1/14/21 – Accounting in the construction industry is a horse of different color as compared to many others. You can help keep your business healthy in 2021 and beyond by adopting or refining a few key accounting practices.
1/13/21 – 2020 is officially over, which is a big relief for many, given the personal tragedies and hardships endured by some during the global pandemic. Although the pandemic hasn't ended with the new calendar year, there is a renewed sense of optimism.
1/8/21 – The Small Business Administration (SBA) issued an Interim Final Rule (IFR) on January 6th on Second Draw Loans, which were established through the Economic Aid Act. Second Draw Loans are an extension of the Paycheck Protection Program (PPP), which previously was available April 2020 through August 8, 2020. PPP provided businesses with 2.5 months of employee wages through a maximum five year, 1% loan which would be forgiven if the business maintained employee count and did not cut salary or hourly wages by more than 25% of each individual employee earning less than $100,000 per year.
1/7/21 – In Late December the Consolidated Appropriations Act of 2021 (CAA) was signed into law. The legislation contains billions of dollars in additional stimulus funding in response to the COVID-19 pandemic, as well as numerous unrelated provisions.
1/6/21 – The relief package is part of the nearly 5,600-page Consolidated Appropriations Act (CAA), which also contains numerous other tax, payroll and retirement provisions. Here are some of the provisions most likely to affect individual taxpayers.
1/6/21 – Now that the end of the year has passed, it is time to get ready to file your initial Provider Relief Fund Report to the Department of Health and Human Services (HHS) for coronavirus related expenses and lost revenues.
12/30/20 – The COVID-19 relief package signed on December 21, 2020, includes an update to the Families First Coronavirus Response Act (FFCRA) as it relates to employers’ duty to provide paid sick leave and expanded family and medical leave for reasons related to COVID-19.
12/29/20 – If your business is in a position to acquire equipment or machinery, management faces a tough decision: lease it, or buy it? There's no universal "right" answer. Here are some factors to consider.
12/22/20 – Small businesses received an early Christmas present from Congress over the weekend in form of a new COVID relief package which is expected to be signed by President Trump today, December 22nd. There are a number of provisions within the bill that impact both businesses and individuals, however for the purposes of this article we are focused on changes to the PPP (Paycheck Protection Program) program.
12/18/20 – Three main factors drive mergers and acquisitions (M&A) activity – supply, demand, and the availability of capital. This year has offered its own unique set of circumstances that have changed the sentiment of sellers, buyers, and lenders alike as they adjust to current market conditions.
12/17/20 – Currently, most people aren't exposed to the federal estate tax, thanks to the generous unified federal estate and gift tax exemptions. However, there are still good reasons to review your estate plan and possibly update it to reflect the current gift tax regime and federal estate as well as life events. Also, there's always uncertainty about the future direction of the federal estate and gift tax rules.
12/17/20 – For nearly a year, COVID-19 has battered the global economy, taking its toll on American businesses along the way. Over 30 million small businesses nationwide are now endeavoring to rejuvenate sales from the effects of a disrupted global supply chain and public lockdowns. At the same time, they are challenged to implement practices to protect their employees, customers, and the community from the spread of COVID-19.
12/16/20 – Coming off of the heels of the recent election you may be wondering if you should revisit your estate plan. For example, Estates worth more than the current unified federal estate and gift tax exemption are exposed to the federal estate tax at rates as high as 40%. So, wealthy individuals may need to take steps to reduce their exposure.
12/9/20 – Nonprofits are held to strict reporting standards. For instance, your organization is required to annually file Form 990 with the IRS to preserve your tax–exempt status, among other requirements. But reporting isn't limited to the federal level; most states have their own laws regulating charitable solicitations.
12/8/20 – Nonprofit organizations nationwide have been anxiously awaiting clarity amidst fears that forgiven loans may NOT be reported as government grants and negatively affect the organization’s public charity status.
12/4/20 – The IRS recently issued guidance that provides a safe harbor allowing certain taxpayers to claim a deduction in 2020 for some otherwise nondeductible eligible expenses if the taxpayers received Paycheck Protection Program (PPP) loans. VonLehman's Dan Kraft and Ryan Redleski have details on the two safe harbors as well as requirements, limitations, and additional considerations.
11/18/20 – Now that Joe Biden has been projected as the winner of the presidential election by major news outlets,* you may wonder if your federal taxes will be affected. President-elect Biden campaigned on a broad agenda, including a pledge to roll back many of President Trump’s tax policies. In response to the Tax Cuts and Jobs Act (TCJA), Biden has promised a progressive approach to taxation, focused primarily on increasing the burden on businesses and high-income individuals.
11/17/20 – Earlier this year, individuals and businesses were granted several valuable federal tax breaks provided through the CARES Act. But many will expire at the end of 2020 or at the end of tax years that begin in 2020. Here's a breakdown of tax breaks scheduled to expire soon, unless Congress extends them.
11/16/20 – Organizations who expend more than $750,000 in Federal monies during a fiscal year are required to undergo a Single Audit. A Single Audit is vastly different than a financial statement audit. Single Audits require the auditor to test internal controls over compliance as well as compliance with major Federal programs. In response to the COVID-19 pandemic, several new Federal programs have been created along with additional funding issued to existing programs. Stephanie Allgeyer and VonLehman's Single Audit team have summarized the program updates here.
11/12/20 – As many Organizations have been focusing over the last year on implementation of the new revenue recognition standards in relation to contributions received, it is time for a reminder that ASU 2018-08 Not-for-Profit Entities (Topic 958), Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, also includes provisions for contributions made by a provider.
11/10/20 – Recently, the IRS announced its 2021 cost-of-living adjustments to tax amounts that might affect you. Many of the changes impacted increases to account for inflation, but some remained at 2020 levels. As you implement 2020 year-end tax planning strategies, be sure to take these 2021 adjustments into account in your planning.
11/10/20 – As nationally respected healthcare and reimbursement experts with broad industry connections, we are uniquely positioned to track and interpret emerging healthcare trends. Our insights help to anticipate the ever-changing laws and regulations that impact the financial health of providers across the country.
11/3/20 – From February to August, U.S. manufacturing employment declined by 720,000 due to adverse conditions caused by the COVID-19 pandemic. But the industry has been slowly recovering. The U.S. Bureau of Labor Statistics estimates that the sector's employment grew by roughly 403,000 jobs over the summer. If your business has plans to rehire workers or expand its workforce, there's a valuable tax credit that you should consider.
