Search Resources
7 Valuable Deductions for Self-Employed Individuals
If your business was forced to close due to the pandemic, you may be itching to get back in the game. Or maybe you’re looking to fulfill a lifelong dream of running a business for the first time. In any event, there’s been a recent uptick in the number of people starting small businesses. Uncle…
New DOL Guidance on Blocking Retirement Plan Cyberattacks
The U.S. Department of Labor (DOL) is becoming alarmed by the growing prevalence and sophistication of cybercrime. In response to this mounting threat, the agency recently released a cybersecurity program best practices guide for employers and companies that provide services to their retirement plans. Benefits of Prompt Compliance Attorneys specializing in retirement plan matters advise plan…
How Landlords Can Cope with Pandemic Fallout
How can tenants pay their regular monthly rent bills if they’re out of job? As unemployment skyrocketed due to the COVID-19 pandemic, Congress enacted a series of laws designed to provide relief to renters and protection from potential eviction. But these relief measures often left owners of residential rental properties holding the bag. However, for…
How Virtual Currency Transactions Affect Your Tax Situation
Virtual currencies, also known as cryptocurrencies, have gone mainstream. For example, you can use Bitcoin to buy a Tesla, or you can use a Bitcoin wallet on your smartphone to make everyday purchases. But beware: Using virtual currency has federal income tax implications that may surprise you. With increasing market acceptance and the skyrocketing price of…
Vacation Home Usage Has Tax Implications
Do you own a vacation home that’s classified as a rental property for tax purposes? Rental property owners may be tempted to use their rental properties for their personal “staycations” or as remote office locations during the COVID-19 pandemic. But this could cause adverse tax consequences, depending on your situation. Here’s what you need to know….
New Law Approves Temporary COBRA Subsidy
Many struggling businesses have been forced to lay off workers in the past year, and layoffs can leave former employees with limited health insurance options. Workers may be able to keep health insurance coverage under their ex-employer’s plan, but it generally comes at a significant cost. However, the new American Rescue Plan Act (ARPA) provides…
Preventing Fraud Must Still Be a Top Priority During Challenging Times
By Lindsay Dean, CPA, Senior Manager, Audit Like their for-profit counterparts, nonprofits were not spared the complex financial and operational challenges presented by the global COVID-19 pandemic. Many have cut back on programming, reduced staff or been forced to rely on reserves to survive. At the same time, a transition to virtual work has resulted…
Are Your Employees Afraid to Return to Work?
If you have employees working from home, and you want to transition them back to the workplace as the economy picks up, you may find it’s harder than you once thought. For some employees, nervousness about remaining health risks is an impediment — especially for those who haven’t been vaccinated. Many Americans clamored to be vaccinated…
Five Ways to Inspire Nonprofit Innovation
Many not-for-profit organizations have been hanging on for dear life for the past year. But the days of survival mode are coming to an end. Now, nonprofit leaders need to be innovative to position their organizations for future growth. In other words, if you’re not moving forward, you’re moving backward. But how do you cultivate a…
New Thresholds and Regulations in 2021 for New York Nonprofits
By Walt Derengowski, CPA, CFE, Partner, Audit Signed into law in 2013, the New York Nonprofit Revitalization Act (NPRA) introduced statutory requirements for nonprofit organizations registered with the Attorney General’s Charities Bureau and those that conduct charitable solicitations in New York, regardless of where they are incorporated. The intent of NPRA is to reduce the…
Accurate Projection of Indirect Rates Ensures Compliance and Profitability
By Paul Calabrese, Principal, Outsourced Accounting & Advisory Services For government contractors, Provisional Billing Rates (PBR) are a mandatory compliance requirement, but many encounter issues managing and projecting their indirect rates. Not only are indirect rates projections required by DCAA for government contractors who hold Cost-Plus-Fixed-Fee (CPFF) contracts, prime contractors and subcontractors who have mostly…