What To Know About the New Lease Accounting Standard

Every day that passes marks less time for private companies to get ready for ASC 842, the new lease accounting standard. The standard applies to any company preparing financial statements under generally accepted accounting principles. Private companies will have to comply with this standard in fiscal years beginning after December 15, 2021, and interim periods…

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What Not-For-Profits Need to Know About Form 990

Purpose of Form 990 Nearly all the approximately 1.74 million organizations recognized as tax exempt by the IRS must file Form 990 or another form in the same series annually. Churches are not required to file any of the forms in the IRS 990 series. The Form 990 series is intended to make a not-for-profit organization’s…

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What Papers Do You Need To Save?

Sometimes it feels good to get rid of clutter. Cleaning out papers we have kept for years is a good project. But there are some guidelines to be aware of before you put a pile of papers on the scrap heap. Individual circumstances guide the exact documents that should be retained, but there are some…

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Did You Know? R&A Offers Business Valuation Services

You want to know the value of your business. R&A can help you with that. Many business owners are faced at some point with the question “What is my company worth?” This question can arise for many reasons including a potential sale of the company, the buyout of a retiring shareholder, shareholder litigation, a divorce, management…

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Did You Know? R&A Offers Outsourced Accounting, Payroll, and Advisory Services

You want to grow your business. R&A can help you do that. Many small- to mid-size businesses are outsourcing non-core functions, including accounting and payroll. Those services can include: general ledger management, payroll, virtual CFO services, cash flow management, AP, AR, transaction processing, and controllership. The benefits of outsourcing some or all these services can be substantial.…

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New Laws Affect Retirement Plans

The IRS is reminding taxpayers about the rules for required minimum distributions (RMDs) from retirement accounts. Previous rules stated that a retirement plan account owner must begin taking an RMD annually starting the year he or she reaches 70 ½ or 72, depending on the birthdate and retirement year of the plan owner. Retirement plans requiring RMDs…

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When Trading, Don’t Forget Taxes

It can seem exciting to make money in the stock market. But when you do well, the government wants a piece of the action in the form of taxes. Each trade can generate either a taxable gain or a loss that can offset a taxable gain. So you may want to maximize after-tax profits by…

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Restaurant Revitalization Fund Has Launched

The American Rescue Plan Act, signed into law in March, established the Restaurant Revitalization Fund (RRF) to help restaurants and other eligible businesses impacted by the COVID pandemic. The RRF will award grants of up to $5 million per physical location, capped at $10 million per entity and affiliates. Total funding available under the RRF…

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What’s in the New 2021 Stimulus Bill?

After much debate, the Senate and House reached various compromises on the latest relief bill, the American Rescue Plan Act (ARPA), which President Biden signed into law on March 11. The 600 pages contain many provisions and additional guidance is likely to follow in the coming weeks. Meanwhile, here are the key benefits. The $1,400 relief…

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Pros and Cons of Tax Extensions

In general, individual and trust income tax returns are due on April 15th of each year, while partnerships and corporations must file by March 15th. If your accountant thinks there is a reasonable chance that you will not be able to file your tax return on time, they will file an automatic request for extension with…

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