Richard Jones became the new chairman of the Financial Accounting Standards Board (FASB) in December 2020. In early 2021, after meeting with stakeholders, Jones identified a list of projects he intends to prioritize as chairman. The basics The U.S. Generally Accepted Accounting Principles (GAAP) are the set of rules used by many domestic businesses to […]

Fewer estates are now subject to the federal tax, as the federal gift and estate tax exemption has reached an inflation-adjusted $11.7 million for 2021. President Biden has proposed reducing the exemption to $3.5 million, but it’s unclear whether or not the proposal will pass Congress. In the event that no bill is passed, the […]

The housing market is strong right now in many parts of the country. Here’s a quick guide on how to determine your “basis” if you’re buying or selling a home. The basics An itemized deduction for real estate taxes and home mortgage interest can be claimed on your tax return, but many other home ownership […]

Are You Qualified for “Head of Household” Tax Filing Status? One of the following filing statuses must be checked when you file your tax return: Single Married filing jointly Married filing separately Head of household Qualifying widow(er) Filing a return as a head of household is more favorable than filing as single—but who qualifies to […]

Money has been tight for many small businesses during the COVID-19 pandemic—and that can make attracting and retaining skilled workers difficult. As a result, some companies may decide to give valued employees a share of future profits, rather than offering cash bonuses or annual raises. Corporations typically do this in the form of issuing stock […]

While vaccines are rolling out and states are lifting restrictions, businesses across the nation are still feeling Covid’s impact. The good news is there’s still plenty of government funding and tax credits available to help. In this webinar, we will cover: • How to qualify for PPP and EIDL loans that are still available • […]

If you’re considering setting up a retirement plan for yourself and your employees, you may be worried about the administrative burdens and financial commitment required by providing a traditional pension plan. If so, you might want to consider a “simplified employee pension” (SEP) or “savings incentive match plan for employees” (SIMPLE). SEPs are particularly appealing […]

If you inherit an IRA from your spouse, one advantage is that you’re entitled to transfer the inherited funds to a spousal rollover IRA. For tax purposes, this rollover IRA is treated as your own IRA, which means that you aren’t required to start taking required minimum distributions (RMDs) until the age of 72. By […]

The Financial Accounting Standards Board (FASB) updated its accounting standard for events that trigger an impairment test under U.S. Generally Accepted Accounting Principles (GAAP) on March 30. For private companies and not-for-profit entities adversely affected by the COVID-19 pandemic, this new, simplified alternative may provide relief. Here are a few things to know. Options for […]