Insights

M&A transactions: Be careful when reporting to the IRS

October 15, 2021

Low interest rates and other factors have caused global merger and acquisition (M&A) activity to reach new highs in 2021, according to Refinitiv, a provider of financial data. It reports that 2021 is set to be the biggest in M&A history, with the United States accounting for $2.14 trillion worth of transactions already this year.…

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There’s currently a “stepped-up basis” if you inherit property — but will it last?

October 4, 2021

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So,…

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Opening a new location calls for careful planning

September 20, 2021

The U.S. economy has been nothing short of a roller-coaster ride for the past year and a half. Some industries have had to overcome seemingly insurmountable challenges, while others have seen remarkable growth opportunities arise. If your business is doing well enough for you to consider adding a location, both congratulations and caution are in…

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covid sick leave

HR News You Can Use: Covid-19 Sick Leave

September 8, 2021

With the recent surge in COVID-19 cases, employers should refamiliarize themselves with the Emergency Paid Sick Leave benefits as extended in The American Rescue Plan Act originally passed in March 2021.  While this program is VOLUNTARY for employers, credit is still allowed against applicable employer payroll taxes equal to 100 percent of the qualified sick…

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Is your business underusing its accounting software?

August 30, 2021

Someone might have once told you that human beings use only 10% of our brains. The implication is that we have vast, untapped stores of cerebral power waiting to be discovered. In truth, this is a myth widely debunked by neurologists. What you may be underusing, as a business owner, is your accounting software. Much…

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5 tax considerations when moving a parent into a nursing home

August 18, 2021

When transitioning your parent into a nursing home, taxes are probably the last thing on your mind. But there are a number of tax implications you should be aware of during this process. Here are five: 1. Long-term medical care The costs of qualified long-term care, including nursing home care, are deductible as medical expenses…

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accounts receivable

5 ways to take action on accounts receivable

August 11, 2021

No matter the size or shape of a business, one really can’t overstate the importance of sound accounts receivable policies and procedures. Without a strong and steady inflow of cash, even the most wildly successful company will likely stumble and could even collapse. If your collections aren’t as efficient as you’d like, consider these five…

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Getting a new business off the ground: How start-up expenses are handled on your tax return

August 9, 2021

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this by the number of businesses applying for an Employer Identification Number. Entrepreneurs often don’t know…

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2021 Q3 Tax Calendar

July 29, 2021

2021 Q3 tax calendar: Key deadlines for businesses and other employers Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all…

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Employee Retention Tax Credit

Claiming the Employee Retention Tax Credit

July 22, 2021

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules. Background Back in March of 2020, Congress originally enacted the Employee Retention Tax Credit in the CARES Act to encourage employers…

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