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PP
PPP application deadline extended
3/30/2021
President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit...
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SUV
Need a new business vehicle? Consider a heavy SUV
3/29/2021
Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those vehicles. Bonus depreciation  Under...
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audit
4 ways to improve the effectiveness of your audit committee
3/26/2021
Audit committees face many challenges in 2021. As the economy rebounds from the COVID-19 pandemic, there are new dimensions to the oversight roles and responsibilities of the audit committees. Consider taking these following four steps to fortify...
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child care
New law tax break may make child care less expensive
3/23/2021
The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. This is the credit available for expenses a taxpayer pays for the care of qualifying children under the age of 13 so that...
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S corp
Is an S corporation the best choice of entity for your business?
3/22/2021
Are you thinking about launching a business with some partners and wondering what type of entity to form? An S corporation may be the most suitable form of business for your new venture. Here’s an explanation of the reasons why. The biggest...
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education
Educate yourself about the revised tax benefits for higher education
3/22/2021
Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help foot the...
Includes insights from Brian E. Raber
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cyber
How auditors assess cyber risks
3/19/2021
Data security is a critical part of the audit risk assessment. If your financial statements are audited, your audit team will tailor their procedures to answer critical questions about cyber risks and the effectiveness of your internal controls....
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ERC
Make the most of the Employee Retention Credit
3/19/2021
The Employee Retention Credit (ERC), which was created to encourage employers to keep their workforces intact during the COVID-19 pandemic, has been with us for a year. But questions about it remain for many employers. With the new American Rescue...
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deadline
Extended tax filing deadline provides relief to individual taxpayers and the IRS
3/18/2021
The IRS has announced that the federal income tax filing deadline for individuals for the 2020 tax year is extended from April 15, 2021, until Monday, May 17, 2021. The IRS extended the deadline to provide relief to taxpayers facing challenges as a...
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act
The American Rescue Plan Act provides sweeping relief measures for eligible families and businesses
3/16/2021
On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA). The $1.9 trillion law is intended to provide far-reaching relief from the economic and other repercussions of the ongoing COVID-19 pandemic. In addition to...
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parents
New law: Parents and other eligible Americans to receive direct payments
3/16/2021
The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments that will be made to eligible...
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trillion
Business highlights in the new American Rescue Plan Act
3/16/2021
President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for the provisions providing relief to individuals, there are also several tax breaks and financial benefits for businesses. Here...
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Corp
The right entity choice: Should you convert from a C to an S corporation?
3/16/2021
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 benefits over...
Includes insights from Raymond A. Maynard
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startup
Launching a small business? Here are some tax considerations
3/12/2021
While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors. Here are some tax rules and considerations involved in...
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tax
Estimated tax payments: The deadline for the first 2021 installment is coming ups
3/12/2021
April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payment for 2021, if you’re required to make one. You may have to make estimated tax payments if you receive...
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benefits
The latest on COVID-related deadline extensions for health care benefits
3/12/2021
The U.S. Department of Labor (DOL) recently issued EBSA Disaster Relief Notice 2021-01, which is of interest to employers. It clarifies the duration of certain COVID-19-related deadline extensions that apply to health care benefits...
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cash
Making sense of your statement of cash flows
3/12/2021
The statement of cash flows essentially tells you about cash entering and leaving a business. It’s arguably the most misunderstood and underappreciated part of a company’s annual report. After all, a business that reports positive net...
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ARPA
The American Rescue Plan Act has passed: What’s in it for you?
3/11/2021
Congress has passed the latest legislation aimed at providing economic and other relief from the COVID-19 pandemic that has haunted the country for the last year. President Biden is expected to sign the 628-page American Rescue Plan Act (ARPA),...
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break
How to compute your company’s breakeven point
3/5/2021
Breakeven analysis can be useful when investing in new equipment, launching a new product or analyzing the effects of a cost reduction plan. During the COVID-19 pandemic, however, many struggling companies are using it to evaluate how much longer...
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retirement
Retiring soon? Recent law changes may have an impact on your retirement savings
3/3/2021
If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts....
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