Selling a home: Will you owe tax on the profit?
Selling Your home: Will you owe tax? Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of…
Restating financial results and SPACs
Restating financial results SPACs In the first half of 2021, there was a surge in financial restatements. The reason relates to guidance issued by the Securities and Exchange Commission, requiring…
Have a Casualty Loss? Can You Deduct it?
You can only claim a casualty loss tax deduction in certain situations In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No…
Travel and Entertainment Expenses – Best Practice
Best practices for reporting business-related Travel and Entertainment expenses Many companies have resumed some level of business-related travel and entertainment (T&E) activities — or they plan to do so this…
Time to Go Private? Maybe or Maybe Not
Financial reporting issues to consider in “going private” transactions In the midst of mounting inflation, supply shortages, geopolitical turmoil, threats of cyberattacks and continuing COVID-19 concerns, public stock prices are…
COBRA assistance under ARPA – What to Know
IRS additional guidance addresses COBRA assistance under ARPA In Notice 2021-46, the IRS recently issued additional guidance on the COBRA premium assistance provisions of the American Rescue Plan Act (ARPA).…
Lease standard 2022 – Are you on Track?
Private companies: Are you on track to meet the 2022 deadline for the updated lease standard? Updated accounting rules for long-term leases took effect in 2019 for public companies. Now,…
ABLE accounts may help disabled or blind family members
ABLE accounts and Tax Advantage There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for…
Great Accounting Software? Not so Great Usage?
Is your business underusing its accounting software? Someone might have once told you that human beings use only 10% of our brains. The implication is that we have vast, untapped…
DEI programs are good for business
DEI – Diversity, Equity and Inclusion Many businesses are spending more time and resources on supporting the well-being of their employees. This includes recognizing and addressing issues related to diversity,…