Posted onMarch 1, 2021
CAA Offers Tax Breaks for Manufacturers
The Consolidated Appropriations Act (CAA) — the massive spending package passed in December 2020 — includes many provisions designed to help small businesses that have been struggling during the COVID-19 pandemic. Specifically, the new law contains the following seven tax-related provisions that may be of particular interest to manufacturers.
Posted onFebruary 25, 2021
BST's Timely Tax Tidbits
BST's tax newsletter. In this issue: 5 Valuable Tax Credits for 2020 Individual Returns, Nonprofits Need to Educate Donors About New Tax Benefits, CAA Offers Tax Breaks for Manufacturers, Is It Time for a Roth Conversion? and more.
Posted onJanuary 13, 2021
Paycheck Protection Program Second Draw Loans – What You Need to Know
While we all celebrated the end of 2020 with renewed hope for what 2021 will bring, it is clear that at least the beginning of this year still has its challenges for many. Fortunately, The Economic Aid Act provides for a second stimulus program for businesses, not for profits and other types of organizations.
Posted onJanuary 7, 2021
COVID-19 Relief Act opens back door to Employee Retention Credit (ERC) and loan forgiveness under the PPP
In the recent COVID-19 Relief Act the government provided an opportunity for businesses to retroactively qualify for certain employee retention credits (“ERC”) even if they utilized the PPP loan program.
Posted onDecember 23, 2020
From Congress to PPP Borrowers
As so many small businesses hoped for, on Sunday, December 27th, President Trump signed the Consolidated Appropriations Act of Fiscal Year 2021 which confirms the relief that was originally intended by the CARES Act: expenses funded with proceeds from forgiven PPP loans are deductible!
Posted onDecember 16, 2020
Divorce and Income Taxes – End of Year Considerations
It’s that time of year when your mailbox is full of holiday greetings and heartfelt wishes as well as year-end tax planning tips.
Posted onDecember 15, 2020
Basic 1099 Filing Requirements
Forms for various tax situations
Posted onDecember 10, 2020
To Wait or Not To Wait, That is the Question
While the CARES Act provides for the exclusion of any loan forgiveness amount from gross income, it fails to address the treatment of the expenses funded by those proceeds.
Posted onDecember 1, 2020
Tips for Holiday Office Party Planning During Covid-19
With many workers still remote and gathering restrictions increasing as infection rates rise, 2020 is absolutely the year to re-imagine the company holiday party.
Posted onNovember 2, 2020
Financial Metrics that Matter
Achieving and maintaining profitability for your practice is essential and having the capability to track key metrics that measure productivity is core to being successful.
Posted onOctober 27, 2020
Tax Implications When Lenders Cancel Debts in the COVID-19 Era
In the COVID-19-ravaged economy, debts can pile up beyond a borrower's ability to repay. Lenders sometimes may be willing to forgive (or cancel) debts that are owed by certain borrowers.
Posted onOctober 13, 2020
COVID-19 Relief: New Rules for Deducting Charitable Contributions
No matter what any of us have tried to accomplish in 2020, it certainly has been harder to achieve. That is the case for not-for-profit organizations, which depend on charitable giving to support their mission.
Posted onOctober 8, 2020
When accounting for your leases, will you benefit from FASB’s response to Covid-19?
In anticipation of disruptions resulting from the Covid-19 Pandemic (Covid-19), on June 3, 2020, the Financial Accounting Standards Board (FASB) granted a one-year effective date delay for certain entities implementing the new lease accounting standard (Topic 842).
Posted onSeptember 30, 2020
New York Paid Sick Time Frequently Asked Questions
Starting January 1, 2021 nearly all New York employers must offer paid sick leave to their employee under the recently enacted New York Labor Law.
Posted onSeptember 29, 2020
Buying a Distressed Business
Many businesses have suffered financial losses due to the COVID-19 crisis. Some may even be on the verge of bankruptcy or otherwise looking for an exit strategy.
Posted onSeptember 22, 2020
Achieving Financial Stability
Business owners may often experience the “pit in their stomach” feeling when they assess the financial stability of their organizations.