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…
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…
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.
For the first time in decades, skyrocketing insurance costs threaten the ability of businesses to follow through on their growth and expansion plans—and sometimes even to meet their basic obligations. Even before the global pandemic, businesses were facing steep increases in premiums coupled with dramatic reductions in coverage. This situation was only worsened by the…
Although companies that have managed to survive up to this point will have overcome immediate safety and cashflow problems, they still face an uncertain future. No one can predict how long the downturn will last, whether the world will revert into crisis mode or whether the path towards long-term recovery has begun. Despite the persistent…
There’s no question the global pandemic of 2020 quickened trends of the future that were hitting the wall of the present: Employers resistant to allowing employees to work remotely suddenly had no choice as localities enacted mandatory stay-at-home measures. Businesses migrated to remote work on an unprecedented scale – a great experiment, the ripple effects…
Transitioning Ownership The decisions made regarding ownership of the family office or closely held business may not necessarily be the same decisions that are required for leadership and management. It’s critical to understand and acknowledge the different elements that proper succession planning entails. The family wealth enterprise has three interconnected circles of participation—the family members,…