Accounting & Finance

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…

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…

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…

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…

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.…

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…

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…

Contributions to Qualifying Charitable Organizations: An individual who makes a cash donation to a qualifying charitable organization can receive a tax credit of up to $400 for single, head of household and married filing separately taxpayers or $800 for married filing jointly taxpayers. You have until April 15, 2021 to make cash contributions that can…

In light of the devastating economic impacts of the COVID-19 pandemic, an unprecedented number of leasing concessions have been negotiated between lessees and lessors. Typically, companies reporting under generally accepted accounting principles would be required to determine if each impacted leasing contract includes enforceable rights and obligations to provide for concessions under the circumstances. If…

On December 27, President Trump signed the second COVID-19 stimulus bill (the Consolidated Appropriations Act, “CAA”), that includes special benefits for small businesses, i.e., companies with 100 employees or fewer. The Employee Retention Credit (“ERC”) allows these small businesses that have previously received Payroll Protection Program (PPP) loan forgiveness to also obtain an ERC provided that the same…