The TG Blog

Resources and articles to empower you and keep you up to date.

Can I Deduct It?

Can I Deduct It? Expense Considerations for Self-Employed Individuals

January 26, 2021

2020 was certainly a year that will be remembered decades into the future for a variety of reasons.  COVID-19 completely overtook our lives as it directly and indirectly affected millions.  We saw millions infected, thousands die, and a booming economy crash to earth. As a self-employed individual, to survive, you needed to adapt your business…

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Accounting for property, plant and equipment (PPE) assets

Accounting for Property, Plant and Equipment (PPE) Assets

January 22, 2021

Businesses and nonprofit entities capitalize machines, furniture, buildings, and other property, plant and equipment (PPE) assets on their balance sheets. Here’s a refresher on some common questions about how to properly report these long-lived assets under U.S. Generally Accepted Accounting Principles (GAAP). What’s included in book value? PPE is reported on the balance sheet at…

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PPP loan forgiveness

PPP Loan Forgiveness Process and Forms Updated by the SBA

January 22, 2021

The 2021 Consolidated Appropriations Act (CAA 2021) included several updates regarding the forgiveness of PPP loans. Most of these changes seek to simplify the process and allow greater flexibility to businesses. Key points to remember when thinking about PPP loan forgiveness include: Changes to forgiveness forms and procedures – New or updated forms for applying…

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blockchain in construction

Is Blockchain the Future of Construction?

January 22, 2021

Blockchain is the technology that powers Bitcoin and other cryptocurrencies, but its value extends far beyond the world of finance. Although this technology may not be ready for prime time in construction just yet, industry experts recognize its promise to transform the way projects are managed. Simple concept The technology behind blockchain is sophisticated. The…

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Easing the pain of the NIIT on your estate plan

Easing the Pain of the NIIT on your Estate Plan

January 19, 2021

The 3.8% net investment income tax (NIIT) can negatively affect your estate plan. This is especially true if your assets include an investment portfolio, because the NIIT can increase the tax on your capital gains, taxable interest and other investment income, thus reducing the amount of wealth available to your family. In addition, the NIIT…

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tax forms

Tax Forms Every Business Owner Should Be Aware Of

January 18, 2021

With the dawn of the new year, taxpayers need to be thinking about the tax forms that are required to be filed within the next few months. Some, such as your Individual Income Tax Return, are well-known and not easily forgotten. Self-employed individuals, however, may be required to file other less understood tax forms as…

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key person

Assessing and Mitigating Key Person Risks

January 18, 2021

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. Common…

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tax season

The Taxman Cometh – Are You Ready?

January 15, 2021

With the start of the new year, most people are reflecting on the past and making resolutions – while not necessarily thinking about filing taxes, April 15th is coming soon! Tax season does not need to be overwhelming or confusing – if you take the time to get organized and make some plans, it can…

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higher education tax breaks

Educate Yourself About the Revised Tax Breaks for Higher Education

January 15, 2021

Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help foot the bill. The Consolidated Appropriations Act, which was enacted recently, made some changes to…

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nonprofit accounting

Accounting for Program Services and the Activities that Support Them

January 14, 2021

Donors and funders want to know how your nonprofit uses its financial resources — maybe even more than ever during this difficult time. Rules issued by the Financial Accounting Standards Board (FASB) can help you break down spending. Here’s a review of the key rules affecting expense allocation. And the definitions are … According to…

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