03.17.22
EIDL Borrowers Receive Additional Six-Month Deferment
On March 15, 2022, the U.S. Small Business Administration announced an additional six-month deferment of principal and interest payments for existing loans made under the COVID Economic Injury Disaster Loan program.

03.16.22
Lease Accounting: Road to Compliance Checklist
With the implementation of ASU 2016-02 (Topic 842, Leases) rapidly approaching for private companies and not-for-profit organizations, companies should forge ahead on the road to compliance. The new standard applies to both lessees and lessors and it brings significant changes to balance sheets. The extra time granted by the FASB reflects the mammoth task ahead, which will require more work, more resources and more time than most businesses realize.

03.07.22
The IRS Again Eases Schedules K-2 and K-3 Filing Requirements for 2021
The IRS has announced additional relief for pass-through entities required to file two new tax forms — Schedules K-2 and K-3 — for the 2021 tax year. Certain domestic partnerships and S corporations will not be required to file the schedules, which are intended to make it easier for partners and shareholders to find information related to “items of international tax relevance” that they need to file their own returns.

01.31.22
2022 Tax Calendar
To help you make sure that you do not miss any important 2022 deadlines, we have provided this summary of when various tax-related forms, payments and other actions are due.

01.26.22
New Leases Standard – What Do Lessors Need to Know?
In 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-02 Leases (Topic 842), otherwise known as “the new leases standard”. The standard was the culmination of a decade-long project aimed at achieving greater financial transparency of off-balance sheet liabilities.

01.24.22
Restate Your Plan Document Timely
Every six years the IRS requires plan sponsors to restate their plan document that governs how their plan operates, including eligibility, contributions, vesting, distributions and much more. The plan document dictates the operation of the plan through these selected plan features. Most importantly, it is written to comply with the many IRS regulations and rules.

01.13.22
1099-MISC vs. 1099-NEC
Last year, the IRS released a new form – Form 1099-NEC. This form is still in use for 2021. While it might not have affected you last year, it may this year. This Client Alert will provide you with some general guidelines and resources to help you determine which form you need to file. It will also address questions that we often receive from clients.

12.28.21
2021 To End Without Senate Action on the Build Back Better Act
As the 2021 legislative calendar comes to a close, so does the prospect of Senate passage of the Build Back Better Act. With a 50-50 Senate, the loss of just one Democratic member is fatal and Senator Joe Manchin (D-W.V.)’s remarks on December 19, 2021, appeared to be the fatal blow.

11.23.21
U.S. House Passes the Build Back Better Act
The U.S. House of Representatives passed a crucial part of President Biden’s agenda by a vote of 220-213 on November 19. The Build Back Better Act (BBBA) includes numerous provisions related to areas ranging from health care, climate change and immigration to education, social programs, and of course, taxes.

11.17.21
The Infrastructure Investment and Jobs Act Includes Tax-Related Provisions You Will Want To Know About
Almost three months after it passed the U.S. Senate, the U.S. House of Representatives has passed the Infrastructure Investment and Jobs Act (IIJA), better known as the bipartisan infrastructure bill. President Biden signed the bill into law on November 15. While the bulk of the law is directed toward massive investments in infrastructure projects across the country, a handful of noteworthy tax provisions are tucked inside it. Here is what you need to know.