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An Important Update: In response to the COVID-19 epidemic, Treasury Secretary, Steven Mnuchin, has passed a 90-day extension on Federal tax payments. Taxpayers now have until July 14, 2020, to pay 2019 taxes owed. Key Notes: • Individual taxpayers can delay payments of up to $1 million in income taxes owed; corporations can defer up…Read More
By Andrew Brower, MBA, ASA A marital balance sheet is more than a simple listing of assets. This highly important document serves as your client’s reference for numerous high-stakes decisions. Hence, the balance sheet must be readily understood by your client and 100% accurate. It should also be easily explained, updated, and replicated (for future…Read More
By Jean McGann, CPA This is the third and final article in our series on the benefits of automation for governments. The first article describes how automation can make life easier for your office staff while the second article highlights ways it can benefit your fieldworkers. “Automation,” for our purposes, is the act of automating…Read More
By Steven Anseth, CPA The year 2020 is shaping up to be an exciting and challenging one for nonprofits. We are all familiar with the increasing pace of change around the world, and in the months ahead we can expect more of the same. The overall trend is that change is happening more rapidly than…Read More
By Leah Davis, CPA The practice of evaluating employee performance as a primary basis for compensation is widely accepted in the private sector. Slowly but surely, these types of performance-based compensation systems, in which pay increases are based on performance rather than length of service, are becoming more common in the public sector as well….Read More
By Brenna Ramy, PHR, SHRM-CP Just last month, the U.S. Department of Labor (DOL) announced new regular rate requirements (in the form of a “final rule”) under the Fair Labor Standards Act (FLSA). Generally speaking, an employee’s “regular rate” of pay is straight-time earnings represented as an hourly rate that includes all renumeration (i.e., wages)…Read More
Business Interest Deduction Limitation: A Little-Known Tax Rule That Could Dramatically Impact Your Taxable Income
By John Juntunen, CPA When the Tax Cuts and Jobs Act (TCJA) was signed into law in late 2017, it brought wholesale change to the Internal Revenue Code. Some of the new tax rules, such as the “parking lot deduction limitation” and the “199A deduction” have received their fair share of press. Other rules, however,…Read More
By Jean McGann, CPA This is the second article in our three-part series on the benefits of automation for governments. The first article described a few ways automation can make life easier for your office staff, and the third will focus on your most important stakeholders—your residents. As defined in the introduction to this article…Read More
By Bonnie Schwieger, CPA, and Chad Hess, CPA As you may have noticed, the Government Accounting Standards Board (GASB) has been issuing new standards over the last few years in a bid to improve the financial reporting of state and local governments. The GASB’s goal is to provide better information to financial statement users. The…Read More
On December 20, 2019, President Trump signed into law the Consolidated Appropriations Act and the Further Consolidated Appropriations Act. Within this legislation was the Setting Every Community Up for Retirement Enhancement Act of 2019 (i.e. the SECURE Act). There are many tax law changes included in this legislation and below we have consolidated the changes…Read More