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Blog Month: September 2020

The ins and outs of the easing of loss limitation rules

To provide businesses and their owners with some relief from the financial effects of the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act eases the rules for
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5 Ways Outsourcing Can Help You Build A Better Business

For your business, you want the very best, but you can’t do everything alone. Still, you don’t always have to put top-class talent directly on the company payroll. Instead, you

FASB to Require Increased Transparency of Gifts-in-Kind Received by Not-for-Profit Organizations

Many not-for-profit organizations rely on contributions of nonfinancial assets, commonly referred to as gifts-in-kind, to help achieve their missions. A new Accounting Standards Update issued by the Financial Accounting Standards

5 tips for safe intrafamily loans

If a relative needs financial help, offering an intrafamily loan might seem like a good idea. But if not properly executed, such loans can carry negative tax consequences — such

Why is an audit important?

One of the decisions an organization faces during its annual budget process is whether or not to engage an external CPA firm to conduct an audit of its financial statements. 

Working From Home or Hardly Working?

What are the tax implications of these common COVID-19 related situations? COVID-19 has certainly changed our lives in many ways:  many people are either working remotely or have been furloughed

Relaxed limit on business interest deductions

To provide tax relief to businesses suffering during the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act temporarily relaxes the limitation on deductions for business interest expense.

Are My Social Security Benefits Taxable?

Are you close to retirement? In planning for retirement, an important question to consider: Are my social security benefits going to be taxable?  The short answer is, it depends. To

Back-to-school tax breaks

Despite being in the middle of the COVID-19 pandemic, students are going back to school this fall, either remotely or in-person. This means parents may still be eligible for certain

Payroll Deferral: Employers May Want to Skip This Deferral

This is a follow up from our previous blog post here. On August 8th, President Trump issued a memorandum calling for a temporary payroll tax deferral for the collection of