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Disasters and your taxes: What you need to know

Disasters and your taxes: What you need to know

Homeowners and businesses across the country have experienced weather-related disasters in recent months. From hurricanes, tornadoes and other severe storms to the wildfires again raging in the West, natural disasters have led to significant losses for a wide swath of...

NYS Announces Restaurant Return-to-Work Program

NYS Announces Restaurant Return-to-Work Program

A sum of $35 million has been made available under the Restaurant Return-to-Work Tax Credit Program in New York state to assist eligible restaurants that were affected by the pandemic. Then program, administered by Empire State Development (ESD), will be available to...

Eligible Businesses: Claim the Employee Retention Tax Credit

Eligible Businesses: Claim the Employee Retention Tax Credit

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules. Background Back in March of 2020, Congress originally enacted the ERTC in...

How Start-up Expenses are Handled on Your Tax Return

How Start-up Expenses are Handled on Your Tax Return

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this by the...

Is Your Company Ready for Agile Auditing?

Is Your Company Ready for Agile Auditing?

Agility — or the ability to react quickly — is essential to surviving and thriving in today’s competitive landscape. Though agile techniques were originally used in the realm of software development, this concept has many applications in the modern business world,...

How to Audit WIP (Work-In-Progress)

How to Audit WIP (Work-In-Progress)

Many types of businesses — such as homebuilders and manufacturers — turn raw materials into finished products for customers. Production is a continuous process. So, any work that’s been started but isn’t yet completed before the end of the accounting period is...

Follow the Cutoff Rules for Revenue and Expenses

Follow the Cutoff Rules for Revenue and Expenses

Timing counts in financial reporting. Under the accrual method of accounting, the end of the accounting period serves as a strict “cutoff” for recognizing revenue and expenses. However, during the COVID-19 pandemic, managers may be tempted to show earnings or reduce...

Here Come the Child Tax Credit Payments: What You Need to Know

Here Come the Child Tax Credit Payments: What You Need to Know

The first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million households in mid-July 2021 — unless, that is, they opt out. Most eligible families won’t need to do anything to receive the payments, but you...

Accounting Methods: Private Companies Have Options

Accounting Methods: Private Companies Have Options

Businesses need financial information that’s accurate, relevant and timely. The Securities and Exchange Commission requires publicly traded companies to follow U.S. Generally Accepted Accounting Principles (GAAP), often considered the “gold standard” in financial...