Non-GAAP measures can be misleading Not all companies follow U.S. generally accepted accounting principles (GAAP). Many smaller businesses, for example, have adopted the AICPA’s Financial Reporting Framework for Small and Medium-Sized Entities because it’s easier to follow. Other businesses may use non-GAAP measures because they don’t believe GAAP provides readers of financial reports with enough […]

IRS releases 2021 amounts for Health Savings Accounts The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of […]

Overcoming the challenges of remote auditing during the COVID-19 crisis Many people are currently working from home to help prevent the spread of the novel coronavirus (COVID-19). Your external auditors are no exception. Fortunately, in recent years, most audit firms have been investing in technology and training to facilitate remote audit procedures. These efforts have […]

Build flexibility into your estate plan with powers of appointment There are several tools you can use to build flexibility into your estate plan. Flexibility is especially important now because of an uncertain estate planning environment. The federal gift and estate tax exemption currently is an inflation-adjusted $11.58 million (the highest it’s ever been) but it’s […]

Don’t get shortchanged by a liquidating business Several major companies have already filed for bankruptcy during the novel coronavirus (COVID-19) crisis and many more large and small businesses are expected to follow suit. If you’re a creditor of a company that’s liquidating, it may be challenging to get back what you’re owed. That’s where a […]

Did you get an Economic Impact Payment that was less than you expected? Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that in the first four weeks of the program, 130 million individuals received […]

Many businesses responded to the social and economic impact caused by the COVID 19 pandemic with increased donations to charity. Two changes to the Coronavirus Aid, Relief and Economic Security (CARES) Act incentivize these types of donations by increasing the limit on charitable deductions for businesses and corporations. Here are the two most significant changes: […]

In recent years, remote teams have become increasingly commonplace for many companies, largely due to affordable technology that makes virtual workspaces both convenient and effective. It’s never been easier to replace a  traditional office environment with laptops, cloud servers, and an employee’s Wi-Fi— especially now that advanced security protocols mean that working from home can […]

The recent pandemic has caused large shifts in what the practice of dentistry will look like once offices are back to more regular operations. If you’re a dentist wondering what you need to do to get your office prepared and what this new normal will look like you’re not alone.  Join Paul Fried, John Szczomak […]