Business Owners

UPDATED – IRS Extends Tax Relief to Victims of Hurricane Ian by Tony Gutierrez, CPA

Posted on October 03, 2022 by Anthony Gutierrez

The IRS has extended until Feb. 15, 2023, various tax-filing and tax-payment deadlines for individuals and businesses recently impacted by Hurricane Ian, which made landfall on Florida’s west coast on Sept. 28, 2022. The postponed deadline applies automatically to taxpayers with homes or businesses located anywhere in the states of Florida, North Carolina and South […]

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 […]

401(k) Plan Sponsors Get More Time to Adopt Amendments by Melissa Fleitas, CPA

Posted on September 20, 2022 by Melissa Fleitas

Under recent guidance issued by the IRS, retirement plans, including 401(k)s, certain 403(b) plans and individual retirement accounts (IRAs), have additional time to adopt required amendments incorporating new legislation introduced in 2019 and 2020. The new deadline for non-governmental calendar-year plans to adopt these amendments has been postponed from December 31, 2022, to December 31, […]

What Constitutes Best Evidence to Support Claims of Economic Damages? by Scott Bouchner, CMA, CVA, CFE, CIRA

Posted on September 07, 2022 by Scott Bouchner

In cases involving economic damages, attorneys have an obligation to prove lost profits with “reasonable certainty” based on the use of “best evidence.” Considering that the courts have not agreed on one universally accepted standard for defining “best evidence,” such decisions inevitably rely on the facts and circumstances of each individual case. As a result, […]

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 […]

Do You Need a Construction Overrun Investigation? by Joel Glick, CPA/CFF, CFE, CGMA

Posted on August 17, 2022 by Joel Glick

While construction cranes continue to dot the skylines of cities across the world, the construction industry is facing a challenging time. Soaring demand for projects are being hampered by rising costs of construction materials, delivery delays due to supply chain disruptions and a shortage of skilled laborers. In this environment, real estate developers, building owners […]

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 […]

UPDATED – Carried Interest Deduction Remains Intact Under New Law by John G. Ebenger, CPA

Posted on August 10, 2022 by John Ebenger

The sweeping Inflation Reduction Act approved by Congress and signed into law on Aug. 16, 2022, did not include any of the previously proposed restrictions to the beneficial tax treatment of carried interest typically paid to general partners, fund managers or others in connection with their performance. Consequently, qualifying taxpayers may continue to treat carried […]

Category: Business Owners