The TG Blog
Resources and articles to empower you and keep you up to date.
Businesses: It’s time to revisit your sales tax obligations It’s been more than a year and a half since the U.S. Supreme Court ruled in South Dakota v. Wayfair that states may require out-of-state sellers to collect sales and use tax even if they lack a physical presence in a state. Since that time, most…
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On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee retention credit The new law provides a refundable payroll tax credit for 50% of wages paid…
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After the Financial Accounting Standards Board’s (FASB’s) 2014 release of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, many nonprofits were confused about whether grants and similar contracts were covered by these new revenue recognition rules. The FASB’s subsequent issuance of ASU No. 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and…
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Many nonprofits take time to develop disaster plans in anticipation of natural disasters, active shooter situations and other harrowing events. They may not, however, think about handling a crisis such as sexual harassment or embezzlement allegations against a leader, a regrettable social media post or similar circumstances that could generate significant damage. Here’s how to…
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Traditionally, audit procedures for private companies tend to focus on the balance sheet. That is, auditors evaluate whether the book values of the company’s assets are overstated and its liabilities are understated. However, the income statement needs attention, too, especially in light of the updated guidance on recognizing revenue from contracts and the potential for…
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As governments around the globe mobilize to defend their populations from the novel coronavirus (COVID-19), criminals are also mobilizing — to fleece people. These opportunists have already found ways to use the fear and chaos associated with the pandemic to enrich themselves. But you can protect yourself and your business. Ripe opportunity Phishing emails that…
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All of us wake up today to face a new reality. While all scientific evidence indicates that isolation and “social distancing” are the best course to try and minimize the impact of the Covid-19 virus, it is also clear that economic fallout is inevitable. In an effort to mitigate the economic impact and support those…
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Business owners and individuals need to be actively planning for the economic impacts of the coronavirus (COVID-19) including the impact on cash flow. Measures to provide tax relief and to support businesses by Federal, state and local tax jurisdictions to combat fears of COVID-19’s potential effects on people, businesses and the overall economy are being…
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Sec. 6166 may help ease the sting of estate taxes Assets such as an illiquid closely-held business can pose unique estate planning challenges. Indeed, even with the gift and estate exemption amount at an inflation-adjusted $11.58 million for 2020, these taxes can continue to be burdensome if a family has a significant amount of wealth…
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Several arms of the federal government have taken, or are weighing, significant steps to help the country deal with the spread of the coronavirus (COVID-19) and the implications for individuals and businesses. On March 14, the U.S. House of Representatives overwhelmingly passed a bipartisan 110-page bill that has received support from President Trump and, as…
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