After numerous false starts, the time has finally come for private companies to begin reporting leases on their balance sheets and comply with the lease-accounting standards first introduced by the Financial Accounting Standards Board (FASB) in late 2015. While most public companies adopted Accounting Standards Update (ASU) Topic 842 in 2019, privately held business were […]
Posted on January 20, 2022
by
Adam Cohen
Businesses struggling to keep up with consumer demand during the current labor shortage can find relief in some of the retirement plan provisions included in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted in 2020. According to the U.S. Department of Labor, despite strong economic recovery since the start of the pandemic, […]
Posted on January 19, 2022
by
Kevin McNally
For the first time in two years, the IRS has raised some of the optional standard mileage rate that taxpayers may use to calculate deductible costs of operating cars, vans or trucks for business, charitable, medical or moving purposes in 2022. Taxpayers also have the option to calculate these expenses based on the actual costs […]
Posted on January 13, 2022
by
Joanie Stein
Preventative care is critical to averting serious (and often costly) emergencies. Just as annual medical exams can help to prevent disease, regular check-ups with your accountants and advisors can help you avoid surprise tax bills and penalties come the April tax return-filing deadline. Under the U.S.’s pay-as-you-go system of taxation, individuals are required to pay […]
Under the U.S.’s pay-as-you-go system of taxation, individuals are responsible for reporting and paying taxes on all income they receive in a given tax year, either as it is received or by the date of the taxpayers’ annual tax return-filing deadline. While taxes are automatically withheld from most workers’ wages and paid directly to the […]
Posted on January 05, 2022
by
Karen Lake
The Tax Cuts and Jobs Act’s (TCJA) introduction of a $10,000 cap on the deduction for state and local taxes (SALT) has served as a catalyst for many wealthy families to move to more tax-friendly jurisdictions, such as Florida, where they can avoid the imposition of a state-level personal income tax. However, the rules for […]
