Standards of Value in Business Valuation

When communicating the results of a business valuation engagement, a valuation advisor should ensure that the client understands the “Standard of Value” being utilized. The Standard of Value indicates the assumptions that go into the valuation analysis, and the selection of the Standard of Value depends on the nature of the valuation engagement. Ahuja & [...]

2023-10-10T09:29:02-05:00October 10th, 2023|Accounting, Business Valuation, General|

Business Incentives: Employee Retention Tax Credit

A lot of businesses suffered negative impacts due to COVID-19. In the midst of all the COVID-19 business interruptions some businesses kept their employees on payroll. There is an incentive for that. The Employee Retention Tax Credit (ERTC) is a refundable tax credit available to eligible businesses that had payroll in select quarters of 2020 [...]

2023-10-06T10:18:39-05:00October 2nd, 2023|Accounting, General, Tax|

The Basic Approaches to Valuing Privately Held Businesses

If you own a privately held business, you will likely encounter a situation where you need to know how much it is worth. Is your company a target for a strategic or financial acquisition? Are you setting up a succession plan that gifts ownership to family members? Do you need the fair market value for [...]

2023-08-24T04:23:40-05:00August 2nd, 2023|Accounting, Business Valuation, General|

Who Qualifies For The Employee Business Expense Deduction

After the Tax Cuts and Jobs Act (TCJA) tax reform, employee business expenses can be deducted as an adjustment to income only for specific employment categories and eligible educators. Taxpayers can no longer claim unreimbursed employee expenses as miscellaneous itemized deductions, unless they are a qualified employee or an eligible educator. They must complete Form [...]

2023-08-24T04:23:41-05:00March 16th, 2021|Accounting, Tax|

Business Interruption v. Economic Damages v. Lost Profits: An Overview

Economic damages, lost profits, business interruption- intuitively, these sound quite similar, and they are; these terms are commonly used interchangeably when referring to a business’s loss in income following an event.  Additionally, the calculations and methodology used for determining the financial impact from each of these terms is the same.  The difference?  Business Interruption is [...]

2023-08-24T04:23:42-05:00March 11th, 2021|Accounting, Business Interruption|

COVID-19 Impact on Construction Contracts and Business Interruption

Coronavirus has impacted all industries including construction projects, owners.  Supply chain has been disrupted for many, government’s civil authority orders have stopped work, workers quarantine has caused delays and increased project costs. Many such construction delays and disputes may involve a claim for lost profits. Specific policy terms can vary significantly by policy, but common [...]

2023-08-24T04:23:42-05:00March 9th, 2021|Accounting, Tax|

Common Errors to Avoid When Claiming Employer Tax Credits

Employers who are filing Form 941, Employer's Quarterly Federal Tax Return and claiming an employer tax credit should read the instructions carefully and take their time when completing the form to avoid mistakes. Using a reputable tax preparer including certified public accountants, enrolled agents or other knowledgeable tax professionals can also help avoid errors. Mistakes [...]

2023-08-24T04:23:43-05:00March 4th, 2021|Accounting, Tax|

Updated PPP Forgiveness Application Process Overview

The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, was passed in order to provide relief to individuals and businesses which were disrupted due to the pandemic. The rise in the pandemic led to the lock down and hence most of the business were out of operation resulting in loss [...]

2023-08-24T04:23:43-05:00March 2nd, 2021|Accounting, Tax|

Updates on Employee Retention Tax Credit

Employee Retention Tax Credit (ETRC) is credit against certain employment taxes. This credit was limited to 50% of qualified wages under the previously passed CARES Act, with maximum wages being $10,000 per employee per year. However, the most recently passed COVID-19 Relief Bill has extended this credit till July 1, 2021, compared to CARES Act [...]

2023-08-24T04:23:44-05:00February 25th, 2021|Accounting, Tax|

2021 Important Tax Filing Reminders

Wrapping up an unpredictable year with many changes and challenges wasn’t easy. As we are stepping into a new year, in this article, we would like to share some important reminders for you to prepare for the upcoming tax filing season for tax year 2020. Start date of e-filing: The 2021 tax season will start [...]

2023-08-24T04:23:44-05:00February 23rd, 2021|Accounting, Tax|
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