11/2/20 – The SBA (Small Business Administration) released two additional forms on October 30th, 2020, titled loan necessity questionnaires, that concern PPP (Paycheck Protection Program) borrowers with loans over $2 million. Details here.
10/29/20 – In the current competitive banking market, it’s important to recognize that customers need more than the typical products and usual services as an incentive to choose your bank over another. In other words, what strategies can you implement to help attract customers — and retain them over time?
10/27/20 – Due to the effects of COVID-19, we feel it’s important now more than ever to keep our clients and friends up-to-date on grants that can aid your business. If you’re a business in Ohio, listed below are two separate grants available to you now – the Small Business Relief Grant (SBRG) and the JobsOhio Inclusion Grant.
10/27/20 – Election years often lead to uncertainty for businesses, but 2020 surely takes the cake when it comes to unpredictability. Amid the chaos surrounding COVID-19, the resulting civil unrest and economic downturn, businesses are on their annual search for ways to minimize their tax bills — and realizing that some of the typical approaches aren’t necessarily well-suited for 2020.
10/26/20 – On September 19, 2020, the Department of Health and Human Services (HHS) issued the long awaited reporting requirements for the Coronavirus Aid, Relief, and Economic Security (CARES) Act Provider Relief Funds (PRF). These guidelines instantly drew opposition from many industry stakeholders and Members of Congress. The major focus point was the HHS definition of “lost revenue.”
10/23/20 – As of the start of 2020, private equity (PE) firms have amassed $1.5 trillion in cash mandated to be used for new acquisitions. This cash reserve is the largest it has ever been -- more than double the levels that existed only a handful of years ago.
10/22/20 – Like so many things this year, the recommended practices for your annual end-of-the-year tax planning reflect the COVID-19 pandemic and its far-flung effects. The economic impact, as well as federal relief packages like the CARES Act, may render some tried-and-true strategies for reducing your income tax liability less advisable for 2020.
10/21/20 – There are many positive outcomes for a nonprofit organization to form a partnership with another organization. As part of a nonprofit’s due diligence in determining whether a partnership is beneficial, the nonprofit organization should contact their legal and tax advisors, and consider the steps outlined in this article.
10/19/20 – During these extraordinary times, bank balance sheets have been impacted by Paycheck Protection Program (PPP) loans, an increase in deposits due to changing consumer behavior in response to the pandemic and money market mutual fund liquidity facility. The FDIC recognized these temporary impacts to bank balance sheets due to the pandemic, and they have recently issued an interim final rule.
10/15/20 – It's the fourth quarter of 2020, and the COVID-19 pandemic continues to affect the construction industry. Project delays, work stoppages, supply chain disruption and lost productivity remain a reality for many contractors. All of this makes planning difficult, particularly when drafting project contracts.
10/12/20 – With so much on their plates in the current environment, it’s not surprising that most nonprofits don't have cybersecurity at the top of their to-do lists. But cyber risks are real and can prove costly in terms of both finances and reputation. Here, we explore why nonprofits are vulnerable to cyber risks and offers some proactive steps to reduce risks without breaking the bank.
10/9/20 – Most business travel was temporarily suspended during the spring and summer months. Now some people have started traveling for business purposes again, albeit less than before the COVID-19 pandemic began. With travel cutbacks, now may be a good time to review — and possibly simplify — how your company reimburses its workers for out-of-town lodging, meals and incidental expenses.
10/9/20 – Paying your employees for hours that you know they've worked is straightforward enough. But what if they're doing more work than you think they are — or more than you've asked them to do? As federal regulations state, "Work not requested but suffered or permitted is work time" and, thus, must be compensated.
10/8/20 – Have you been working from home during the COVID-19 crisis? Join the club. Approximately 42% of the American workforce is currently working from home full-time, according to a recent study by the Stanford Institute for Economic Policy Research. Only 26% are working on business premises — and many of those are essential workers, such as public servants and health care workers, who can't work from home.
10/7/20 – As contractors continue to navigate uncertainty, establishing a comprehensive long-term business success plan has never been more important. Deltek + ComputerEase, a job cost accounting software for construction, has served over 4,500 contractors nationwide for the last 36 years. Through this experience, we’ve identified these five key principles to help contractors realize steady, predictable business growth.
10/6/20 – Employees frequently incur expenses in the course of their employment. Some expenses may be reimbursed by the employer, while others may be the expense of the employees.
10/6/20 – The Centers for Medicare and Medicaid Services (“CMS”) originally issued a proposed rule on April 16, 2019, to change the Medicare cost report form set for home health agencies. A second notice with a comment period was issued on February 24, 2020. This form set was known as the CMS Form 1728-19. Over the past several months, many CMS initiatives were slowed due to the COVID-19 pandemic. Finally, on October 2, 2020, CMS issued Transmittal #1 for Provider Reimbursement Manual 15-1, Chapter 47 which is the forms and instructions for CMS Form 1728-20 – the new home health Medicare Cost Report Form.
10/6/20 – Several significant federal tax breaks are set to expire at the end of 2020, unless Congress renews them. Lawmakers customarily extend these so-called "extender" provisions for another year or two, sometimes retroactively. However, in this tumultuous time, nothing is certain.
In the face of that uncertainty, you should consider the following seven tax breaks that are scheduled to go off the books at the end of this year.
10/2/20 – In the Spring of 2019, The Centers for Medicare and Medicaid Services (CMS) started the process of revising the Medicare Cost Report forms with a public comment period. A second comment period was open in February and March of 2020. At the time, the revised forms (CMS Form 1728-19) were to be effective for cost reporting periods beginning on or after July 1, 2019.
9/30/20 – Are you one of the many Kentucky small businesses leaving thousands of dollars on the table? Since the inception of the Kentucky Small Business Tax Credit (KSBTC) in July 2020, the state has awarded $8.8 million to Kentucky small businesses.
9/29/20 – 2020 has been anything but normal. From a national quarantine to one of the largest economic downturns in American history, it can be hard to keep up with everything that has happened so far this year. Even local tax laws and incentives have changed dramatically in 2020.
9/22/20 – On September 19, 2020, the Department of Health and Human Services (HHS) issued the long awaited reporting requirements for the Coronavirus Aid, Relief, and Economic Security (CARES) Act Provider Relief Funds (PRF).
9/21/20 – With both major political party conventions behind us, it's time to focus on the upcoming national election. Among their many differences, the Republicans and Democrats have widely varying tax platforms. Here's a quick summary of their positions on business-related tax matters to help you make an informed decision in November.
