Estate planning and your art collection
November 12, 2020 Knowledge Center
Estate planning and your art collection

If you’re an art collector, it’s critical for your estate plan to address your collection separately from other types of assets. Investments in artwork may be motivated in part by potential financial gain, but for most collectors the primary motivation is a passion for the art itself. As a result, managing these assets involves issues […]

New Forms 1099-NEC & 1099-MISC and Other Information Reporting Changes for 2020
November 11, 2020 Knowledge Center
New Forms 1099-NEC & 1099-MISC and Other Information Reporting Changes for 2020

by Julia Damasco, J.D., LL.M. Taxation; Nicholas Sanchez, J.D., LL.M. Taxation; Qiva Dinuri, J.D., LL.M. Taxation; and Emily Ransom   As we approach the end of calendar year 2020 and head into the information reporting compliance season that begins in January 2021, information return filers[1] need to be aware of changes that will require adjustment to […]

How effectively does your business manage risk?
November 6, 2020 Knowledge Center
How effectively does your business manage risk?

From natural disasters and government shutdowns to cyberattacks and fraud, risks abound in today’s volatile, uncertain marketplace. While some level of risk is inevitable when operating a business, proactive owners and executives apply an enterprise risk management (ERM) framework to manage it more effectively. Evolving framework The Committee of Sponsoring Organizations of the Treadway Commission […]

Is your business inadvertently paying a shell company?
November 6, 2020 Knowledge Center
Is your business inadvertently paying a shell company?

Not all shell companies are dishonest. Despite their often-sinister reputation, these paper-only companies may be used legitimately to hold another business’s assets. Or they may be the “empty container” left after a company downsizes or is acquired. That said, some fraud perpetrators use shell companies to embezzle funds, evade taxes, dodge debts and commit other […]

Don’t forget about making a portability election
November 5, 2020 Knowledge Center
Don’t forget about making a portability election

Portability allows a surviving spouse to apply a deceased spouse’s unused federal gift and estate tax exemption amount toward his or her own transfers during life or at death. For 2020, the exemption amount is $11.58 million, and the IRS just announced that that amount will increase to $11.7 million for 2021. To secure these […]

Put pen to paper: How a letter of instruction can benefit family harmony
November 5, 2020 Knowledge Center
Put pen to paper: How a letter of instruction can benefit family harmony

You may view your will as the centerpiece of your estate plan, but other documents can complement it. For example, if you haven’t already done so, consider writing a letter of instruction. Elements of the letter A letter of instruction is an informal document providing your loved ones with vital information about personal and financial […]

Now more than ever, carefully track payroll records
November 3, 2020 Knowledge Center
Now more than ever, carefully track payroll records

The subject of payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that caused considerable fluctuations in the size of many companies’ workforces. Employees have been laid off, furloughed and, in some cases, rehired. There has also been crisis relief for eligible businesses in the form of the Paycheck […]

Divorcing couples should understand these 4 tax issues
November 3, 2020 Knowledge Center
Divorcing couples should understand these 4 tax issues

When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an even more taxing experience. Several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are […]

Nonprofits: Internal audits still matter
October 30, 2020 Knowledge Center
Nonprofits: Internal audits still matter

Fraud doesn’t simply take a vacation during crises, such as the COVID-19 pandemic. If your not-for-profit’s internal controls aren’t effective, crooked individuals can find ways to exploit them and steal from your organization — even if they’re working remotely. Other threats, such as financial shortfalls, might also loom. So it’s important to continue to schedule […]

Best practices when forecasting cash flow
October 29, 2020 Knowledge Center
Best practices when forecasting cash flow

Cash flow is a top concern for most businesses today. Cash flow forecasts can help you predict potential shortfalls and proactively address working capital gaps. They can also help avoid late payments, identify late-paying customers and find alternative sources of funding when cash is tight. To keep your company’s cash flow positive, consider applying these […]

Welcome to 21st century forensic accounting
October 27, 2020 Knowledge Center
Welcome to 21st century forensic accounting

Forensic accountants are engaged for a wide variety of assignments, among them investigating fraud, auditing internal controls and quantifying damages associated with legal disputes. All of these require attention to detail and a diverse set of skills including mathematical, technological, legal and investigative. But the accounting landscape and client needs are constantly changing. Here’s how […]

Inventory management is especially important this year
October 27, 2020 Knowledge Center
Inventory management is especially important this year

As year-end draws near, many businesses will be not only be generating their fourth quarter financial statements, but also looking back on the entire year’s financials. And what a year it’s been. The COVID-19 pandemic and resulting economic fallout have likely affected your sales and expenses, and you’ve probably noticed the impact on both. However, […]