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)…
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:…
Generate cash from your past and future investments to develop or improve software. Is Your Technology Company Eligible? Which Activities Qualify for the R&D Tax Credit?
For too long, the rate of technology adoption across the legal industry has lagged far behind innovation. As datasets grow larger and litigation costs rise, it’s critical for legal professionals to embrace the innovations that facilitate better outcomes. Lawyers have a professional obligation to possess a functional understanding of the benefits of legal technology for…
The two most common reporting standards used by companies around the world are Generally Accepted Accounting Principles in the United States of America (US GAAP) and International Financial Reporting Standards (IFRS). While US GAAP is local, IFRS has been adopted by over 144 counties in Europe, South America, and Asia. A key difference between the…
The Biden Administration’s American Families Plan and other tax proposals may complicate the tax landscape for high-income earners. Many of the proposals target taxpayers earning more than $400,000 per year. The American Families Plan proposals include: Increasing the top marginal income tax rate to 39.6% for households making over $400,000; Taxing long-term capital gains at…
By: Jim Plomer, Managing Director, Transaction Advisory Services I Clark Sackschewsky, National Natural Resources Leader Renewable energy is taking off. Governments, regulators, investors and consumers worldwide are shifting their focus toward renewable energy in an effort to fight climate change and increase sustainability. As a result, there are many new entrants to the scene—AngelList has…
Employers can provide up to $5,250 annually in tax-free student loan repayment benefits per employee through 2025. This benefit, originally included in the Coronavirus Aid, Relief and Economic Security (CARES) Act enacted in March 2020, was for calendar year 2020 only but was extended for an additional five years by the Consolidated Appropriations Act, 2021…
By: Robby Vanrijkel COVID-19, the economy and political shifts have resulted in tumultuous times for many nonprofits. Organizational resilience depends heavily on securing funding, and organizations are seeking out new ways to engage with donors to ensure they have the resources needed to continue their missions. Successful nonprofits understand that maintaining these relationships is imperative…
On April 28, 2021, President Biden introduced the American Families Plan to a joint session of Congress. The plan confirms previous statements from the Biden administration, indicating that it would propose tax increases on wealthy households and tax breaks for low- and middle-income families. The $1.8 trillion plan consists of $1 trillion in investments and…