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, [...]

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

How the New Coronavirus Relief Bill Affects Business Taxes

The federal Consolidated Appropriations Act, 2021 (CAA), signed into law in late December of 2020, modifies and clarifies the tax provisions of last year’s Coronavirus Aid, Relief and Economic Security Act (the CARES Act) and provides other forms of [...]

By |2021-01-08T13:58:58-05:00January 8th, 2021|Categories: Blog, Tax, William R. Norwalk|Tags: , , , , , |Comments Off on How the New Coronavirus Relief Bill Affects Business Taxes

New Year, New Employee Retention Tax Credit Opportunities

The enactment of the 2021 Consolidated Appropriations Act created more opportunities for using the Employee Retention Tax credit (ERC).  The original ERC is a provision of the Coronavirus Aid, Relief and Economic Security Act (CARES Act). It provides a [...]

By |2021-01-06T14:03:12-05:00January 6th, 2021|Categories: Blog, Cole Marr, Gregory C. Brown, Tax|Tags: , , , , , , |Comments Off on New Year, New Employee Retention Tax Credit Opportunities

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?

2021 Q1 Tax Calendar: Key Tax-Related Deadlines for Businesses

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. And there [...]

By |2020-12-21T12:37:33-05:00December 21st, 2020|Categories: Blog, Tax|Tags: , , , , , , , |Comments Off on 2021 Q1 Tax Calendar: Key Tax-Related Deadlines for Businesses
Go to Top