9/17/20 – Due to the COVID-19 pandemic, many small and mid-sized manufacturers expect to have significant net operating losses (NOLs) in 2020. What makes this prospect more discouraging is that some companies are still recovering from NOLs suffered in recent years.
9/16/20 – Election season 2020 is in full swing. Over the next few weeks, both parties will be hard at work, trying to win your vote for their presidential candidate. Here's a quick summary of recent federal tax law changes and how the candidates would like to build on — or change — the rules that affect the amount of taxes that you and your family will owe in 2021 and beyond.
9/14/20 – Pundits are predicting that even after the COVID-19 pandemic is ultimately brought under control — which might not occur for many more months — work-at-home arrangements will be more common than before the pandemic.
9/11/20 – In this challenging economic environment, construction companies may be looking for ways to cut costs. Training programs are, in many cases, on the chopping block because they do not directly generate revenue. But as counterintuitive as it may sound, more training — not less — may be what your business needs right now.
9/10/20 – Every nonprofit develops a culture over time, often defining the organization. However, even if your group's been successful in the past, a change in culture could be a change for the better.
9/8/20 – Despite having good intentions, many people fail to make an estate plan. But if you don't develop a plan featuring a will, your assets could end up being distributed according to state law. And the lack of an estate plan could lead to family conflicts and lengthy legal battles. Plus, you'll miss out on opportunities for maximizing your wealth and minimizing tax liability.
9/3/20 – Pairing advanced technology with highly trained employees is one of the surest formulas for a company’s success. Finding qualified employees has been challenging for many businesses in recent years. So, when you find the right people, consider these seven suggestions to maximize their skills — and retain them.
9/2/20 – Well, not exactly. The COVID-19 crisis has probably altered your normal business operations in response to the rapidly changing needs of your people, customers, and suppliers. Whether these changes are temporary or you're using recent product and operational shifts as blueprints for the future, you'll likely need to retrain or "reskill" employees.
9/1/20 – On August 28, the IRS issued guidance that provides some explanation of how employers can defer withholding and remitting an employee’s share of Social Security tax when wages are below a certain amount. The guidance is brief, and private employers still have questions about whether, and how, to implement the deferral.
8/27/20 – The deadline to apply for Phase 2 General Distribution Funding has been extended to September 13, 2020. On July 20, 2020, The Department of Health and Human Services (HHS) issued a public notice about forthcoming reporting requirements for certain providers that accepted one or more payments exceeding $10,000 in the aggregate funding from the Provider Relief Fund (PRF) program.
8/26/20 – While the early days of April and the mad rush for Paycheck Protection Program (PPP) funds seem like ancient history at this point, many businesses are still carrying these loans on their balance sheet in anticipation that they will be soon forgiven and long forgotten. The most recent interim final rule addresses several long awaited questions regarding owner-employees and treatment of related party rents.
8/26/20 – The Paycheck Protection Program (PPP) was introduced as the primary stimulus for small businesses in response to the economic effects of the COVID-19 pandemic. The program ultimately received $659 billion in funding from the Small Business Administration (SBA).
8/20/20 – On July 31, HHS announced that certain Medicare providers would be given another opportunity to receive additional Provider Relief Fund payments. These are providers who previously missed the June 3, 2020 deadline to apply for additional funding equal to 2 percent of their total patient care revenue.
8/20/20 – During these extraordinary times, most community financial institutions have seen an increase in customer deposits. In the past, it was a challenge for community financial institutions striving to grow their core deposits to fund lending activities; however the pandemic can provide some opportunities to help maintain and grow core deposits.
8/19/20 – Several months into the COVID-19 crisis, most nonprofit organizations have formulated at least a temporary plan for sustaining operations. But short-term solutions should be complemented by long-term strategic planning to reprioritize objectives. Specifically, your nonprofit needs to focus on three areas.
8/12/20 – An executive memorandum was signed on August 8 that defers an employee’s portion of Social Security taxes from September 1 through December 31, 2020. At this point, the taxes are just deferred, meaning they’ll still have to be paid at a later date.
8/5/20 – Yesterday, the Small Business Administration (SBA) issued another round of FAQs concerning forgiveness of Paycheck Protection Program (PPP) loans.
8/4/20 – The impact of the Coronavirus Disease 2019 (COVID-19) pandemic has required businesses to navigate through rapidly changing environments and regulations like never before. Construction and real estate businesses are focusing on maintaining compliance with various state regulations for re-opening as well as the impacts on budgets, supply chains, personnel, etc.
8/4/20 – In today's environment, it's important for business owners to focus on the value of their company and what drives it. The objective of this article is to look at value drivers for operating businesses, as opposed to businesses that are asset-based, such as real estate or securities holding companies.
8/3/20 – If you manage or oversee a nonprofit organization, you have a lot of things to balance on a daily basis. The time it takes to handle various projects and responsibilities ultimately hinders you from focusing on your organization’s mission.
8/3/20 – The COVID-19 pandemic is presenting the construction industry with many challenges. Some contractors have seen projects temporarily suspended and others cancelled entirely. Against this backdrop, you may be contemplating a shift to modular construction, also known as prefabrication. But going modular isn't a slam dunk by any means. There are just as many cons as pros.
7/30/20 – The construction industry, like many others, has been forced to adapt as a result of the crippling effects of COVID-19 on the global economy. Luckily, for construction companies with healthy backlogs of current and future projects, many firms have been able to maintain a positive trajectory.
7/29/20 – The second half of 2020 has begun. What steps can small business owners take today to lower taxes for the current tax year? Alternatively, would it make more sense to maximize taxable income this year if you expect higher income and/or unfavorable changes to the tax law starting in 2021?
7/27/20 – It’s likely that the COVID-19 crisis has changed your business operations. For example, in response to the crisis, you might need to alter your company's production line, cleaning and scheduling practices, supply chain partners, and more. Whether these changes are temporary or you're using recent product and operational shifts as blueprints for the future, you'll likely need to retrain or "reskill" workers.
7/23/20 – The extended July 15 deadline for filing your 2019 federal income tax return is behind us. Now it's time to think about your current federal tax situation. Tax planning is especially complicated for 2020. There are a lot of moving pieces to consider.
7/23/20 – The Department for Health and Human Services (HHS) has been publishing updates to the Frequently Asked Questions (FAQs) on an almost daily basis. The CARES Act allocated $175 Billion in grants to help healthcare providers to deal financially with the COVID-19 crisis.
7/20/20 – The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed in March 2020 to provide Federal funding to the Healthcare industry, state and local governments, and other organizations. As a result, organizations that have historically not been required to have a Single Audit may now be required to, under the Uniform Guidance, depending on the funding received.
