Business Consulting and Planning

Cannabis Businesses, Investors Can Reap Tax Savings When They Plan Well by Joshua P. Heberling, CPA

Posted on May 04, 2021 by Joshua Heberling

Even as New York prepares to join a growing number of U.S. states to legalize the sales of marijuana for recreational purposes, cannabis continues to be treated on the federal level as an illegal Schedule I substance. As a result, taxpayers involved in the cannabis industry, either as investors or business operators, face a landmine of […]

UPDATED – Preparing for Potential Changes to Individual and Estate Taxes by Tony Gutierrez, CPA

Posted on April 30, 2021 by Anthony Gutierrez

As the government begins deliberating the Biden administration’s $2.3 trillion infrastructure bill and $1.8 trillion American Families Plan, one thing is for certain: individual and corporate taxes will be impacted. Now is a critical time for high-net-worth families and businesses to get ahead of proposed tax increases and meet with their CPAs and advisors to […]

Florida Finally Adopts Online Sales Tax Law by Karen A. Lake, CPA

Posted on April 23, 2021 by Karen Lake

Under a newly enacted Florida law, out-of-state retailers will need to begin collecting and remitting sales tax on purchases made online by residents within the state beginning July 2021. Previously, online retailers were not required to remit sales tax to the state, thereby providing them with an unfair competitive advantage over Florida’s brick-and-mortar businesses that […]

Wealthy Taxpayers, Corporations Should Heed Warnings Implied by IRS Budget Increase by Jeffrey M. Mutnik, CPA/PFS

Posted on April 21, 2021

Included in the Biden Administration’s proposed budget for fiscal 2022 is an additional $1.2 billion in funding to help the IRS ramp up its tax enforcement efforts after more than a decade of spending and staffing cuts. What this means for taxpayers is a likely increase in IRS audits and heightened scrutiny of tax compliance, […]

Latest Stimulus Package Changes Tax Treatment of Unemployment Benefits Received in 2020 by Joanie B. Stein, CPA

Posted on April 07, 2021 by Joanie Stein

The American Rescue Plan (ARP), signed into law on March 11, 2021, allows eligible taxpayers to exclude from their 2020 taxable income up to $10,200 in unemployment benefits they received last year. This relief is subject to certain restrictions and limitations as well as further changes as the IRS continues to issue guidance. Ordinarily, unemployment […]

The Strategic Imperative for ESG Reporting by David E. Kolan, CPA

Posted on March 09, 2021 by David Kolan

Consumers’ passions to live more socially conscious, environmentally responsible lives has seeped deeper into the corporate world, where companies are now expected to address their impact on these societal issues with the same level of enthusiasm as its customers and investors. It is consequently no surprise that more than 90 percent of U.S. companies traded […]

Commercial Real Estate Landlords Can Find Tax Savings in COVID-Related Abandonment Losses by John G. Ebenger, CPA

Posted on February 22, 2021 by John Ebenger

With all the economic hardships caused by the COVID-19 crisis, businesses must take the time to carefully review their financial losses to uncover potential opportunities for which they may use those deductions to maximize tax efficiency in 2020 and the years ahead. For example, much ink has been spilled over the Coronavirus Aid, Relief and […]

Time to Pivot Again – Moving Management Beyond COVID-19 Survival by Richard A. Berkowitz, JD,CPA

Posted on January 26, 2021 by Richard Berkowitz

The COVID-19 pandemic has forced businesses to quickly adapt in extraordinary ways. Today, as vaccinations begin to roll out across the country, companies must again prepare to acclimate to a future business environment when the pandemic is no longer paramount. As simple as it may seem to assume that we will all return to “business […]

2021 Changes to Tax Provisions Related to Health Care Costs by Adam Cohen, CPA

Posted on January 13, 2021 by Adam Cohen

The COVID-19 pandemic and long-awaited rollout of FDA-approved vaccines this year highlight the importance of planning for rising medical costs and taking advantage of tax breaks, when available, to help you cover some of those expenses. Following are the IRS’s annual cost-of-living adjustments for various provisions of the tax code that relate to health care […]

UPDATED – Did COVID-19 Layoffs Trigger a Partial 401(k) Plan Termination? by Melissa Fleitas, CPA

Posted on January 12, 2021 by Melissa Fleitas

The Consolidations Appropriations Act of 2021, signed into law on Dec. 27, 2020, provides 401(k) sponsors with welcome relief from partial plan terminations that may have otherwise occurred in the wake of COVID-19-related workforce reductions. Background Under longstanding IRS rules, businesses that lay off 20 percent or more of employees covered by a defined-contribution plan in a […]

Category: Business Consulting and Planning