Archive for April 2021
Maryland Enacts Much-Needed Research & Development Credit Overhaul
On April 13, 2021, Maryland’s Governor Larry Hogan signed Senate Bill 196 into law, which makes significant changes to the state’s Research and Development (R&D) Tax Credit and extends the program through tax year 2025. Maryland’s R&D Tax Credit was established in 2000 as a means of fostering innovation and technology, but the original structure…
Read MorePossible Tax Implications of President Biden’s American Families Proposal
At a glance: President Biden is proposing major investment and infrastructure spending programs, which, if passed, will be offset by significant tax increases targeted at high-income-earning and high-net-worth taxpayers. Legislators still need to draft details of the program, and the draft will almost certainly be revised from the President’s initial proposal. However, it is a…
Read MoreWeak Internal Controls Equal Fraud Opportunities – What You Can Do Now
Occupational fraud is a serious threat with costly consequences, but with strong internal controls, this threat can be reduced. Companies with weak internal controls might not prevent or detect fraud and open themselves up to possible management override of controls. Well-designed, effective internal controls should be proactively implemented to reduce these risks. Internal controls can…
Read More3 Tips for Building Value in Your Dental Practice Before a Sale
At a Glance: Think Ahead: Whether you’re in the startup phase or retirement is still years away, it’s important to be proactive about building value in your dental practice to prep for a sale or transition in ownership. Lay the Foundation for Success: There are three tips you should consider if a sale is in…
Read MoreHere’s an Easier Way to Understand Your ERC Eligibility
At a Glance: THE MAIN TAKEAWAY: The Consolidated Appropriations Act provided millions more businesses the opportunity to be eligible for the Employee Retention Credit (ERC). IMPACT ON YOUR BUSINESS: Sifting through the complex jargon can be difficult, especially if there are significant changes that have happened in your business due to the pandemic. NEXT STEPS:…
Read MoreWebinar: The Restaurant Revitalization Fund Application – The Latest From the SBA
Restaurateurs, make sure you are ready to apply for the Restaurant Revitalization Fund (RRF). Watch the webinar as we discuss the details of this application and what you need to do to prepare to take full advantage of the RRF grant. During the webinar we cover: Eligibility requirements for the RRF How to calculate the…
Read MoreTop 5 Things You Need to Know About The Business Interest Deduction Limitation and Controlled Foreign Corporations
At a Glance IRS Final Regulations Update: The IRS released final regulations on the business interest deduction limitation that directly impacts controlled foreign companies (CFCs). Impact on Your Business: The final regulations bring more clarity and potentially bring more challenges for CFCs and their U.S. shareholders. Next Steps: You need to assess your CFC interest…
Read MoreCommon Functional Expense Mistakes
It is important for nonprofits to ensure that the data they present in their functional expense statement or schedule is accurate in order to convey appropriate information to the readers of the financial statements. This means that the data used needs to be properly allocated using reasonable methodologies and attention needs to be paid to…
Read MoreThe Pulse on the Economy and Capital Markets: April 19–23, 2021
Executive Summary Mixed Signals: Earnings of companies started stronger than expected last week, though markets did not react to the news. Full Steam Ahead? Economic data shows the economy is accelerating, yet shortages are popping up across a variety of products, which could slow down some of this momentum. Meanwhile, savvy companies are starting to…
Read MoreThe Wonderful World of OZ: What Proposed Regulations on Opportunity Zones Mean for You
At a Glance: International Investors, Take Note: The IRS and Treasury have proposed new regulations regarding the requirements around opportunity zones, specifically as they relate to non-U.S. investors and foreign-owned partnerships. What’s the Impact? The opportunity zone regime is intended to be a helpful economic development tool, so these new rules could have a significant impact on…
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