Latest posts
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4 red flags of an unreliable budget
Every business should prepare an annual budget. Creating a comprehensive, realistic spending plan allows you to identify potential shortages of cash, possible constraints on your capacity to fulfill strategic objectives, and other threats. Whether you’ve already put together a 2022 budget or still need to get on that before year end, here are four red…
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FASB offers practical expedient for private companies that issue share-based awards
On October 25, the Financial Accounting Standards Board (FASB) issued a simpler accounting option that will enable private companies to more easily measure certain types of shares they provide to both employees and nonemployees as part of compensation awards. Here are the details. Complex rules Many companies award stock options and other forms of share-based payments…
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How to assess fraud risks today
Auditing standards require external auditors to consider potential fraud risks by watching out for conditions that provide the opportunity to commit fraud. Unfortunately, conditions during the COVID-19 pandemic may have increased your company’s fraud risks. For example, more employees may be working remotely than ever before. And some workers may be experiencing personal financial distress…
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Factor in taxes if you’re relocating to another state in retirement
Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more pleasant. But while you’re thinking about how many square feet you’ll need in a retirement home, don’t forget to factor in state and local taxes.…
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Congress passes COVID-19 aid package containing billions in funding and tax breaks
After months of negotiations in Washington, an agreement has been struck on a new aid package to address the ongoing fallout from the COVID-19 pandemic. The legislation has been passed by both the U.S. House of Representatives and the U.S. Senate, and President Trump is expected to sign it soon. Included in the nearly 5,600-page…
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2021 tax calendar
To help you make sure you don’t miss any important 2021 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Date Deadline for February 1…
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Can a broken trust be fixed?
An irrevocable trust has long been a key component of many estate plans. But what if it no longer serves your purposes? Is it too late to change it? Depending on applicable state law, you may have several options for fixing a “broken” trust. How trusts break There are several reasons a trust can break,…
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A tenancy-in-common interest can ease distribution of real estate
If your estate includes significant real estate investments, the manner in which you own these assets can have a dramatic effect on your estate plan. One versatile estate planning option to consider is tenancy-in-common (TIC) ownership. What is tenancy-in-common? A TIC interest is an undivided fractional interest in property. Rather than splitting the property into…
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A family bank professionalizes intrafamily lending
Because of the COVID-19 pandemic and the resulting economic turndown in some areas, you may have family members in need of financial support. If you’re interested in lending money to loved ones in need, consider establishing a “family bank.” These entities enhance the benefits of intrafamily loans, while minimizing unintended consequences. Intrafamily loans Lending can…
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3 essential estate planning strategies not to be ignored
With most tax planning, there are certain strategies that are generally effective and shouldn’t be ignored. The same holds true for estate planning. Here are three essential estate planning strategies to consider that may help you achieve your goals. 1. Use an ILIT to hold life insurance Do you own an insurance policy on your…
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5 questions to ask about your marketing efforts
For many small to midsize businesses, spending money on marketing calls for a leap of faith that the benefits will outweigh the costs. Much of the planning process tends to focus on the initial expenses incurred rather than how to measure return on investment. Here are five questions to ask yourself and your leadership team…
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4 ways to refine your cash flow forecasting
Run a business for any length of time and the importance of cash flow becomes abundantly clear. When payroll is due, bills are piling up and funds aren’t available, blood pressure tends to rise. For this reason, being able to accurately forecast cash flow is critical. Here are four ways to refine your approach: 1.…