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June 2020
Establishing your company’s risk appetite
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) recently published new guidance on how companies can promote “risk appetite” as part of dec
Some people are required to return Economic Impact Payments that were sent erroneously
The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report.
Haven’t filed your 2019 business tax return yet? There may be ways to chip away at your bill
The extended federal income tax deadline is coming up fast.
Regaining your tax-exempt status if you failed to file Form 990s
There are many ways for a not-for-profit organization to lose its tax-exempt status — including participating in lobbying and campaign activities, receiving excessive
SBA reopens EIDL program to small businesses and nonprofits
Just last week, the Small Business Administration (SBA) announced that it has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program to eligible ap
IRS Issues Notice 2020-51- Provides additional relief and guidance on waiver of 2020 Required Minimum Distributions
The CARES Act among many other things, granted a waiver from taking Required Minimum Distributions (RMDs) from retirement accounts for 2020. In addition, it granted a
What qualifies as a “coronavirus-related distribution” from a retirement plan?
As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from
Launching a business? How to treat start-up expenses on your tax return
While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses.
Nonprofits: Carefully navigate the upcoming election
The 2020 presidential election is fast approaching and your not-for-profit has a stake in its outcome.
Re-evaluate your company’s competitiveness in a changed economy
Just about every business owner’s strategic plans for 2020 look far different now than they did heading into the year.
Good records are the key to tax deductions and trouble-free IRS audits
If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses.
If you’re selling your home, don’t forget about taxes
Traditionally, spring and summer are popular times for selling a home. Unfortunately, the COVID-19 crisis has resulted in a slowdown in sales.
Is it time to outsource finance and accounting?
Outsourcing may appeal to organizations that are currently struggling with mounting overhead costs during the COVID-19 crisis.
Rebuilding your nonprofit’s board
In times of turmoil, your board of directors should be your not-for-profit’s rock-solid foundation.
PPP Flexibility Act eases rules for borrowers coping with COVID-19
As you may recall, the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) back in April to help companies reeling from the economic imp
Rioting damage at your business? You may be able to claim casualty loss deductions
The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed.
Seniors: Can you deduct Medicare premiums?
If you’re age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want.
Paycheck Protection Program Flexibility Act
In yet another attempt to clarify and expand the Paycheck Protection Program (PPP), Congress passed and on June 5, 2020 the President signed the Paycheck Protection Pr
5 steps to streamline the month-end close
Many companies struggle to close the books at the end of the month. The month-end close requires accounting personnel to round up data from across the organization.
The latest news on nonprofit fraud is here
Every two years, the Association of Certified Fraud Examiners (ACFE) publishes what has become the definitive guide for preventing and detecting workplace fraud.
Does your company have an emergency succession plan?
For business owners, succession planning is ideally a long-term project.
A nonworking spouse can still have an IRA
It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take ca
Business meal deductions: The current rules amid proposed changes
Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic.
