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public
Financial reporting issues to consider in “going private” transactions
8/27/2021
In the midst of mounting inflation, supply shortages, geopolitical turmoil, threats of cyberattacks and continuing COVID-19 concerns, public stock prices are expected to fluctuate in the coming months. This situation has unsettled shareholders and...
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insurance
Does your employer provide life insurance? Here are the tax consequences
8/24/2021
Employer-provided life insurance is a coveted fringe benefit. However, if group term life insurance is part of your benefit package, and the coverage is higher than $50,000, there may be undesirable income tax implications. Tax on income you...
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divorce
Getting a divorce? Be aware of tax implications if you own a business
8/23/2021
If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of...
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rental
Private companies: Are you on track to meet the 2022 deadline for the updated lease standard?
8/20/2021
Updated accounting rules for long-term leases took effect in 2019 for public companies. Now, after several deferrals by the Financial Accounting Standards Board (FASB), private companies and private not-for-profit entities must follow suit, starting...
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ABLE
ABLE accounts may help disabled or blind family members
8/17/2021
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 government benefits to which they’re entitled. It can be done though an Achieving a Better...
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tax
Possible tax consequences of guaranteeing a loan to your corporation
8/16/2021
What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax consequences. If your...
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thumbs
CAMs: Thumbs up or thumbs down?
8/13/2021
Auditors of public companies started reporting critical audit matters (CAMs) in their audit opinions in 2019. This represents a major change to the pass-fail auditors’ reports that had been in place for decades. Now, accounting rule makers are...
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scholarship
Scholarships are usually tax free but they may result in taxable income
8/10/2021
If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary, middle and high schools, as well as those...
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415 Group Logo
Reasons Why You May Want to Opt Out of the Advance Child Tax Credit Payments
8/10/2021
Eligible parents have already started receiving advance child tax credit (CTC) payments from the federal government. The American Rescue Plan Act passed earlier this year included a one-year expansion of CTC payments, which increases the available...
Includes insights from Natalie M. Simmons
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ERC
IRS issues ERC guidance as Congress mulls early termination
8/10/2021
The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to encourage employers to keep their workforces intact during the COVID-19 pandemic. Notice 2021-49 addresses various issues,...
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form
Large cash transactions with your business must be reported to the IRS
8/9/2021
If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. What are the requirements? Each person who, in the course of operating a trade or business, receives more than...
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audit
Have you followed up on the management letter from your audit team?
8/6/2021
Auditors typically deliver financial statements to calendar-year businesses in the spring. A useful tool that accompanies the annual report is the management letter. It may provide suggestions — based on industry best practices — on how...
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parent
5 possible tax aspects of a parent moving into a nursing home
8/3/2021
If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five. 1. Long-term medical care The costs of qualified long-term care, including nursing home care,...
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PPP
SBA streamlines forgiveness for smaller PPP loans
8/3/2021
The Small Business Administration (SBA) has released new guidance intended to expedite the forgiveness process for certain borrowers under the Paycheck Protection Program (PPP). The simplified process generally is available for loans of $150,000 or...
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LLC
Is an LLC the right choice for your small business?
8/2/2021
Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and want to know your options for setting it up. Here are the...
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financials
Financial statements: Take the time to read the entire story
7/30/2021
A complete set of financial statements for your business contains three reports. Each serves a different purpose, but ultimately helps stakeholders — including managers, employees, investors and lenders — evaluate a company’s...
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interest
You may have loads of student debt, but it may be hard to deduct the interest
7/27/2021
More than 43 million student borrowers are in debt with an average of $39,351 each, according to the research group EducationData.org. If you have student loan debt, you may wonder if you can deduct the interest you pay. The answer is yes, subject...
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expenses
The deductibility of corporate expenses covered by officers or shareholders
7/26/2021
Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue is more...
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software
Analytics software: A brave new world in auditing
7/23/2021
Analytical software tools will never fully replace auditors, but they can help auditors do their work more efficiently and effectively. Here’s an overview of how data analytics — such as outlier detection, regression analysis and...
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PPP
PPP forgiveness and repayment: What businesses need to know now
7/21/2021
A critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. If these borrowers don’t take action before the deadline...
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