7/15/20 – During these financially challenging times, the creativity of nonprofit organizations is challenged in their efforts to raise adequate revenue to sustain operations. But new activities, however well-intentioned, can lead to tax trouble.
7/14/20 – Businesses across the country are anxious to maximize their loan forgiveness as the economy continues to recover from the effects of the COVID-19 pandemic. This article provides guidance for calculating forgiveness and other considerations to help you make the most of the relief offered to business owners.
7/13/20 – Last Wednesday, July 8, the Senate unanimously passed bipartisan legislation to help nonprofits, state and local governments, and federally recognized Native American Tribes remain financially viable during the COVID-19 pandemic. The legislation ensures these entities receive federal help for unemployment payments upfront, instead of being reimbursed at a later time.
7/10/20 – The impact of the Coronavirus Disease 2019 (COVID-19) pandemic has required businesses to navigate through rapidly changing environments and regulations like never before. Manufacturing and distribution businesses are focusing on maintaining compliance with various state regulations for re-opening as well as the impacts on budgets, supply chains, personnel, etc.
7/9/20 – At some point, we’re all faced with the decision to call an end to our careers. But what will happen to your company when you retire, or when illness or injury keeps you from working for an extended period? Having a succession plan in place is key to ensuring the business will go on.
7/7/20 – We have previously addressed how M&A deals unfold as a result of preparing for due diligence, and now Ely Friedman discusses which “must-have” and “nice-to-have” items to have in place, in preparation for a successful transaction.
7/2/20 – As many nonprofit organizations complete their fiscal year, there is much discussion regarding the proper way to record funding received through the Paycheck Protection Program (PPP). There is no set standard guidance for nonprofits, however, there is a consensus throughout the industry on how to record the revenue under Generally Accepted Accounting Principles.
7/2/20 – On June 23, 2020, the Governmental Audit Quality Center (GAQC) issued Alert 409 which included information about the Office of Management and Budget (OMB) issued Memorandum M-20-26. A summary of that Alert is included in this article.
7/1/20 – The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and certain other retirement plans.
6/29/20 – The COVID-19 pandemic has necessitated offsite work. Employers and employees are likely to continue remote working arrangements, leading employers to rethink their traditional in-person onboarding process.
6/29/20 – Ohio has recently updated its FAQs in regard to the inclusion of PPP loans in Ohio Gross Receipts for the purpose of calculating the Ohio Commercial Activity Tax
6/25/20 – As a business owner or benefits manager, you have countless responsibilities to manage and you can easily find yourself overwhelmed. If one of your 401K recipients has become unresponsive or gone missing, the responsibility to track them down falls on you and your company.
6/24/20 – From businesses to individuals, we all feel the strain that taxes can put on us over the course of the year. Taxes squeeze the profit margins of every small business and, if you don’t know how to take advantage of the tax benefits available to you and your business, you could be paying taxes you don’t actually need to pay.
6/22/20 – One of the surest formulas for manufacturing success is to pair advanced technology with highly trained workers. In recent years, finding qualified workers has been challenging for many companies. So, when you find the right people, consider these seven suggestions to maximize their skills — and retain them.
6/19/20 – Many providers have been anxiously awaiting the report form from the Department of Health and Human Services (HHS) for the first report on the COVID-19 related expenses and lost revenues.The HHS posted an FAQ on June 13, 2020 that suspended this reporting requirement for July 10.
6/19/20 – How does a nonprofit say "goodbye" to a departing founder or executive? Though not as much fun as a gift and farewell party, an exit agreement may also be called for.
6/18/20 – As you are aware, the IRS extended key deadlines for the 2019 tax year for making 2020 estimated tax payments until July 15, 2020 due to the COVID-19 pandemic. However, did you know that if your 2019 personal return is still awaiting completion, you may have significant retroactive tax-planning flexibility?
6/17/20 – During the COVID-19 crisis, some key tax deadlines were postponed until July 15, 2020. If your business tax return is still awaiting completion, you may have significant retroactive tax-planning flexibility.
6/15/20 – During these unprecedented times, you may encounter unusual impacts on your institution’s balance sheet that will alter your compliance requirements. As your bank grows, it’s important to prepare for additional requirements that come into effect after you reach $500 million or $1 billion in assets.
6/5/20 – The U.S. Senate has passed the bipartisan Paycheck Protection Program Flexibility Act of 2020, which loosens several of the Paycheck Protection Program’s (PPP’s) more onerous restrictions regarding loan forgiveness.
6/4/20 – The Department of Labor (DOL) announced a new safe harbor rule on May 21, 2020 allowing employers to post retirement plan disclosures online or via e-mail as a default to covered individuals.
6/4/20 – The SBA recently released the long-awaited application to apply for forgiveness of a Paycheck Protection Program (PPP) loan. They also announced they will soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities. VonLehman held several events this week where we walked attendees through the PPP loan forgiveness application process. Coming out of the events we had many questions which we've addressed in the FAQ below and attached. If you missed the event you can download the slides and watch a recording from the virtual event.
6/3/20 – On June 2, the Department of Health and Human Services (HHS) updated the FAQs and provided some important guidance on the scope of COVID-19 related expenses and lost revenues for purposes of the quarterly reporting which begins with the quarter ending June 30, now due July 10, 2020.
5/28/20 – These days, the vast majority of your employees have smartphones. Use of these devices to send and receive work-related emails and other communications, and to access the institution’s files and other network resources, can boost productivity.
5/27/20 – On May 15th, the Small Business Administration (SBA) released the long anticipated Loan Forgiveness Application. The next several weeks will continue to bring more guidance, and many lending organizations will be updating their systems to account for the requirements. The good news is that many outstanding questions have now been answered.
5/19/20 – The U.S. House of Representatives passed the Health and Economic Recovery Omnibus Emergency Solutions Act (H.R. 6800), or the “HEROES Act,” by a vote of 208-199, last Friday May 15, 2020. This new legislation would allow all 501(c) organizations to participate in the Paycheck Protection Program and other Nonprofit provisions.
5/18/20 – The Small Business Administration (SBA) released its long anticipated Paycheck Protection Program (PPP) Loan Forgiveness Application on May 15th. The application, along with the press release from the SBA and instructions on completing the application, can be found here.
