Newburg | CPA Tax Brief (9/29/21) As your company grows, you may be on the cusp of a required retirement plan audit. The Employee Retirement Income Security Act of 1974 (ERISA) requires annual audits of retirement plans by an independent qualified public accounting firm subject to the provisions of [...]
Newburg | CPA Tax Brief (9/27/21) The Financial Accounting Standards Board (FASB) issued accounting standards update 2016-02 for leases in February of 2016 and subsequently issued ASUs 2018-01, 2018-10, and 2018-11 that provide practical expedients for transition and other codification and targeted improvements to the original ASU 2016-02. This [...]
Newburg | CPA Tax Brief (9/14/21) Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was $411,200 in the [...]
Newburg | CPA Tax Brief (9/9/21) With most tax planning, there are certain strategies that are generally effective and shouldn’t be ignored. The same holds true for estate planning. Here are three essential estate planning strategies to consider that may help you achieve your goals. 1. Use an ILIT [...]
Newburg | CPA Tax Brief (9/10/21) Press Release Number 21-81 issued by the Small Business Administration (SBA) on September 9, 2021 announced updates to the Economic Injury Disaster Loan (EIDL) Program. The Program has been expanded to add more funds in response to challenges from the COVID-19 Delta Variant. [...]
Newburg | CPA (9/9/21) The City of Boston launched two Small Business grants for small businesses in the City of Boston to aid and support business owners and workers in their reopening and recovery from COVID-19. The Small Business grants include the following: Small Business Relief Fund 2.0 The [...]
Newburg | CPA Tax Brief (9/7/21) As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size [...]
Newburg | CPA Tax Brief (8/30/21) Notice 2021-49 issued by the IRS on August 4, 2021 addresses changes made by the American Rescue Plan Act of 2021 (ARPA) to the Employee Retention Tax Credit (ERTC). The Notice confirms the extended eligibility of the credit for employers that pay qualified [...]
Newburg | CPA Tax Brief (8/26/21) If your estate includes significant real estate investments, the manner in which you own these assets can have a dramatic effect on your estate plan. One versatile estate planning option to consider is tenancy-in-common (TIC) ownership. What is tenancy-in-common? A TIC interest [...]
Newburg | CPA Tax Brief (8/24/21) 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 it. Tax-free property transfers [...]
