Ideas & Insight

In Notice 2021-46, the IRS recently issued additional guidance on the COBRA assistance provisions of the American Rescue Plan Act (ARPA). Under the ARPA, a 100% COBRA premium subsidy and additional COBRA enrollment rights are available to certain assistance eligible individuals (AEIs) during the period beginning on April 1, 2021, and ending on September 30, […]

What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax consequences of guaranteeing a loan. If your corporation defaults on the loan and you’re required […]

The National Restaurant Association and the American Institute of Certified Public Accountants (AICPA) has come out with several recommendations for tracking the spending of the funds received from the Restaurant Revitalization Fund (RRF) Grant. The RRF grant is not an economic stimulus payment. If the funds are not used within the grants parameters, the recipient […]

Overview Under the American Rescue Plan Act of 2021 (ARP), small and midsize employers and certain governmental employers are allowed to claim refundable tax credits that reimburse them for the cost of providing paid sick and family leave to their employees due to COVID-19 illnesses and vaccinations. This includes leave taken by employees to receive […]

If your business receives large cash transactions or cash equivalents, you may be required to report these to the IRS. What are the requirements? Each person who, in the course of operating a trade or business, receives more than $10,000 in cash in one transaction (or two or more related transactions), must file Form 8300. […]

If your child is fortunate enough to be awarded scholarships, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary, middle and high schools, as well as those attending college, graduate school or accredited vocational schools. It doesn’t matter if the scholarship makes a direct payment […]

Someone might have once told you that human beings use only 10% of our brains. The implication is that we have vast, untapped stores of cerebral power waiting to be discovered. In truth, this is a myth widely debunked by neurologists. What you may be underusing, as a business owner, is your accounting software. Much […]

Many businesses are spending more time and resources on supporting the well-being of their employees. This includes recognizing and addressing issues related to diversity, equity and inclusion (DEI). A thoughtfully designed DEI program can do more than just head off potential conflicts and disruptions among coworkers; it can help you attract good job candidates, retain […]

If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five. 1. Long-term medical care The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they, along with other medical […]

Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and want to know your options for setting it up. Here are the basics of operating as an LLC and why it might be […]