5/18/20 – With the influx of troublesome news in recent weeks, this communication will focus on some of the more positive changes that have been instituted on the state and local tax (SALT) front, as a result of COVID-19. The chart below is an attempt to summarize some of the beneficial updates provided beyond the previously announced due date extensions. Although this is not an exhaustive list – especially with announcements being released daily – we will do our best to keep it updated with new information that might otherwise get lost among the many available due date lists.
5/15/20 – In recent weeks, there has been much activity relative to all of the funding pools that are available to healthcare providers. The Small Business Administration (SBA) issued the popular Paycheck Protection Program (PPP) loans designed to assist businesses in meeting payroll, rent, and utilities expenses during an eight-week period during the immediate COVID-19 crisis.
5/13/20 – Wednesday, May 13, 2020, the Treasury Department and the SBA announced (via Twitter) some very good news regarding the PPP loan certification as it relates to the necessity of a borrower’s loan request.
5/12/20 – Due diligence starts with the first call or meeting with a prospective buyer or investor. You only have one chance at making a good first impression, and how your story is delivered is important. Your ability to effectively deliver that message will invigorate a buyer’s excitement in the opportunity.
5/11/20 – The IRS has issued new guidance addressing a question that has lingered since the launch of the Paycheck Protection Program (PPP) — whether expenses paid for with forgiven, tax-free PPP loan proceeds are deductible business expenses under Section 162 of the Internal Revenue Code (IRC).
5/7/20 – The Small Business Administration (SBA) has extended the repayment deadline for Paycheck Protection Program (PPP) borrowers that wish to take advantage of the “good faith” self-certification of eligibility option. The deadline is now automatically extended from May 7, 2020, to May 14, 2020.
5/6/20 – On April 5, 2020, the Governmental Audit Quality Center (GAQC) issued Alert #404 to provide important updates related to COVID-19. The alert provided a definitive answer regarding the applicability of single audit requirements to Paycheck Protection Program (PPP) Loans and the Economic Injury Disaster Loans (EIDL) obtained by nonprofit entities.
5/5/20 – The Small Business Administration (SBA) provided an update on the second round of funding, as of May 1, 2020. The rate of funding has certainly slowed compared to the first round, and the average loan size is reported to be just $79,000, which is significantly lower than the first round average of $206,000. This indicates the focus of the second round is meeting its intended target.
5/4/20 – Most of the changes to the 2019 Forms 990-T and 990-PF were minor, including clarifications outlined in the instructions. VonLehman's Bryan Pautsch details a few of the more significant changes here.
5/1/20 – The month of April finished in a frenzy over the Paycheck Protection Program (PPP), similar to how it began. On April 3, 2020, banks and other lending institutions started to take applications from small businesses for the PPP and, within a short two weeks, all of the initial funding allocated under the CARES Act was exhausted. Congress moved quickly to fund an additional $310 billion into the program with portions set aside in particular for small lenders and community banks with the hope that the funding would find its way to true small businesses.
5/1/20 – The novel coronavirus is taking its toll on the M&D Industry in the form of supply shortages, fulfillment delays, broken sales and operations plans, and increased prices across the industry.
4/24/20 – The latest legislation in a series of federal measures intended to provide relief in response to the novel coronavirus (COVID-19) pandemic has been approved. The $484 billion legislation, which is being referred to as the Interim Stimulus Plan, amends the Coronavirus Aid, Relief and Economic Security (CARES) Act enacted in late March.
4/22/20 – The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) represents the third phase of Congress’s legislative efforts to address the financial and health care crisis resulting from the coronavirus (COVID-19) pandemic. The CARES Act includes numerous provisions intended to help affected businesses, including payroll tax deferral.
4/20/20 – Funding allocated by the CARES Act to the Small Business Administration’s paycheck protection program was officially exhausted by Thursday, April 17th, less than two weeks after the loan program was launched and banks started taking applications. Congress is expected to approve another $300 billion into to the program, and if so, self-employed individuals should plan ahead to make sure their applications are quickly processed.
4/17/20 – The Federal Reserve announced a $600 billion lending initiative (part of the $2.3 trillion stimulus package) that will be referred to as the Main Street Lending Program or MSLP, which is separate from the Paycheck Protection Program. Here, we'll cover the key differences in the two programs and address some FAQs.
4/16/20 – The Small Business Administration released its latest report on the highly subscribed Paycheck Protection Program or PPP. Approvals through 4/13/2020 account for over $247 billion at an average of $239,152 per loan going to small businesses (defined as under 500 employees with exceptions for certain industries). Through Thursday morning, additional reports show that the allocated funding of $349 billion has been completely exhausted and looming doubt persists over whether or not Secretary Mnuchin will be able to deliver on additional funding from Congress.
4/14/20 – On Friday, April 10, 2020, the Department of Health and Human Services (HHS) began the delivery of the initial funding of the CARES Act Provider Relief Fund, in response to the COVID-19 crisis.
4/14/20 – In June of 2018, the US Supreme Court decided a case, South Dakota vs. Wayfair, Inc., commonly referred to as ‘the Wayfair case.’ The Court’s decision changed the rules that dictate when a taxing jurisdiction can expect a remote seller to collect and remit sales tax. The legislatures of the states, and some cities, have responded to the case by enacting economic nexus standards, which are now clearly enforceable for sales tax purposes.
4/13/20 – The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus (COVID-19) pandemic. The additional relief, outlined in Notice 2020-23, applies to a wider variety of tax filers. The IRS also has announced new tools for taxpayers expecting Economic Impact Payments (also known as “recovery rebates”).
4/10/20 – Under the Families First Coronavirus Relief Act (FFCRA), eligible employers are entitled to refundable tax credits for the full amount of wages that qualify under Paid Emergency Sick Leave (ESL) or Paid Emergency Family Medical Leave (EFMLA). In addition to credit for paid wages for the qualified leave, the credit is increased by qualified health plan expenses and the employer’s share of Medicare tax. Eligible employers seeking federal tax credits must retain records and documentation related to and supporting each employee’s leave.
4/8/20 – The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (S. 748) became law on March 27, 2020, providing significant funding for businesses, hospitals, schools, and nonprofit organizations, among many other things. The programs discussed in this article are all open and available right now. The following content highlights the key sections for tax-exempt organizations, both small and large, to consider.
4/7/20 – The United States has been operating under a presidentially declared emergency since March 13, 2020 and, despite being identified as an essential industry, financial institutions and their customers have been faced with a number of challenges as a result of COVID-19.
4/6/20 – On April 3, 2020, the request forms were changed by the MACs and posted to their websites. Since the old forms were released, CMS has modified the process as they have calculated the maximum payment amount for each provider.
