Business Wisdom Blog

Wednesday, 24 February 2021

Revisiting the 4% Rule

Written by Broadridge

Saving for retirement is not easy, but using your retirement savings wisely can be just as challenging. How much of your savings can you withdraw each year? Withdraw too much and you run the risk of running out of money. Withdraw too little and you may miss out on a more comfortable retirement lifestyle...

Published in Wealth Management
Wednesday, 24 February 2021

Four Things Investors Should Know About Stock Splits

Written by Broadridge

In 2020, three companies in the S&P 500 index announced plans for stock share splits, down from 102 companies in 1997 and seven in 2016.1 As an investor, you may wonder what a stock split is and how it might affect your portfolio. Although splitting stock shares has been much less common in recent years, it's usually newsworthy when a high-profile company announces a planned split. 1...

Published in Wealth Management
Wednesday, 24 February 2021

Due Date Approaches for 2020 Federal Income Tax Returns

Written by Broadridge

Tax filing season is here again. If you haven't done so already, you'll want to start pulling things together — that includes getting your hands on a copy of your 2019 tax return and gathering W-2s, 1099s, and deduction records. You'll need these records whether you're preparing your own return or paying someone else to prepare your tax return for you. Don't procrastinate...

Published in Wealth Management
Wednesday, 17 February 2021

Claiming the home office deduction

Written by Thomson Reuters

Many people have found themselves working from home during the COVID-19 pandemic. If you’re one of them, you might wonder, “Can I claim the home office deduction on my 2020 tax return?” The short answer is: Only if you’re self-employed. Employees can no longer claim home office expenses, and even self-employed taxpayers must follow strict rules to claim a deduction...

Published in Tax
Wednesday, 10 February 2021

Tax Changes That Should “Interest” Landlords

Written by Carol Wright, CPA

 Watch our On Demand Webinar    The confluence of 2017’s Tax Cut and Jobs Act (TCJA), 2020’s Coronavirus Aid, Relief, and Economic Security Act (CARES Act), and the new Consolidated Appropriations Act (CAA), has taxpayers (and tax professionals) on their toes, to say the least. Along with a new guard in Washington D.C., these sweeping changes created a dynamic situation for multitenant landlords and lessors of other real estate...

Tuesday, 09 February 2021

Harmonizing stimulus package efforts to best serve clients

Written by Tom Shemanksi

In light of myriad coronavirus relief efforts, stimulus packages and frequently updated guidance, accountants have been challenged to stay on top of this ever-changing environment. With the pandemic continuing and the entry of a new Presidential administration, there will surely be more changes ahead. Amid these turbulent times, advisors must be fact-based and proactive when it comes to client-facing communication. It is crucial to remain clear and transparent, rather than jump too quickly to conclusions...

Published in Tax
Monday, 08 February 2021

FASB issues proposal on acquired contracts for revenue

Written by Thomson Reuters

On December 15, 2020, the Financial Accounting Standards Board (FASB) issued a proposal that clarifies how companies should recognize and measure revenue-generating contracts that have been acquired in business combinations. The proposal may help eliminate accounting differences among companies’ financial reporting practices.  Main points Currently, companies follow the fair value measurement principle in Accounting Standards Codification Topic 805, Business Combinations, for reporting acquired contracts that have a lot of upfront payments and, therefore, deferred revenue. Why does this standard cause differences in financial reporting?..

Published in Audit & Assurance
Monday, 08 February 2021

Reporting credit loss and debt restructuring during the COVID-19 pandemic

Written by Thomson Reuters

The Consolidated Appropriations Act (CAA) contains various COVID-19 economic relief measures. The law includes provisions that extend previous relief provided to large banks on the accounting rules related to credit loss as well as troubled debt restructuring (TDR) until January 1, 2022. CECL guidance In 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments...

Published in Audit & Assurance
Monday, 08 February 2021

Eye on ESG disclosures

Written by Thomson Reuters

Across the globe, efforts to put more emphasis on environmental, social and corporate governance (ESG) matters in financial statements are gaining momentum. Here’s an overview of the current ESG guidance in the United States and whether the Financial Accounting Standards Board (FASB) plans to expand the financial reporting guidance related to these matters. Sustainability disclosures Sustainability encompasses a broad range of nonfinancial issues that may affect a company’s financial condition and performance. For example, it may include environmental issues, such as the size of the company’s carbon footprint, efforts to replace fossil fuels with renewable energy sources and overall use of natural resources...

Published in Audit & Assurance
Wednesday, 03 February 2021

State Income Tax and PPP Loans: Don’t Assume Conformity

Written by Lisa Pohl

In the wake of the pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 have provided immediate assistance to the American workforce. While these bills have delivered direct economic assistance to small businesses nationwide, some business owners have been left perplexed regarding the tax deductibility of their Paycheck Protection Program (PPP) or PPP2 loans. What We Know It cannot and should not be assumed that states will adhere to the federal tax treatment of forgiven PPP loans and the deductibility of expenses related to those loans. Existing state laws dictate—whether by formal legislation or informal guidance—when specific CARES Act and coronavirus-related Tax Relief Act guidance do not exist...

Published in COVID-19
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