by Mary Doherty | Jul 27, 2022 | News, Tax Planning
With continuing phone and in-person scams taking place across the country, the IRS has issued guidelines to help taxpayers understand how and why agency representatives may contact them. In most instances, the IRS sends a letter or written notice to a taxpayer in...
by Mary Doherty | Jul 26, 2022 | Business Planning, News
The updated lease accounting standard is currently in effect for private companies. After several postponements during the pandemic, the Financial Accounting Standards Board (FASB) voted unanimously to move forward with the changes. That means private companies and...
by Mary Doherty | Jul 26, 2022 | Business Planning, Tax Planning
The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will begin to drop from 100% after 2022, and...
by Mary Doherty | Jul 21, 2022 | Nonprofit
When the COVID-19 pandemic forced lockdowns in Spring 2020, many nonprofit organizations initially resisted laying off employees. Retention tax credits provided under the CARES Act helped. But nonprofits that are still struggling may think they have no choice but to...