4/6/20 – There is relief for businesses who have employees working from home or remote work sites as a result of the COVID-19 restrictions. Ohio recently suspended the 20-day rule stating an employee’s principal place of work does not change while Ohio is under a State of Emergency, or within 30 days after the emergency period ends. This provision became effective upon the signature of H.B. 197. Consequently, there is no need to track an employee’s work location, for the purposes of applying the 20-day rule, from Wednesday, 3/25, until 30 days after the emergency ends.
4/2/20 – Businesses have been claiming the Research & Development (“R&D”) Tax Credit since the 80s, but there continues to be much uncertainty as to which industries and companies truly qualify for this potentially lucrative annual tax benefit.
4/1/20 – The $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is intended to shore up the country on multiple fronts and includes several components aimed at individuals.
4/1/20 – Last week the U.S. Department of Labor (DOL) provided additional guidance on H.R. 6201: Families First Coronavirus Response Act (FFCRA), which goes into effect April 1, 2020. The CARES Act makes some critical modifications to the Families First Coronavirus Response Act, which was signed into law on March 18.
3/31/20 – In addition to providing relief to individuals and mustering forces to shore up the medical response, the CARES Act includes numerous provisions intended to help affected businesses, including eligible self-employed individuals, weather the crisis.
3/30/20 – On March 28, 2020, the Centers for Medicare and Medicaid Services (CMS) issued a release announcing an expansion of its accelerated program for Medicare participating health care providers and suppliers. CMS recognizes that providers need resources to combat the coronavirus.
3/27/20 – On Thursday, March 26, the U.S. Senate momentarily tabled its zealous partisanship to pass the $2 trillion emergency relief bill, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Meanwhile, news simultaneously broke announcing the U.S. as the global leader in confirmed COVID-19 cases. In a brief review of the freshly passed bill, it is overwhelmingly clear why every eligible small business should contact a qualified participating SBA lender and apply for a covered loan under the CARES Act.
3/26/20 – Situation: "Coronavirus Aid, Relief, and Economic Security Act" (the CARES Act), follows days of bi-partisan wrangling. The estimated impact is approximately $2 trillion, and includes funding for: a) extraordinary public health spending, b) immediate cash relief for individual citizens, c) broad lending program for small businesses, and d) directed financial aid for industries that have been severely impacted.
3/26/20 – If you own or manage a business of any size, you know HR becomes increasingly important with each incremental growth. From recruiting top-level employees to managing difficult and oftentimes sensitive interpersonal issues, an elite HR specialist can help your business take that elusive step to the next level.
3/26/20 – After extensive negotiations between the U.S. House of Representatives, the U.S. Senate and the White House, an agreement has been reached on a massive stimulus bill to address the financial and health care crisis resulting from the coronavirus (COVID-19) pandemic.
3/24/20 – The novel Coronavirus (COVID-19) outbreak was designated as a disaster under the Stafford Act on March 13, 2020. This action of classifying the pandemic as federal disaster also allows for relief (separate from the relief of the federal and state governments) to disaster victims through several ways.
3/23/20 – President Trump signed into law H.R. 6201: Families First Coronavirus Response Act on March 18, 2020. Among other things, the new law temporarily requires certain employers to provide expanded paid sick and family leave for employees affected by the coronavirus (COVID-19) pandemic.
3/20/20 – After weeks of speculation surrounding COVID-19’s impact on this year’s tax filing deadline, the U.S. Treasury has provided an official statement. Earlier today, Friday, March 20, U.S. Treasury Secretary, Steve Mnuchin, formally announced the extension of the IRS tax filing deadline from April 15 to July 15.
3/20/20 – The funding programs recently announced by the current administration (as part of the Coronavirus Preparedness and Response Supplemental Appropriations Act) have triggered numerous questions and clarifications from the general public. These programs are vital and are intended to help all businesses that are facing an economic crisis in response to the recent unprecedented events.
3/20/20 – The updated Form I-9 was officially released on January 31, 2020, leaving employers with an April 30, 2020 deadline to transition their processes and procedures as they relate to the new requirements.
3/19/20 – The IRS released guidance on March 18, which outlines details for relief from tax deadlines for taxpayers adversely affected by the coronavirus (COVID-19) pandemic. Federal income tax payments due on April 15, 2020 are considered timely paid and not subject to interest and penalties if paid by July 15, 2020.
3/19/20 – As policies and regulations continue to evolve in response to the spread of COVID-19, our experts will keep you up-to-date on the latest modifications affecting our clients. With millions of Americans currently out of work due to national prevention orders, the government is amending existing policies to allow for quicker access to unemployment insurance. The following article provides guidance and resources for the states of Ohio, Kentucky, and Indiana, in respect to unemployment insurance.
3/12/20 – Providing your employees with factual information from health officials and assuring employees that their health and safety is paramount, can help to prepare and educate employees without causing panic. With coronavirus still continuing to spread across the world, now is the time to formulate best practices your company and human resources departments should follow to help your employees stay healthy and infection-free.
3/9/20 – In addition to other IRS updates, the 2019 form 990 incurred several changes you should be aware of this filing season.
3/6/20 – The evidence speaks for itself. A recent report from the Association of Certified Fraud Examiners (ACFE) suggests the answer is abundantly clear, “yes” — your institution should have a fraud hotline.
3/5/20 – The IRS has released proposed regulations addressing the deductibility of meal and entertainment expenses in tax years beginning after December 31, 2017. Among other things, the proposed regs clear up lingering confusion regarding whether meals are considered entertainment and, therefore, generally nondeductible.
3/3/20 – With the intention of making retirement plans more accessible to the masses, the Setting Every Community Up for Retirement (SECURE) Act provides an incentive-based program for small businesses who adopt retirement plans.
3/2/20 – The construction industry is notoriously taxing on its workers. From falling debris to malfunctioning power tools, a countless number of accidents can end up causing a site thousands of dollars, time, and even threaten a worker’s life. One of the most overlooked issues in the construction industry is mental health. Needless to say, protecting your employees is of the utmost importance.
3/2/20 – The Centers for Medicare Services (“CMS”) originally issued a proposed rule on April 16, 2019, to change the Medicare cost report form set for home health agencies. This notice provided for an original 60 day comment period. On February 24, 2020, the CMS issued a revised notice of proposed home health cost report forms and provides for a second 30 day comment period.
2/26/20 – Employee use of organization credit cards for personal expenses is a very real scenario that many organizations encounter. Here, VonLehman's Colleen Swanson explains how management can prevent these charges, whether they are accidental or intentional.
