This is a summary of the pieces of the article that mattered the most to us and our clients. The IRS is returning employees who used to process tax returns and other paperwork back to their old jobs for the next eight months to help the agency cut through its massive...
Washington (CNN)The Internal Revenue Service had more than 11 million unprocessed tax returns left over from the "most challenging year" taxpayers ever experienced and will begin the upcoming filing season already behind, according to a report from the National...
Retirement planning and estate planning often go hand in hand: The more you save in retirement, the more you’ll have to pass on to the next generation. If you currently have a substantial balance in a traditional IRA, you may be considering whether you should convert...
The IRS recently announced next year’s cost-of-living adjustment amounts. For 2022, the federal gift and estate tax exemption has cracked the $12 million mark: $12.06 million to be exact. Arguably more notable, the annual gift tax exemption has increased by $1,000 to...
Estate planners generally tout the virtues of owning property jointly — and with good reason. Joint ownership offers several advantages for surviving family members. But this shouldn’t be viewed as a panacea for every estate planning concern. You must also be aware of...
On October 25, the Financial Accounting Standards Board (FASB) issued a simpler accounting option that will enable private companies to more easily measure certain types of shares they provide to both employees and nonemployees as part of compensation awards. Here are...
Graphs, performance dashboards and other visual aids can help managers, investors and lenders digest complex financial information. Likewise, auditors also use visual aids during a financial statement audit to quickly identify trends and anomalies that warrant...
Interest in environmental, social and governance (ESG) matters has grown significantly during the COVID-19 pandemic. And that momentum may continue under the Biden administration. Currently, about 90% of large public companies voluntarily publish so-called...
Timely financial reporting is key to making informed business decisions. Managers need to know what’s in the pipeline to respond promptly and decisively. Unfortunately, it typically takes several weeks to prepare financial statements under U.S. Generally Accepted...
Events of the last decade have taught us that tax law is anything but certain. So how can young, affluent people plan their estates when the tax landscape may look dramatically different 20, 30 or 40 years from now — or even a few months from now? The answer is by...
The COVID-19 pandemic is still adversely affecting many businesses and not-for-profit organizations, but the effects vary, depending on the nature of operations and geographic location. Has your organization factored the effects of the pandemic into its financial...
Estate planning and investment risk management go hand in hand. After all, an estate plan is effective only if you have some wealth to transfer to the next generation. One of the most effective strategies for reducing your investment risk is to diversify your...
Timely financial data is key to making informed business decisions. Unfortunately, it’s common for managers to struggle with their companies’ accounting systems to get the information they need, when they need it. Often, it takes multiple, confusing steps to enter and...
Related-party transactions and financial connections are a normal part of operating a business. But these arrangements have gotten a bad rap because dishonest people sometimes use them to disguise poor performance or dishonest activities. So, identifying related...
In the first half of 2021, there was a surge in financial restatements. The reason relates to guidance issued by the Securities and Exchange Commission, requiring special purpose acquisition companies (SPACs) to report warrants as liabilities. SPACs are shell...
Many companies have resumed some level of business-related travel and entertainment (T&E) activities — or they plan to do so this fall. Unfortunately, these expense categories may be susceptible to incomplete recordkeeping and even fraud. So, it’s important for...
The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here are three tax breaks to consider. 1. Claim bonus depreciation or a Section 179 deduction for asset additions Under current...
If your estate includes significant real estate investments, the manner in which you own these assets can have a dramatic effect on your estate plan. One versatile estate planning option to consider is tenancy-in-common (TIC) ownership. What is tenancy-in-common? A...
Because of the COVID-19 pandemic and the resulting economic turndown in some areas, you may have family members in need of financial support. If you’re interested in lending money to loved ones in need, consider establishing a “family bank.” These entities enhance the...
If you’re the type who would rather order ala carte rather than a set entrée, you might prefer a “self-directed” IRA. With this option, you may be able to amp up the benefits of a traditional or Roth IRA by enabling them to hold nontraditional investments of your...
Too often, people planning their estates focus on tax and asset-protection issues and overlook long-term health care needs. But the high cost of long-term care (LTC) can quickly devour resources you need to maintain your lifestyle during retirement and provide for...
Related-party transactions and financial connections are a normal part of operating a business. But these arrangements have gotten a bad rap because dishonest people sometimes use them to disguise poor performance or dishonest activities. So, identifying related...
Auditors of public companies started reporting critical audit matters (CAMs) in their audit opinions in 2019. This represents a major change to the pass-fail auditors’ reports that had been in place for decades. Now, accounting rule makers are assessing how this...
Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and want to know your options for setting it up. Here are the basics of operating as...
