Knowledge and Insights: Newsletters

All business owners should consider their succession plan; not just those nearing retirement. The earlier you start planning, the better. Many business owners wait until it’s too late, and leave money on the table–or worse–struggle to transition or sell their business. It is never too early to start planning. After decades doing this, I can…

One of my core consulting activities is helping businesses with long-term strategic planning. It’s an important, often overlooked facet of business growth. You see, business leaders who spend too much time working in the business forget to work on the business. The day-to-day pays the bills, after all. But if you want your business to…

The recent passage of the American Rescue Plan earmarked billions of dollars for local governments to support citizens struggling through the economic impact of COVID-19. Throughout the pandemic, local governments have done crucial, life-saving work, but resources have been stretched thin. This latest round of funding poses fresh challenges. Verifying Eligibility & Allowability It’s crucial…

On March 11, 2021 President Biden signed the American Rescue Plan Act of 2021, (ARPA or the Act) which will provide $1.9 trillion in relief funds across a wide spectrum of categories, including additional relief for nonprofits and small businesses, the extension of unemployment benefits, new tax provisions, assistance for restaurants and bars, and more.…

We have received many questions about the updated employee retention credit.  This article will take you through the highlights and hopefully answer some of the questions we’ve gotten on this subject.  The Consolidated Appropriations Act, (CAA) enacted on December 27, 2020, changed several provisions, involving the employee retention tax credits first implemented under the CARES…

Successful tax planning does not just require arranging one’s affairs to take advantage of current tax laws. It also requires anticipating changes that may occur so that you do not get caught with a plan that just does not work. The election is now behind us and we know that Democrats control the White House,…

Much has changed for businesses since the COVID-19 pandemic began almost a year ago in March 2020.  One of the biggest changes has been the introduction of remote working in the business environment.  Remote working has provided many unanticipated benefits, like more time with the family and less time commuting. While there are benefits to…

Does your organization receive donated goods or services? If so, accounting for these donated goods or services will be subject to new accounting guidance. In September 2020, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2020-07, which applies to nonprofit organizations that receive contributions of nonfinancial assets, also referred to as gifts-in-kind…

The impacts of the COVID-19 pandemic in 2020 have forced us and our tax-exempt (and for-profit) clients to grapple with rapidly changing work environments, economic climates, and regulatory and compliance landscapes. The IRS Tax Exempt and Government Entities (TE/GE) Division is not immune from this rapidly changing environment either! The TE/GE recently released its fiscal…

Wrongful termination litigation tends to increase during economic uncertainty, following company-wide layoffs and reductions in work force. The COVID-19 pandemic is no exception. Forensic accountants are often retained to provide economic damages assessments related to claims involving allegations of wrongful termination. Mercadien’s Forensic & Litigation Support Services Group has substantial experience evaluating these claims, which…