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Contingent Liabilities: To Report or Not to Report?

Is your company being transparent about contingent liabilities? In today’s uncertain conditions, reporting contingencies can be challenging. Here’s a refresher on the accounting rules for disclosing and estimating expected losses.

CalSavers Deadline is Approaching for California Employers

The CalSavers retirement savings program was first signed into law in 2016 for private sector workers whose employers do not already offer a retirement plan. Employers who already offer a retirement plan are exempt from this requirement.

Proposed Regs for Inherited IRAs Bring Unwelcome Surprises

The SECURE Act nixed the “stretch IRA” and replaced it with a new 10-year rule on inherited IRAs. However, subsequent IRS guidance has created confusion about when certain beneficiaries must begin taking distributions.

 Businesses May Receive Notices About Information Returns That Don’t Match IRS Records

If your business has independent contractors or makes other payments to customers or others, you probably file 1099 forms with the IRS. The tax agency is currently sending out notices about these forms to some taxpayers.

Important News for California Pass Through Entities: PTE Payment Due June 15

California enacted Assembly Bill 150 (“AB 150”) in 2021 as a method for deducting state and local taxes in excess of federal deduction limitations.
CFO,

CFO, Yes or No? Here’s How to Decide

If your nonprofit’s budget is growing and your executives are struggling to juggle financial responsibilities, it may be time to hire a CFO. Learn about what these executives do and what to look for in a candidate.

Goodwill in a Bad Economy

Internally generated goodwill isn’t on the balance sheet. But acquired goodwill is another story. Do you know the rules for reporting acquired goodwill and subsequently testing it for impairment? This is a hot button for many organizations today.

Tax Considerations When Adding a New Partner at Your Business

If you’re looking for a new partner to add to your partnership, you may think the hard part is over once you find the right person. But there may be tax challenges ahead.

Once You File Your Tax Return, Consider These 3 Issues

Once your 2021 tax return has been filed, there still may be some issues to consider. Many people have questions about how to find their refund status, which records can be thrown out and when to file amended tax returns.

Insights

Advantages of keeping your business separate from its real estate

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It may be advantageous to separate ownership of a business’s real estate from the business. But it isn’t always advisable. Here’s a look at the issues. Continue Reading Advantages of keeping your business separate from its real estate

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Cutoffs: When to report revenue and expenses

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Does your company follow the cutoff rules? Loose interpretation of the accounting rules can lead to errors and unexpected audit adjustments. Here’s how to get it right. Continue Reading Cutoffs: When to report revenue and expenses

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Help ensure your partnership or LLC complies with tax law

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Guaranteed payments to partners and payments to retired partners are just two of the tax issues that should be addressed in your partnership (or LLC operating) agreement. Here are the details. Continue Reading Help ensure your partnership or LLC complies with tax law

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