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April 12, 2021
In the Market for a Business Vehicle? A Heavy SUV Might Be the Right Choice

If you’re thinking about buying or replacing a vehicle for use in your business, you may want to consider choosing a heavy sport utility vehicle (SUV)—these vehicles might allow you to benefit from lucrative tax rules. 100% first-year bonus depreciation Under current law, new and pre-owned heavy SUVs, vans and pickups that are acquired and […]

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April 9, 2021
Improving Your Audit Committee’s Effectiveness: Four Approaches

As the economy recovers from the COVID-19 pandemic in 2021, audit committees are faced with new challenges in their oversight roles and responsibilities. The following four steps can help to ensure your committee’s effectiveness. 1. Focus your audit on the basics As you finish with financial reporting for fiscal year 2020, it’s worth revisiting your […]

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April 8, 2021
Making Sure Your Revocable Living Trust Is Properly Funded

To complement a will, many people choose to transfer specific securities to a revocable living trust. Assets transferred to the trust generally aren’t required to go through the time-consuming and expensive probate process. In addition, they can be managed by professionals and are usually protected from creditors. Used correctly, a living trust helps to ensure […]

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April 6, 2021
Health Care Benefits and COVID Deadline Extensions: An Update

The EBSA Disaster Relief Notice 2021-01, recently issued by the U.S. Department of Labor (DOL), clarifies the duration of certain COVID-19-related deadline extensions. As these deadline extensions apply to health care benefits plans, they should be of interest to employers. Deadline extensions will continue The COVID-19 outbreak period is defined as beginning March 1, 2020, […]

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April 2, 2021
Gift Tax Returns

As tax-filing season rolls around, you’re probably focused on your income or business tax returns—however, there’s also another type of return you may have to file. If you’ve made substantial gifts of wealth to family members in 2020, you may also need to file a gift tax return. How to file a gift tax return […]

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March 31, 2021
Assessing Cyber Risks During an Audit

Data security is an important piece of the audit risk assessment. In the case that your financial statements are audited, your audit team will specifically investigate critical cyber risks and your internal controls’ effectiveness, and will assess your practices to identify any weaknesses that might require additional inquiry, testing and disclosure. Making cybersecurity a priority […]

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March 29, 2021
Choosing an Entity for Your Business: Is an S corporation the Right Choice for You?

If you’re considering launching a business with partners, you may be wondering what type of entity to form—and an S corporation could be the most suitable form for your new business to take. Here are a few of the reasons why. The biggest advantage of forming an S corporation (as opposed to a partnership) is […]

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March 26, 2021
The New American Rescue Plan Act: Implications for Businesses

On March 11, President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) into law—and while relief provided to individuals is perhaps the best known part of the ARPA, there are also several financial benefits and tax breaks and for businesses. Here are a few of the tax implications of the ARPA. Extension of […]

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March 24, 2021
The Statement of Cash Flows: A Breakdown

The statement of cash flows might be the most underappreciated and misunderstood piece of a company’s annual report—in essence, the statement of cash flows informs you of cash entering and leaving a business. This can be important information, since even a business that reports positive net income on its statements might not have enough cash […]

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