Reading Time: 2 minutes Thanks to recent changes to the 2021 Child Tax Credit, many households will be getting a letter from the IRS this summer informing them that they may be receiving monthly advance Child Tax Credit payments starting in July. What is the Child Tax Credit (CTC)? The Child Tax Credit is simply a benefit that.
Reading Time: 7 minutes What is the new lease accounting standard? The new lease accounting standard (ASC 842) is going to significantly change the way that we are accounting for our leases, specifically, our leases of property equipment that are greater than 12 months. We’ll be taking leases and bringing them onto our balance sheet using right-of-use assets and.
Reading Time: < 1 minute How Cost Segregation Can Increase Cash Flow and Reduce Taxes Cost segregation studies separate real property into depreciable categories, allowing taxpayers to depreciate property over much shorter periods of time. By taking deductions sooner, owners lower their current-year tax liability and free up more capital. Are You Eligible For a Cost Segregation Study? If your.
Reading Time: 8 minutes Although 2020 has become a popular punchline, it was filled with tragedy and stress for many business owners. As we begin to approach normalcy, many businesses remain focused on post year-end guidance detailing how to account for the consequences of the pandemic and subsequent fiscal response from the federal and state governments, which will.
Reading Time: 4 minutes Businesses can reap big rewards by making a commitment to improving supply chain management. Unfortunately, many businesses fail to devote adequate resources to this endeavor, thus missing out on potential benefits. Improving supply chain management starts with developing a supply chain management strategy. While this effort may be time-consuming, not creating a supply.
Reading Time: 3 minutes Outsourcing certain business functions to third-party service providers is not a new concept. Businesses have been outsourcing functions like payroll, IT and human resources for years. However, many companies haven’t given much thought to outsourcing their accounting and finance functions. There are many advantages of outsourced accounting — including freeing up your team to.
Reading Time: 3 minutes The American Rescue Plan Act of 2021 (ARPA), signed by President Biden on March 11, 2021, is the latest major legislation that provides economic relief and stimulus, both tax and non-tax, during the Covid-19 pandemic. Below are brief summaries of the key aspects of the individual tax provisions in ARPA. Recovery rebate credits (stimulus.