Blake Miller, CPA, CFE, Partner The 2021 Corporate Transparency Act created a new beneficial ownership information (BOI) reporting requirement for small businesses starting January 1, 2024. The purpose of this legislation was to combat bad actors from concealing their ill-gotten gains through shell companies or other opaque ownership structures in the U.S. The act will...
keep readingElizabeth Thyer, CPA, Partner Coronavirus State and Local Fiscal Recovery Funds were awarded to municipalities in March 2021 to be used for responding to the public health emergency or to its negative economic impact, to provide premium pay to essential workers, to replace lost revenues and to make necessary investments in water, sewer or broadband...
keep readingBETTER THAN EXPECTED! Time and time again, that was the response when asking coop managers and board members about the 2023 harvest. I think the same can be said when discussing the financial years of our cooperative clients.Many had a bleak outlook when their 2023 fiscal year started, struggling to budget a local income in...
keep readingRobert Bell, CPA, Tax Manager I’ve written about the provisions under IRC 163(j) before, but now is the time to take it seriously. Businesses are limited to the amount of interest expense they are allowed to deduct for tax purposes to 30% of Adjusted Taxable Income (ATI). The ATI calculation used to allow for the...
keep readingMatt Gardiner, CPA, CFE, Audit Manager When it comes to building and acquiring new assets for your business, there are several avenues to consider in order to finance the costs: you can either borrow funds to purchase the asset from your lender, or you can finance the asset through a leasing arrangement. Each method of...
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