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So far Thomson Reuters has created 303 blog entries.

New IRS Form 1099-NEC And Revised 1099-MISC Are Due To Recipients Soon

There’s a new IRS form for business taxpayers that pay or receive certain types of nonemployee compensation and it must be furnished to most recipients by February 1, 2021. After sending the forms to recipients, taxpayers must file the forms [...]

By |2021-01-25T13:26:22-05:00January 25th, 2021|Categories: Blog, Tax|Tags: , , , , , |Comments Off on New IRS Form 1099-NEC And Revised 1099-MISC Are Due To Recipients Soon

Accounting for Property, Plant and Equipment Assets

Businesses and not-for-profit entities capitalize machines, furniture, buildings, and other property, plant and equipment (PPE) assets on their balance sheets. Here’s a refresher on some common questions about how to properly report these long-lived assets under U.S. Generally Accepted [...]

By |2021-01-22T13:08:08-05:00January 22nd, 2021|Categories: Audit, Blog|Tags: , , , , , , |Comments Off on Accounting for Property, Plant and Equipment Assets

PPP Loans Have Reopened: Let’s Review the Tax Consequences

The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may [...]

By |2021-01-19T13:09:09-05:00January 19th, 2021|Categories: Blog, Tax|Tags: , , , , , , |Comments Off on PPP Loans Have Reopened: Let’s Review the Tax Consequences

Assessing and Mitigating Key Person Risks

Auditing standards require a year-end risk assessment. One potential source of risk may be a small business’s reliance on the owner and other critical members of its management team. If a so-called “key person” unexpectedly becomes incapacitated or dies, [...]

By |2021-01-15T13:38:47-05:00January 15th, 2021|Categories: Audit, Blog|Tags: , , , , , , |Comments Off on Assessing and Mitigating Key Person Risks

New Law Provides Option to Delay Implementing the Updated CECL Standard

The Consolidated Appropriations Act (CAA), signed into law on December 27, 2020, includes a variety of economic relief measures. One such measure allows certain banks and credit unions to temporarily postpone implementation of the controversial current expected credit loss (CECL) [...]

By |2021-01-11T13:18:41-05:00January 11th, 2021|Categories: Audit, Blog|Tags: , , , , , , |Comments Off on New Law Provides Option to Delay Implementing the Updated CECL Standard

New COVID-19 Relief Bill Doubles Business Meal Deductions and Makes Favorable PPP Loan Changes

The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of [...]

By |2021-01-05T14:30:43-05:00January 5th, 2021|Categories: Blog, Tax|Tags: , , , , , , |Comments Off on New COVID-19 Relief Bill Doubles Business Meal Deductions and Makes Favorable PPP Loan Changes

Forecasting for 2021

Planning for what lies ahead is an important part of running a healthy business. Forecasting your company’s financial statements can help you manage inventory and other working capital accounts, offer competitive prices, identify impending cash flow shortages and keep [...]

By |2021-01-04T11:58:50-05:00January 4th, 2021|Categories: Audit, Blog|Tags: , , , |Comments Off on Forecasting for 2021

Red Flags of Deadbeat Debtors

Unfortunately, many businesses have experienced problems with collections during the COVID-19 pandemic. Accounts receivable are a major item on most companies’ balance sheets. Slow-paying — or even nonpaying — customers or clients adversely affect cash flow. Proactive measures can [...]

By |2020-12-30T12:44:18-05:00December 30th, 2020|Categories: Audit, Blog|Tags: , , , |Comments Off on Red Flags of Deadbeat Debtors

Prevent And Detect Insider Cybercrime Schemes

In one recent cybercrime scheme, a mortgage company employee accessed his employer’s records without authorization, then used stolen customer lists to start his own mortgage business. The perpetrator hacked the protected records by sending an email containing malware to [...]

By |2020-12-29T13:02:29-05:00December 29th, 2020|Categories: Blog|Tags: , , , , |Comments Off on Prevent And Detect Insider Cybercrime Schemes

The Right Entity Choice: Should You Convert From a C Corporation to an S Corporation?

The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type to another. Although S corporations can provide substantial tax [...]

By |2020-12-28T16:13:41-05:00December 28th, 2020|Categories: Blog, Tax|Tags: , , |Comments Off on The Right Entity Choice: Should You Convert From a C Corporation to an S Corporation?
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