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Blogging Beyond the Numbers

Posted by: Kate Serpe 2 months ago
While the blitz of new PPP information has slowed substantially over the past few months, there has been some important new guidance released over this past week. Here are some highlights. Changes in Ownership for PPP Borrowers An SBA Procedural Notice was issued on Friday, October 2nd regarding changes in ownership for PPP loan recipients.  Per the notice, a change in ownership takes place when at...
Posted by: Dan Bergs 2 months ago
If you’re selling a business interest, real estate or other highly appreciated property, you could get hit with a substantial capital gains tax bill. One way to soften the blow — if you’re willing to tie up the funds long term — is to “roll over” the gain into a qualified opportunity fund (QOF). What is a QOF? A QOF is an investment fund, organized as a corporation or partnership, designe...
Posted by: John Folsom 2 months ago
Questions often arise related to estate planning and gifting.  Fortunately, the current estate tax exemption amount for 2020 is $11.58 million, so many individuals no longer need to be concerned with federal estate tax.  This exemption amount is per person, so a married couple could potentially shield up to $23.16 million.  However, the current exemption amounts are scheduled to revert to pre-2018 level...
Posted by: Katy Mering 2 months ago
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 claiming certain tax losses. Here’s a look at the — mostly temporary — modifications. Liberalized rules for NOL carryforwards The CARES Act includes favorable changes to the rules for deducting net operating...
Posted by: Kate Serpe 2 months ago
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 can make your business stronger by outsourcing jobs that require specific skill sets. Here are five ways you can build a better business with outsourcing:  Outsourcing helps stretch your budget. When you outsource,...
Posted by: David Odahl 2 months ago
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 Board (FASB) will require not-for-profit organizations to provide additional information about gifts-in-kind they receive. Examples of gifts-in-kind include contributions of lo...
Posted by: Mike Scholz 2 months ago
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 as unexpected taxable income, gift tax or both. Here are five tips to help avoid any unwelcome tax surprises: Create a paper trail In general, to avoid undesirable tax consequences, you need to be able to show that the loan...
Posted by: Kent Collier 2 months ago
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 or newly unemployed. Here is the tax treatment information about these two common situations: 1. Working from home Many offices are closed and, as a result, many office workers are currently working from ...
Posted by: Tony Jaynes 2 months ago
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. Here’s the story. TCJA created new limitation Before the Tax Cuts and Jobs Act (TCJA), some corporations were subject to the so-called “earnings stripping” rules. Those rules att...
Posted by: Nolan Breunig 3 months ago
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 determine what percentage of your benefits are taxable we need to take a closer look at your other income, including income of your spouse and also tax exempt interest income.  The general rule in is to add half of your so...