March 15, 2021
Did you know that if you received $750,000 in funds through the Coronavirus Aid, Relief and Economics Security (CARES) Act, you may be required to undergo a Single Audit? For many businesses, this is unchartered territory as they have not received or relied on government funding in the past.
March 10, 2021
To celebrate International Women's Month, we are shining a spotlight on our Managing Partner and Co-Founder, Thanh, with a Q&A session. This year the theme of International Women's Month is #Choose to Challenge, and we didn't need to look far to see how Thanh has challenged inequity and bias in her life to become the person she is today.
March 01, 2021
Picture this- Your company had a large jump in revenue in 2020. You are thrilled that your company made money during a tough economy. You start thinking your company hit great revenue numbers in 2020, so 2021 should be great, right? Then reality in the form of the Tax Man comes knockin' on your door to collect his portion of your profits.
February 04, 2021
The Super Bowl is this weekend, and all eyes are on the two quarterbacks. It is always exciting to see how they lead their team under immense pressure on the path to being a champion. As a business owner or an individual taxpayer, you may still be feeling the sting of COVID-19 in your business daily, but did you know that you may also be facing the same "Jock Tax" that professional athletes face? You may be thinking, "Why would I have to think about the Jock Tax when I am not making the same money as Tom Brady?" This is an excellent question for your CPA!
December 22, 2020
What’s old is once again new, at least in the tax-filing world! If you’re accustomed to filing Form 1099-MISC to report nonemployee compensation, you’ll need to reorder your IRS alphabet for your 2020 returns. The government is now bringing back Form 1099-NEC, a form that was last used in 1982 during the Reagan Administration. The 1099-NEC is being reintroduced to address confusion created by the PATH (Protecting Americans from Tax Hikes) Act of 2015.
December 22, 2020
As a result of post-implementation feedback received by the Financial Accounting Standards Board (FASB), a new proposal was released that would provide three, targeted improvements to the new Leasing Standard. These improvements now impact all lessees, whether you may have already adopted ASC 842, or if you may still be going through the process. The new proposal provides lessees with the option to remeasure variable lease payments, based on the Consumer Price Index, when there is a change in the index or rate, and that will affect future lease payments.