The business energy credit, a valuable federal income tax benefit, is intended primarily for businesses that use alternative energy (other energy tax breaks may apply for the use of alternative energy in the home or production of energy for sale). This tax benefit applies to the acquisition of several types of alternative energy property and…

If your company plans to buy or merge with another business, you’re probably focusing your attention on negotiating deal terms and conducting due diligence. However, you’ll also want to address the transaction’s post-closing financial reporting requirements—otherwise, you may face disappointing financial results, potential lawsuits, and restatements in the future. The following guidance will help you…

Many employees have chosen to postpone using their allotted paid time off until pandemic-related safety concerns subside and COVID-19 restrictions are lifted. As a result, certain employers have seen an increase in accruals. The following guidance can help you evaluate if your company is required to report a liability for “compensated absences”—and how to estimate…

Estate planning isn’t only concerned with what happens after you die—it’s also important to plan for how critical financial or medical decisions will be made if you can’t make them for yourself. With carefully designed powers of attorney for finances and health care, you can designate a trusted person to make medical and financial decisions…

To help employees improve their skills and gain additional knowledge, many businesses provide education fringe benefits. Employees can receive up to $5,250 from their employer for educational assistance each year on a tax-free basis under a “qualified educational assistance program”. For these purposes, “education” is defined as any form of instruction or training that develops…

As many incorporated business owners know, corporations can deduct salaries and bonuses paid to executives, but not dividend payments. Because of this, funds paid as dividends are taxed twice, both to the corporation and to the recipient, while money paid out as compensation is only taxed to the employee receiving the compensation. As such, it’s…

Richard Jones became the new chairman of the Financial Accounting Standards Board (FASB) in December 2020. In early 2021, after meeting with stakeholders, Jones identified a list of projects he intends to prioritize as chairman. The basics The U.S. Generally Accepted Accounting Principles (GAAP) are the set of rules used by many domestic businesses to…

Fewer estates are now subject to the federal tax, as the federal gift and estate tax exemption has reached an inflation-adjusted $11.7 million for 2021. President Biden has proposed reducing the exemption to $3.5 million, but it’s unclear whether or not the proposal will pass Congress. In the event that no bill is passed, the…

The housing market is strong right now in many parts of the country. Here’s a quick guide on how to determine your “basis” if you’re buying or selling a home. The basics An itemized deduction for real estate taxes and home mortgage interest can be claimed on your tax return, but many other home ownership…

Are You Qualified for “Head of Household” Tax Filing Status? One of the following filing statuses must be checked when you file your tax return: Single Married filing jointly Married filing separately Head of household Qualifying widow(er) Filing a return as a head of household is more favorable than filing as single—but who qualifies to…

Money has been tight for many small businesses during the COVID-19 pandemic—and that can make attracting and retaining skilled workers difficult. As a result, some companies may decide to give valued employees a share of future profits, rather than offering cash bonuses or annual raises. Corporations typically do this in the form of issuing stock…

While vaccines are rolling out and states are lifting restrictions, businesses across the nation are still feeling Covid’s impact. The good news is there’s still plenty of government funding and tax credits available to help. In this webinar, we will cover: • How to qualify for PPP and EIDL loans that are still available •…