Accounting is time-sensitive. Here’s a primer on cutoffs for reporting revenue and expenses to help companies that use accrual-basis accounting.Read More
Archive for the ‘Business’ Category
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2020 Tax Saving Strategies for Businesses
If you own a small business, consider the following tax saving strategies to help minimize your 2020 tax bill.Read More
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SBA Issues Loan Necessity Questionnaires for PPP Borrowers With Loans of $2 Million or More
The SBA released two loan necessity questionnaires for Paycheck Protection Program (PPP) borrowers who received PPP loans totaling $2 million or more.Read More
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2021 Inflation Adjustments & Tax Tables
The IRS has issued the 2021 annual inflation adjustments for may tax provisions, along with the 2021 tax rate tables for individuals, trusts and estates.Read More
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Maryland Strong Economic Recovery Initiative
The $250 million “Maryland Strong Economic Recovery initiative” provides funding to businesses negatively impacted by the COVID-19 pandemicRead More
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Understanding the Passive Activity Loss Rules
The passive activity loss rules can be complex and confusing for some taxpayers. Here’s what you need to know.Read More
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FASB Delays Long-Term Insurance Standard (Again)
The FASB issued simplified rules for reporting long-term insurance contracts in 2018. But insurers have struggled to make the changes during the COVID-19 crisis.Read More
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Buy-Sells Help Business Owners Prepare for the Unexpected
Here are common valuation issues to incorporate in buy-sells, along with a reminder about how to avoid unintended consequences.Read More
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Offer FSAs to Employees? You May Need to Act Before Year End
If you offer employees FSAs, it’s important to keep abreast of the latest changes, including those made by the CARES Act.Read More
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Take Aim at Tax Credit for Hiring Target Workers: WOTC
If your business is actively recruiting, consider certain “target” groups that could qualify for the Work Opportunity Tax Credit (WOTC)Read More