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...
With most tax planning, there are certain strategies that are generally effective and shouldn’t be ignored. The same holds true for estate planning. Here are three essential estate planning strategies to consider that may help you achieve your goals. 1. Use an ILIT to...
The IRS has announced changes to the Employee Retention Credit. The ERC was part of a COVID-19 relief package. The new rules have decreased the time frame that employers can take advantage of the credits. When Were The Changes Made? The ERC, a relief measure in the...
Success is a collection of small efforts, repeated day in and day out. A big congratulations to Summit CPAs Professional Services team on passing their peer review!
Once you've decided whether you want to start a side hustle or go full time with your small business idea, you'll need to have a plan in place to launch a successful venture. If you have an idea of what you want to do, you'll need to create a thorough business plan....
As a new business owner, you have several legal options to choose from when you are ready to incorporate. You can go through life as a sole proprietor, or you can incorporate your business. According to the Small Business Administration, "More than two-thirds of all...
A business valuation is a process of determining the fair value of a business for a range of reasons, including sale value, partner ownership, taxation, and is a normal part of owning or running a business.
There are many components to business management, but there are three primary components that are present in all of them. Those three components are a solid strategic planning function, long-term planning, and effective and efficient cash flow management. All three...
Did you know you can get a tax credit for retaining employees during the COVID-19 economic crisis? In the ERC guidance, the IRS mentions when “Qualified Wages”. Do you know which wages are considered "qualified wages" when calculating the “Employee Retention Credit”?...
For an employer to qualify for the 2020 Employee Retention Credit, their business needs to show a quarterly decline in revenue by more than 50%. How does an Employer Determine a Decline in Quarterly Revenue? To determine your quarterly gross receipts, employers would...
The Employee Retention Credit is a fully refundable tax credit for employers up to $5,000 for each full-time employee that the employers retained between March 13 and Dec. 31, 2020 and up to $28,000 for each retained employee between Jan.1 and Dec. 31, 2021 ($7,000...
On January 15th, the Small Business Administration (SBA) has begun accepting applications for the second round of Paycheck Protection Program (PPP) loans. To be eligible for a second PPP loan — which cannot exceed $2 million — a business must have 300 employees or...
As of December 20, 2020, Congress agreed on stimulus payments to combat the struggling economy in the wake of the Covid-19 pandemic. The Emergency COVID Relief Act of 2020. The new package approved by Congress provides an additional $900 billion to stimulate the...
In response to the current economic hardship created by the Covid-19 Pandemic, Pierce County has created a new loan opportunity called RISE Pierce. The county created the loan program to help small businesses in Pierce County impacted by COVID-19. New...
Did you get a PPP Loan? Wonderful! Although information for loan forgiveness may be confusing to decipher, we put together some key points to help you understand the loan forgiveness process. Application Due Date: There is no formal due date to apply for loan...
Fishing is awesome! Phishing is not! The SBA has become aware of a new ruse used by criminals targeting Small Business Administration (SBA) PPP loan applicants. Criminals are using social engineering techniques to impersonate the SBA and its Office of Disaster...
Why do Estate planning? I don’t want to think about it! Let my family members figure it out! Why spend money right now? I am still alive and kicking! Estate planning is necessary to avoid giving your money to the government as opposed to your loved ones! Estate...
As of June 16, 2020, The U.S. Small Business Administration (SBA) released the updated PPP (Paycheck Protection Program) Loan Forgiveness Application, which replaces the application that was released last month on May 15, 2020. H. R. 7010, commonly known as The...
The Federal Reserve's $600 billion Main Street Lending Program assists SMB's with less than 15,000 employees or annual revenues of $5 billion or less in 2019. The MSLP supports small to medium-sized businesses the working capital to stay afloat during and after the...
Our Senior Accountant has been featured in St. Thomas University newsletter. What brought you to St. Thomas University? After obtaining a bachelor and a master’s degree in Italy, St. Thomas University was among a few universities recommended to me by an immigration...
In times of uncertainty, we as accountants are here not only to help you rest assured with finances but also with anything else you may need. At ZOMMA, we always treat our clients like family and we are here to listen to all of your concerns. Sometimes, everyone needs...
As a small business owners & members of the community, we want to make sure we are keeping you updated of the options available to you. To obtain more information and see if you qualify for the disaster loans please contact us at info@summitcpasservices.com. The Small...
The Treasury Department and Internal Revenue Service announced on March 21st, that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to...
Protecting the well-being of our employees, customers, and community has and will always been our top priority. Our team understands the concern and uncertainty caused by coronavirus (COVID-19). We want to remind you we’re here to help. While this situation hasn’t...