Business Consulting and Planning

IRS Increases Retirement Plan Contribution Limits for 2023 by Jack Winter, CPA/PFS, CFP

Posted on December 08, 2022 by Jack Winter

The IRS recently released its annual cost-of-living adjustments for retirement savers, increasing the annual limits participants can contribute to those plans in 2023. Employer-Sponsored Retirement Plans The maximum amount you may contribute via salary deferral to an employer-sponsored 401(k) or 403(b) retirement savings plan in 2023 is $22,500, up from $20,500 last year. If you […]

Podcast – BPB Knows Business Interruption Claims Support

Posted on November 17, 2022 by Daniel Hughes

In this episode Director of Forensic and Advisory Services Dan Hughes explains how forensic accountants are important members of a business’ interruption insurance claims team.

Tax Treatment of Casualty Losses and Casualty Gains from Hurricanes Ian, Fiona by Arthur J. Lieberman

Posted on November 02, 2022 by Art Lieberman

Taxpayers are often unaware of how the tax code treats property damage and losses they sustain from natural disasters, such as the recent hurricanes across Florida, the Carolinas and Puerto Rico. Many taxpayers are also surprised to learn that when insurance proceeds or other recoveries exceed the tax basis of damaged property, they may incur a taxable […]

Important Considerations for Adapting to Evolving Market Demands and Changing Business Models by Hector E. Aguililla, CPA

Posted on October 19, 2022 by Hector Aguililla

The pandemic and subsequent months of economic uncertainty have proven that change is the one constant business leaders must accept and continually prepare for, not only to survive, but also to thrive over the long term. While changes may involve modifications to specific segments of a business, such as narrowing or expanding geographic distribution, products […]

What is an Opportunity Zone? by Alex Keneiby, CPA

Posted on October 11, 2022 by Alex Keneiby

At the end of 2017, the Tax Cuts and Jobs Act introduced the concept of Qualified Opportunity Zones (QOZs) to help incentivize private investment into revitalizing economically distressed communities throughout the U.S., the District of Columbia and five U.S. territories. In return for their investments into these state designated QOZs, private individuals and businesses can […]

Best Practices for Businesses after a Disaster by Daniel Hughes, CPA/CFF/CGMA, CVA

Posted on September 28, 2022 by Daniel Hughes

In the aftermath of Hurricanes Fiona and Ian and with Hurricane Nicole taking aim at Florida, we are reminded once again of the importance of preparing for and responding to natural disasters in order to minimize business losses and ensure long-term viability. The actions a business takes during the first few days following a loss […]

IRS Increases Some Standard Mileage Rates for Second Half of 2022 by Steven Rubin, CPA

Posted on September 23, 2022 by Steven Rubin

To account for persistent inflation and higher fuel prices, the IRS raised some of the standard mileage rates taxpayers may use to calculate the deductible costs of operating cars, vans or trucks for business, charitable, medical or moving purposes during the final six months of 2022. Taxpayers also have the option to calculate these deductible […]

Podcast – BPB Knows Quality of Earnings Reports

Posted on September 01, 2022 by Hector Aguililla

In this episode Director of Assurance and Advisory Services Hector Aguililla describes quality of earnings reports and why they are so valuable to buyers and sellers in M&A transactions.

There’s Still Time for Businesses to Claim Employee Retention Tax Credits by Andrew Leonard, CPA

Posted on August 19, 2022 by Andrew Leonard

Although it has been two years since Congress introduced the Employee Retention Tax Credit (ERC) to help businesses and non-profits keep workers employed through the COVID-19 pandemic, many qualifying entities failed to claim the credits on their 2020 and 2021 tax returns. The good news is there’s still time for employers to request a retroactive […]

UPDATED – What Does the Inflation Reduction Act Mean to Taxpayers? by Richard Cabrera, JD, LLM, CPA

Posted on August 12, 2022 by Richard Cabrera

The Inflation Reduction Act signed into law on Aug. 16, 2022, represents an investment of more than $430 billion in new federal spending to combat climate change, reduce consumers’ healthcare costs and lower the deficit. To help raise the revenue required to accomplish these goals, the bill includes a package of tax reforms impacting consumers […]

Category: Business Consulting and Planning