Insights: Financial Institutions
CECL is Finally Here – What to Know as We Approach Implementation
By Kelly Shafer, CPA The effective date for the current expected credit loss (CECL) standard is fast approaching for all financial institutions that have not yet implemented. While most of us have been holding out hope for yet another extension, in November the Financial Accounting Standards Board (FASB) all but guaranteed that CECL will…
Read More
Tighten Up Billing and Collections to Mitigate Economic Uncertainties
While many economic indicators remain strong, the U.S. economy is still giving business owners plenty to think about. The nation’s gross domestic product unexpectedly contracted in the first quarter of 2022. Rising inflation is on everyone’s mind. And global supply chain issues persist, spurred on by events such as the COVID-19 lockdowns in China and…
Read More
The Tax Mechanics Involved in the Sale of Trade or Business Property
There are many rules that can potentially apply to the sale of business property. Thus, to simplify the discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, and has been held by you for more than a year. (There are different rules for property held…
Read More
Once You File Your Tax Return, Consider These Three Issues
The tax filing deadline for 2021 tax returns is April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations: 1. You can throw some tax records away now You should hang onto tax records related…
Read More
There Still May Be Time to Cut Your Tax Bill With an IRA
If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until the April 18, 2022, filing date and benefit from the tax…
Read More
2022 Q1 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 first quarter of 2022. 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 applicable deadlines and to learn more about the filing requirements. January…
Read More
Navigating Loan Modifications in Response to COVID-19
By Kelly Shafer, Member During this unprecedented time, financial institutions may be faced with a growing number of borrowers requiring modifications to their loan terms. With many customers feeling the economic impacts of COVID-19 and struggling to make payments institutions will inevitably experience an increase in the number of troubled debt restructurings (TDRs). The good…
Read More
Contingency Funding Plans: What to Expect from Examiners
With liquidity remaining a regulatory hot button, many examiners are taking a harder look at the areas of Contingency Funding Plans (CFPs) and the stress testing of those plans. This article discusses the key elements that go into developing an effective CFP along with some of the more common exam findings in this area. The…
Read More
For best results, start your strategic planning early
Time flies when you’re having fun — and running a business. Although it’s probably too early to start chilling a bottle of bubbly for New Year’s Eve, it’s certainly not too early for business owners to start doing some strategic planning for next year. Here are some ways to get started. Begin with your financials…
Read More
What type of expenses can’t be written off by your business?
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in…
Read More- « Previous
- 1
- 2
- 3
- Next »
SUBSCRIBE TO OUR NEWSLETTER
Receive timely news and updates from our newsletter.