The TG Blog

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

accounting estimates

Accounting Estimates Present Challenges in Times of Uncertainty

June 15, 2021

In today’s unprecedented market conditions, it can be challenging to predict metrics that underlie your company’s accounting estimates. Examples of key “unknowns” include how much longer certain pandemic issues will continue, how federal stimulus spending will affect the economy over the long run, and the extent to which tax laws and environment regulations may change…

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Hiring your minor child this summer?

Hiring Your Minor Child this Summer? Reap Tax and Nontax Benefits

June 9, 2021

If you’re a business owner and you hire your child this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free or low-taxed income,…

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working capital

Hit or Miss: Is Your Working Capital On-Target?

June 9, 2021

Working capital equals the difference between current assets and current liabilities. Organizations need a certain amount of working capital to run their operations smoothly. The optimal (or “target”) amount of working capital depends on the nature of operations and the industry. Inefficient working capital management can hinder growth and performance. Benchmarks The term “liquidity” refers…

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child tax credit CTC

Many Parents will Receive Advance Tax Credit Payments Beginning July 15

June 1, 2021

Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021. How have child tax credits changed? The ARPA temporarily expanded and made CTCs refundable…

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capital

Using Your Financial Statements to Evaluate Capital Budgeting Decisions

June 1, 2021

Strategic investments — such as expanding a plant, purchasing a major piece of equipment or introducing a new product line — can add long-term value. But management shouldn’t base these decisions on gut instinct. A comprehensive, formal analysis can help minimize the guesswork and maximize your return on capital investment. Forecasting cash flows  Financial forecasts…

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May/June 2021 Tax Tips

May 25, 2021

Are you eligible for energy-efficiency tax breaks? The Consolidated Appropriations Act (CAA) extended certain tax breaks for energy-efficient buildings that were set to expire at the end of 2020. So, now may be a good time for eligible real estate owners and developers to review the potential benefits. First, the CAA made permanent the Section…

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fair value accounting

What’s “Fair Value” in an Accounting Context?

May 24, 2021

In recent years, the accounting rules for certain balance sheet items have transitioned from historical cost to “fair value.” Examples of assets that may currently be reported at fair value are asset retirement obligations, derivatives and intangible assets acquired in a business combination. Though fair value may better align your company’s financial statements with today’s…

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tax return

Still Have Questions After You File Your Tax Return?

May 24, 2021

Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. Are you wondering when you will receive your refund? The IRS has an online tool that can…

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new VA reporting requirements

New Reporting Requirements for Virginia Registered Corporations Due July 1, 2021

May 20, 2021

The Virginia General Assembly has passed legislation to review the fiscal ramifications of changing the state’s corporate income tax to a unitary combined method of a reporting.  The Virginia Department of Taxation has begun sending notices to businesses of this reporting requirement.  Please do not ignore this notice if you receive one.  All corporations must…

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