If you are a small business owner, chances are good you’re paying more attention to your accounts receivables and deliverables than to a three-year-old Supreme Court decision. But knowing what happened in the Wayfair decision on June 21st of 2018 is important if you do a significant amount of business in states other than where…
All too often, taxpayers wait until after the close of the tax year to worry about their taxes and miss opportunities that could reduce their tax liability or financially assist them. Mid-year is the perfect time for tax planning. The following are some events that can affect your tax return; you may need to take…
How long they have been in business There are plenty of entrepreneurs who proudly refer to themselves as startups simply based on the fact that their businesses are new and have only been operating for a couple of years. Though this belies the notion that a startup is a disruptor that is doing something new…
Your telehealth tax questions, answered. Healthcare practices implementing telehealth often focus their efforts on the marketing, technology, security and logistics of providing healthcare services to their patients and occasionally overlook tax and state regulatory considerations. The very nature of telehealth, which allows for patient care delivery across state lines, requires a careful analysis of Federal…
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)…