Many employers are giving employees greater flexibility to work alternative schedules, including hybrid arrangements (i.e., some in-person and some remote work) or continuing to work entirely remotely. To meet the moment and help with retention and recruiting, employers are reexamining their employee benefits, focusing on employees’ immediate needs other than cash compensation.Based on inquiries from…
The prevalence of cryptocurrency—or what the Internal Revenue Service (IRS) refers to as “virtual currency”— in investing and financial transactions has increased significantly in recent years. While the IRS and other government agencies have been clear about their focus on the future oversight of these transactions, taxpayers continue to lack clear guidance in evolving areas of the…
Rising costs for colleges and universities How public-private partnerships can help Innovative project delivery, including public-private partnerships (“P3s”), have the potential to provide institutions with more options when facing changing financial needs, especially related to physical infrastructure. These partnership options can range from changing lightbulbs to relocation of campuses. Energy savings performance contracts (ESPCs), such…
The Indianapolis-based CPA and advisory firm BGBC Partners, LLP is pleased to announce the promotion of Greg Whicker. Greg has been promoted from supervisor to Tax Manager. He has also been promoted to Wealth Advisor within Denali Wealth Management, BGBC’s wealth management affiliate. Greg has been with BGBC since 2014, where he specializes in…
President Biden’s infrastructure plan is set to improve failing infrastructure, rebuild the economy and create new jobs. As of this writing, the plan, which Biden originally released on March 31 as a $2 trillion capital injection over 10 years, is a $579 billion proposal that has bipartisan agreement, though Democrats have signaled the bill may…
Employers who could use a federal income tax deduction for 2020 can consider retroactively adopting a broad-based, tax-qualified retirement plan, such as a discretionary profit-sharing plan, cash balance plan or traditional pension plan and making employer contributions before the extended due date of their 2020 income tax return. An employer could retroactively adopt a 401(k)…
BGBC Partners is pleased to announce Bethany Neese was appointed to a two‐year term on the Indiana CPA Society’s Young Pros Leadership Academy (YPLA). YPLA is a top‐tier leadership development program for CPAs in Indiana. Participants are selected based on applications, interviews and references. They must be an INCPAS member and age 30 or younger.…
On July 28, the U.S. Small Business Administration (SBA) released an update to the forgiveness process for the majority of Paycheck Protection Program (PPP) loans. The goal of the new guidance is to streamline the process for PPP participants with loans of $150,000 or less. The interim final rule includes updates in three key areas:…
The U.S. Treasury has released the Biden administration’s 2022 Fiscal Year Budget, which includes a general explanation of the administration’s 2022 revenue proposals. The publication is commonly referred to as the Green Book and outlines the Biden administration’s tax proposals. Keep in mind that these are proposals and will have to be passed by Congress.…
This is a common question: How long must taxpayers keep copies of their income tax returns and supporting documents?Generally, individuals should hold on to their income tax records for at least 3 years after the due date of the return to which those records apply. However, if the original return was filed later than the…