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, […]
It’s been a year like no other. The sudden impact of the COVID-19 pandemic in March forced every business owner — ready or not — to execute his or her disaster response plan. So, how did yours do? Although it may still be a little early to do a complete assessment of what went right […]
In a Revenue Procedure, the IRS recently provided information regarding the inflation-adjusted maximum dollar amount that may be made for excepted benefit Health Reimbursement Arrangements (HRAs) or other account-based group health plans next year. More specifically, the amount applies to plan years beginning after December 31, 2020, and before January 1, 2022 — referred to as the […]
Typically, an estate plan includes accommodations for your spouse, children, grandchildren and even future generations. But you may overlook some older family members, such as your parents or in-laws. They may also need your financial assistance and help with their estate planning. How can you best handle the financial affairs of parents in the later […]
A conflict of interest could impair your auditor’s objectivity and integrity and potentially compromise you company’s financial statements. That’s why it’s important to identify and manage potential conflicts of interest. What is a conflict of interest? According to the America Institute of Certified Public Accountants (AICPA), “A conflict of interest may occur if a member […]
If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise sales You may already have made taxable “sales” of part of your mutual fund investment without knowing it. One way this can happen is if your mutual fund allows you to write checks against your fund […]
The COVID-19 pandemic has put enormous pressure on medical practices and healthcare workers. The last thing they need right now is to worry about financial losses and other negative repercussions of occupational fraud. So that physicians and their employees can focus on patient care, they should take a little time now to ensure strong internal […]
If you’re finally done filing last year’s return (October 15 was the deadline for individual taxpayers who extended their 2019 tax returns), you might wonder: Which tax records can you toss once you’re done? Now is a good time to go through old tax records and see what you can discard. The general rules At […]
Many employees have suffered financial hardships because of the COVID-19 pandemic. In response, some employers may consider offering financial assistance as a fringe benefit. A common question that arises regarding such an idea is: Does the Internal Revenue Code allow disaster relief payments to be made on a tax-advantaged basis specifically in relation to COVID-19? […]
Whether it’s a smart phone, tablet or laptop, mobile devices have become the constant companions of today’s employees. And this relationship has only been further cemented by the COVID-19 pandemic, which has thousands working from home or other remote locations. From a productivity standpoint, this is a good thing. So many tasks that once kept […]
The Los Angeles Business Journal recognized Alexandra Chernyak among the 2020 Women of Influence: Accounting.
On September 30, the Financial Accounting Standards Board (FASB) finalized a rule to defer the effective date of the updated long-term insurance standard for a second time. The deferral will give insurers more time to properly implement the changes amid the COVID-19 pandemic. Need for change After 12 years of work, the FASB issued Accounting Standards Update […]