2/20/20 – In June of 2018, the US Supreme Court decided a case, South Dakota vs. Wayfair, Inc., commonly referred to as ‘the Wayfair case.’ The Court’s decision changed the rules that dictate when a taxing jurisdiction can expect a remote seller to collect and remit sales tax.
2/19/20 – Rights of Return: As nonpublic companies are analyzing their contracts to ensure compliance with ASC 606 Revenue from Contracts with Customers, the internal accounting departments at these entities are having to gain a better understanding of what promises the sales departments are making to customers. One of these promises might be a right of return.
2/17/20 – As we explained in our recent article, What’s in Store for 2020 M&A Activity?, VonLehman believes there are a number of positive trends that should support a robust 2020 M&A environment, one which will once again favor sellers. Full-year 2019 data has now begun to finalize, so we wanted to share those trends and statistics to give everyone perspective on what ‘higher than’ or ‘on par with’ actually means.
2/15/20 – In late 2019, the first substantial legislation related to retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act brings numerous changes to the retirement and estate planning landscape, and some of them should prompt careful review of your existing plans to ensure they’ll accomplish the desired outcomes, including minimizing taxes.
2/11/20 – As part of an ongoing effort to improve service, efficiency and quality for tax-exempt organizations, the IRS has made revisions to Form 1023 (Rev Jan 2020). Beginning January 31, 2020, the revised Form 1023 must be filed electronically.
2/10/20 – While there’s no specific regulatory requirement that financial institutions create a succession plan, community financial institutions can’t afford to be without one, and regulators generally view a formal plan as best practice.
1/31/20 – With several provisions in the 2017 TCJA deterring charitable giving, nonprofits should take action to minimize the negative impact on their bottom lines. Stephanie Allgeyer explains some of the possible disincentives for giving, and offers four ideas for combating them.
1/27/20 – With many of the provisions of the SECURE Act now in effect, do you know how they might affect your business? Here are some of the most important developments for employers, many of which took effect on January 1, 2020.
1/23/20 – To help you make sure you don’t miss any important 2020 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due.
1/21/20 – Requirements related to internal controls over compliance are becoming increasingly essential for nonprofit and governmental entities. Having effective internal controls over compliance in place will ensure the organization is ready to meet single audit requirements.
1/20/20 – The past year was a difficult one for the US manufacturing industry. Even still, indicators point to the likelihood of a contraction in coming years despite continued expansion of the US economy, our longest in history.
1/13/20 – In most cases, general contractors have strong relationships with their subcontractors, but fraud happens in every industry — and construction is no exception. Here, we examine some of the typical schemes associated with subcontractor fraud and suggest a variety of measures to stop it.
1/10/20 – As we start the New Year, there is more than enough uncertainty for business owners, management teams, advisors, and others to ponder. Issues about the longevity of the current prosperous economic cycle (for most industries), the upcoming election, which Democratic candidate will win the nomination in July (conservative or moderate), trade wars, impeachment outcomes, rising geopolitical instability, and more combine to leave even the most clear-headed person uncertain regarding what to expect this year and beyond.
1/9/20 – The IRS recently released the final version of the 2020 Form W-4, renamed Employee’s Withholding Certificate. The IRS’s objective with the redesign of the form was to reduce the form’s complexity and make income tax withholding easier to navigate for employees.
1/8/20 – Before its winter recess, one of the most notable agreements Congress reached is a massive government wide spending package. Titled, Further Consolidated Appropriations Act, 2020, the agreement includes extensions of income tax provisions, along with the new retirement account provisions.
1/7/20 – Congress traditionally passes so-called “extenders” annually, but it neglected to do so for 2018. As a result, several popular breaks for both individuals and businesses expired at the end of 2017. The new legislation extends certain income tax provisions that had expired, as well as some that were due to expire at the end of 2019.
12/30/19 – When it comes to technology, one thing is certain: Community Financial Institutions (FI), who fail to deliver the digital products and services their customers demand, will be left behind.
12/30/19 – Once signed, the repeal of the "Parking Tax" is retroactive to the original date of enactment. Taxpayers should be able to file amended Form 990-T to claim a refund for any UBIT paid related to providing qualified transportation benefits to their employees after December 31, 2017.
12/17/19 – Although the Tax Cuts and Jobs Act (TCJA) was signed into law more than a year ago, its impact continues to reverberate. Just one example of this is that, because of changes wrought by the law, many construction companies can now choose from a wider variety of accounting methods for tax purposes.
12/16/19 – Given that the end-of-year and beginning-of-year time frames lend to personal and professional reflection for many business owners, the following list identifies five factors owners and their advisors should account for when considering the potential sale of their business.
12/13/19 – Qualified retirement plan sponsors are subject to many disclosure requirements. Let’s take a look at a “top ten” list of key required, defined contribution plan disclosure documents from the Department of Labor, intended to reinforce a general understanding of those requirements.
12/12/19 – When two nonprofits merge — as in any alliance that blends two staffs and sets of operations — challenges arise. Knowing where the pitfalls lie is half the battle. Here, VonLehman's Stephanie Allgeyer discusses specific challenges that should be anticipated and managed, particularly as they pertain to constituent concerns, layoffs, employee morale, and standardization of operations, policies and procedures.
12/10/19 – The per diem rules themselves haven’t significantly changed. Primarily, guidance for taxpayers who were allowed to deduct certain unreimbursed business travel expenses before the TCJA, has been deleted. Here’s a refresher on what changed under the TCJA and the rules for using per diem rates.
12/3/19 – From greedy employees and hidden accounts, to the notorious wire transfer, commercial fraud has become a mainstay among nightly news agendas. In 2017 alone, it was estimated that over $1 billion was lost in wire fraud attacks. It is critical that you do everything possible to mitigate potential losses, as your insurance will only go so far in recovering these assets.
11/18/19 – ASC 606 Revenue from Contracts with Customers introduced a five-step-approach to recognizing revenue from contracts with customers. The approach includes 5 specific actions; once these steps have been completed, you must next determine what the accounting looks like. Here, we're observing the perspective of a distributor applying the five-step-approach in a real-world situation.
11/13/19 – Manufacturers face a barrage of cyber security threats today, and half of companies have fallen victim to at least one data breach during the past 12 months, according to the 2019 Manufacturing and Distribution Report. Until an attack takes place, most organizations feel they have done everything they need to do, but later realize it wasn’t sufficient.
11/12/19 – The Treasury Department has announced inflation-adjusted figures for retirement account savings for 2020.
