On December 22, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (CAA2021), which includes $892 billion in coronavirus stimulus spending. This long-awaited and highly contested piece of legislation ties coronavirus relief funding into a $1.4 trillion resolution for funding the federal government through September of next year. The nearly $900 billion in…
The FASB’s Accounting Standards Update (ASU) 2016-02 (“Topic 842” or “the new standard”) applies to both lessees and lessors, and it brings significant changes to balance sheets. The extra time granted by the FASB reflects the mammoth task ahead, which will require more work, more resources, and more time than most businesses realize. It becomes…
The Indianapolis-based CPA and advisory firm BGBC Partners, LLP is pleased to announce the addition of Cathy Bell. Cathy Bell joins the team as a Staff Accountant in the Emerging Business Solutions division. She has six years of previous experience as an accounting clerk. Outside of work, she likes spending time outside, camping and boating.…
As the world continues to contend with the COVID-19 pandemic and its economic fallout, businesses are doing all they can to mitigate risks and plan for a recovery that’s anything but certain. The tax function plays a critical role in navigating recovery and positioning businesses to emerge from this crisis more resilient than before. Effective…
As the year-end approaches, individuals, business owners and family offices should be reviewing their situations to identify any opportunities for reducing, deferring or accelerating tax obligations. Areas that should be looked at in particular include tax reform provisions that remain in play, as well as new opportunities and relief granted earlier in 2020 under the…
On November 18, the Internal Revenue Service (IRS) released Revenue Ruling 2020-27 and Revenue Procedure 2020-51. The two releases offer clarification regarding the non-deductibility of expenses that contribute to the forgiveness of loans from the Paycheck Protection Program (PPP). Author Sally Schreiber breaks down the contents and significance of the two releases in an article…
Greg Whicker discusses required minimum distributions (RMDs) and why they are important to understand.
Tax Manager, Sam Leverett, speaks with Mike Dalman on how McGuire Sponsel can help BGBC’s clients. McGuire Sponsel is a national specialty tax consulting firm specializing in R&D tax credits, cost segregation and export tax incentives.
Operating a small business is an exhilarating and, at times, overwhelming endeavor. There are so many details to keep track of that it’s easy to forget about the nuts and bolts of your organization’s finances – especially if you didn’t start out as a “numbers person.” Whether you’re the one who is assembling your financial…