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 & [...]
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 [...]
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 [...]
In June, 2018, the Federal Trade Commission (FTC) announced “Operation Main Street: Stopping Small Business Scams,” a partnership between federal and state authorities and the Better Business Bureau. The initiative supports what fraud experts have long known: Small businesses can be easy targets for scams because they don’t always have the staffing or financial resources [...]
Companies will be able to capitalize, or spread out the costs of, setting up pricey business systems that operate on cloud technology under an update to U.S. Generally Accepted Accounting Principles (GAAP). Here are the details. FASB responds to business complaints Over the last three years, businesses have complained to the Financial Accounting Standards Board [...]
In a world of increasing exposure to online security threats, it’s nice to be able to rely on voicemail for risk-free communication. The problem is, you can’t. Your voicemail system can easily be hacked if you don’t take some precautions. Passwords as passports In the most common scheme, hackers figure out the passwords for voicemail [...]
The Tax Cuts and Jobs Act (TCJA) created the Opportunity Zones program to increase investment in economically distressed communities. The program provides preferential capital gains treatment for investments within designated low-income census tracts. Policymakers hope opportunity zones will unleash investment in low-income communities throughout the country. This analysis describes opportunity zone program incentives, reviews both [...]
That could delay tax refunds A recent Washington Post article makes an interesting observation about the impact of large numbers od IRS employees skipping work. Here is an excerpt. "Hundreds of Internal Revenue Service employees have received permission to skip work during the partial government shutdown due to financial hardship, and union leaders said Tuesday [...]
NEW YORK--(BUSINESS WIRE)--The American Institute of CPAs (AICPA) announced that more than $650,000 in scholarships for accounting students is available for the 2019-20 academic year. The applications will be available online at ThisWaytoCPA until March 1. AICPA Announces $650,000 in accounting scholarships for the 2019-2020 academic year - apply now through March 1! The scholarships, [...]
Taxpayers and tax practitioners received guidance from the IRS on what to expect in the areas of audits, collections, tax return processing, and Tax Court operations now that the government shutdown has concluded. The IRS explained on its website that IRS employees returned to work on Jan. 28 and are going through mail and voicemail [...]
