additional complications when it comes to estate planning. While planning your estate is as important as it’s ever been, putting a plan together and executing critical documents can be a challenge if you’re trying to avoid […]

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September 21, 2021
Best practices for reporting business-related T&E expenses

As the economy reopens, many businesses have started to resume business-related travel and entertainment (T&E) activities—but you should be aware that these expense categories can be vulnerable to incomplete recordkeeping and even fraud. To ensure that reporting is complete, detailed, and accurate, your company will want to implement formal T&E policies. T&E expenses: reporting and […]

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September 17, 2021
Using ATGs to Understand What IRS Auditors Look For in Your Industry

IRS examiners typically prepare for business audits by researching the specific industries and issues that relate to the taxpayer’s return. In carrying out this research, many auditors use “Audit Techniques Guides,” or ATGs. Some ATGs are concerned with issues that are frequently encountered during audits, including executive compensation, capitalization of tangible property, and passive activity […]

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September 16, 2021
Going Private? Consider These Financial Reporting Issues First

Public stock prices are likely to fluctuate in the near future as continuing COVID-19 concerns, mounting inflation, supply shortages, threats of cyberattacks, and geopolitical turmoil continue to unsettle shareholders and disrupt long-term planning. In light of all this, it might not be a bad time to consider escaping the ups and downs by taking your […]

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September 14, 2021
Should You Record the Signing of Your Will?

It’s not uncommon for people to record their will signings on video in order to provide evidence that their wills possess the requisite testamentary capacity. However, while this strategy may be helpful in preventing a will contest in some cases, there’s also a risk that the recording may be used by those who wish to […]

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