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Child Tax Credit Guidance
A new IRS webpage provides guidance to taxpayers on advance child tax credit (CTC) payments in 2021. The credit was temporarily expanded and made refundable for 2021 by the American Rescue Plan Act.
What’s On The FASB’s 2021 Agenda?
In December 2020, Richard Jones stepped up as chairman of the Financial Accounting Standards Board (FASB). After meeting with stakeholders in early 2021, Jones identified a list of high-priority projects that he plans to tackle under his leadership.
President Biden Details His Tax Proposals For Individuals
President Biden’s proposals for individual taxpayers were outlined in an April 28 address to Congress and in an 18-page fact sheet released by the White House. The “American Families Plan” contains tax breaks for low- and middle-income taxpayers and tax increases on those “making over $400,000 per year.”
Restaurant Revitalization Fund
The American Rescue Plan Act passed in March 2021 established the Restaurant Revitalization Fund (“RRF”) to provide funding to restaurants and other eligible businesses. The RRF is administered by the Small Business Administration (SBA) and will provide funding equal to pandemic-related revenue loss.
It May Be Time To Tune Up Your Nonprofit’s Accounting Function
Many organizations get stuck in procedural ruts because it’s easier in the short term to continue doing things the way they’ve always been done. But it generally pays to regularly review your not-for-profit’s accounting function for inefficiencies and oversight gaps. You might plan to conduct a review once a year or perform an assessment whenever significant changes, such as staff turnover or the introduction of new software, warrants one.
Simple Retirement Savings Options For Your Small Business
Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved in providing a traditional pension plan? Two options to consider are a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE).
A Revocable Living Trust Works Only If You Properly Fund It
A revocable living trust is often used to complement a will. For instance, you might transfer specific securities to the trust. Notably, these assets generally don’t have to go through the probate process, which can be time-consuming and expensive.
Business Deduction for Food and Beverage Expenses
A recent tax law provides a 100% business deduction (up from 50%) for food and beverage expenses in 2021 and 2022 as long as they’re “provided by a restaurant.” The IRS has now defined the term “restaurant” for purposes of the deduction.
Assessing And Mitigating Key Person Risks
Auditing standards require a year-end risk assessment. One potential source of risk may be a small business’s reliance on the owner and other critical members of its management team. If a so-called “key person” unexpectedly becomes incapacitated or dies, it could disrupt day-to-day operations, alarm customers, lenders and suppliers, and drain working capital reserves.
IRS Get My Payment Tool
The IRS’s Get My Payment tool provides taxpayers with information about the status of their 2021 Economic Impact Payments. So, what information can you expect to receive when using the tool? Among other things, a payment status will inform you of whether your payment has been processed and whether it will be sent by direct deposit or mail. It will also provide a payment date if available.
Making Sense Of Your Statement Of Cash Flows
The statement of cash flows essentially tells you about cash entering and leaving a business. It’s arguably the most misunderstood and underappreciated part of a company’s annual report. After all, a business that reports positive net income on its income statements sometimes doesn’t have enough cash in the bank to pay its bills. Reviewing the statement of cash flows can provide significant insight into a company’s financial health and long-term viability.
Keep It All In The Family: Transferring Your Vacation Home
If your family owns a vacation home, you know what a relaxing refuge it can be. This is especially true these days due to the limited travel options you may have because of COVID-19 pandemic restrictions. However, without a solid plan and ground rules that all family members agree to, conflict and tension may result in a ruined vacation — or worse yet, selling the home.

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