Debt restructuring is one way that banks assist borrowers who are experiencing financial difficulty. Troubled debt restructurings (or TDRs) are traditionally subject to a complicated set of accounting rules. Recently, however, the Financial Accounting Standards Board (or FASB) confirmed that short-term modifications to a loan that result from a borrower experiencing COVID-19 related financial difficulties […]

If you’re considering moving out of NYC in order to maximize your assets and plan for your financial succession, you’ll want to start planning early to get the full benefit. In this webinar, we’ll cover the overall financial logistics of the move as well as pieces that should be addressed well in advance including: Proof […]

On August 8, President Trump signed an executive order that allows employers the option to defer withholding, depositing, and paying into specific payroll tax obligations. Following the order, the IRS has issued guidance in Notice 2020-65 to help employers facilitate the change in policy.  This guidance comes amidst numerous questions, and even concerns, about implementing […]

Home sales and home prices are up compared to last year, even though the COVID-19 pandemic continues to hold steady across much of the country, according to the National Association of Realtors (NAR).  The reason may (or may not) be surprising: The work-from-home life many have adapted to. According to NAR’s Chief Economist, Lawrence Yun, […]

The struggles of 2020 are no secret. Layoffs, restructuring, and shutdowns have businesses reeling six months after the pandemic began in the United States. Adding to the complication are the natural disasters and civil unrest that have taken place this year.   Keeping your lenders and investors informed through financial reporting is more important than ever. […]

If you’re a business owner, your business is probably your pride and joy. (At least one of them, anyway.) Even if you share the business with multiple individuals, your interest in the business may be a sizeable portion of your net worth, as well as a representation of your hard work.  That means it’s totally […]

What level of assurance does your business need? It’s a question that’s been on the minds of the leaders of private companies during COVID-19. The result? A range of different responses. Some businesses have elected to trim their financial reporting costs by downgrading to a lower level of assurance. While this saves money, it may […]

Real estate property. Heavy machinery. Top-of-the-line computers and software. What do these items all have in common? If you buy them for your business, you may be able to make use of the bonus depreciation tax incentive.  Bonus depreciation is a popular tax incentive that lets your business immediately deduct a significant portion of the […]

As retirement gets close, there are lots of questions that soon-to-be retirees have. One common one is whether or not Social Security benefits are taxable - and how much that exactly amounts to.  As with many financial issues, the answers to these questions depend on other factors. In this case, namely your other sources of […]