11/11/19 – The IRS recently issued its 2020 cost-of-living adjustments. With inflation remaining largely in check, many amounts increased slightly, and some stayed at 2019 levels. If you’re working on your year-end tax plan, you’d be wise to take these 2020 cost-of-living amounts into consideration.
11/4/19 – To help you make sure you don’t miss any important 2019 deadlines, we’ve provided this summary of when various tax-related forms, payments, and other actions are due. Also included are deadlines into 2020 and a schedule of monthly payments.
10/31/19 – Most institutions use the dot-com extension at the ends of their website addresses, also known as the top-level domain (TLD). But the dot-bank and dot-creditunion TLD offers several advantages, including enhanced security, which is of critical importance to financial institution customers today.
10/31/19 – The first tax-filing season under the Tax Cuts and Jobs Act (TCJA) was a time of uncertainty for many businesses as they struggled with the implications of the law’s sweeping changes for their bottom lines. With the next filing season on the horizon, you can incorporate the lessons learned into your year-end tax planning.
10/28/19 – Accounting for contributions and grants has often proven complicated for nonprofits, especially when they come with donor-imposed conditions, restrictions, or both. New revenue recognition standards released by the Financial Accounting Standards Board (FASB) in 2014 only muddied the issues for some organizations.
10/25/19 – Fall is in the air and that means it’s time to turn your attention to year-end tax planning. While several clear strategies and tactics emerged during the first tax filing season under the Tax Cuts and Jobs Act (TCJA), 2019 and subsequent years bring potential twists that must be considered, too. Let’s take a closer look at year-end tax planning strategies that can reduce your 2019 income tax liability.
10/15/19 – Private business owners often loan money to and from their businesses. The IRS looks closely at such transactions to determine whether they are truly loans, or actually compensation, dividends, or contributions to equity. This article explains how informal shareholder loans may lead to adverse tax consequences and how the U.S. Tax Court determines that a shareholder loan is bona fide debt.
10/11/19 – The U.S. Department of Labor (DOL) has released the finalized rule on overtime exemptions for white-collar workers under the Fair Labor Standards Act. The rule, which is scheduled to take effect on January 1, 2020, updates the standard salary levels for the first time since 2004.
10/2/19 – The Financial Accounting Standards Board (FASB) has voted to delay implementation of the lease accounting standards for non-public business entities. The proposed implementation date for private companies will now be January 1, 2021 (still subject to final approval).
9/30/19 – The IRS has released final regulations and another round of proposed regs for the first-year 100% bonus depreciation deduction. The Tax Cuts and Jobs Act (TCJA) expanded the deduction to 100% if the qualified property is placed in service through 2022, with the amount dropping each subsequent year by 20%, until it sunsets in 2027.
9/23/19 – Can your board spot these 5 financial warning signs? When a nonprofit is having trouble meeting payroll obligations, defaulting on loans, or losing key donors, it’s easy for the board to tell that they’re in financial crisis. Often, though, the board could have avoided these financial disasters if it had recognized some of the earlier and less obvious signs of distress.
9/18/19 – Unless you’re a small nonprofit with no outside audit, it’s likely that your organization has an audit committee. No matter how long it’s been up and running, the board of directors should monitor the committee’s performance.
9/17/19 – The revenue recognition guidelines under ASU 2014-09, Revenue from Contracts with Customers, replace nearly 180 pieces of industry-specific guidance in GAAP with a broad, principles-based method for most businesses to recognize revenue. This approach to revenue recognition is more closely aligned with international financial reporting rules.
9/9/19 – Given the current positive market conditions, there's a new phenomenon where more sellers are enamored with “testing” the market instead of truly dedicating themselves to selling their businesses. They want to test value and see whether the valuation “bonanza” that they have been reading and hearing about is real. They pursue market testing in hopes of finding sky-high valuations and they dream of buyers willing to overpay.
8/30/19 – The ever-changing environment of the Healthcare Industry is impacting physicians and Physician Groups more than ever before, causing them to re-evaluate the future of the industry. Many are considering Mergers and Acquisitions (M&A) a viable option. Even if a physician group is performing well and, the majority of physicians within the practice are content, the group owes it to themselves to at least study, explore, and understand various strategic M&A options.
8/14/19 – Is your Form I-9 compliant? Immigration worksite enforcement surged in 2018 and shows no signs of slowing down. In 2018, the federal government announced their intentions to step up a nationwide efforts and to increase I-9 audits by the Immigration and Customs Enforcement (ICE) arm of U.S. Citizenship and Immigration Services.
8/6/19 – Before you sell equipment or patent rights to a company affiliate, think twice about the price. The IRS recently announced the launch of their “Inbound Distributor Campaign,” which is one of thirteen issue-based examinations and compliance campaigns.
7/31/19 – As you may know, the Centers for Medicare and Medicaid Services (CMS) issued a proposed rule on April 16, 2019 for a new cost report form set for home health agencies, Form CMS 1728-19.
7/24/19 – Passage of the federal income tax law in late December 2017 brought into reality a variety of concerns that nonprofits raised as the bill worked its way through Congress. In addition to the increased standard deduction that's expected to depress charitable giving, the final Tax Cuts and Jobs Act (TCJA) includes several other provisions that prompted objections from charities.
7/22/19 – The process of preparing an estate is a crucial but often times uncomfortable and overwhelming task. However, a fundamental understanding of this process can go a long way in subduing your fears.
7/17/19 – Due to recent legislative changes, the Kentucky Department of Revenue (DOR) has updated the Resale Certificate (Form 51A105) to include the services that are now exempt for resale, effective July 1, 2019.
7/16/19 – It’s been five years since we first heard of the impending revenue recognition update, and the time has finally come for companies to implement the new standards. While there are still uncertainties as to how much this may affect contractors and how they have recognized revenue under the old standards, every company is required to implement for years ending after December 31, 2019 and interim periods starting in 2020.
7/15/19 – Does your company construct, acquire, or substantially improve buildings? If so, a cost segregation study can help reduce taxes. Continue reading to find out how!
7/11/19 – The AICPA Auditing Standards Board (ASB) recently issued Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. SAS No. 136 is the result of an effort to enhance the communicative value and transparency of the auditor’s report for ERISA plan financial statements, and to include performance requirements specific to auditing ERISA plans.
7/10/19 – Your board members should have an understanding of the various financial reports your nonprofit is required to prepare. (See “Nonprofits: Best Practices for Board Fiscal Responsibilities” to learn more). In addition, board members should be familiar with these three key metrics.