The TG Blog

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

tax tips

March/April 2020 Tax Tips

April 1, 2020

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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CARES Act

The New COVID-19 Law Provides Businesses with More Relief

April 1, 2020

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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accounting for contributions

Still Struggling With How to Account for Contributions?

March 27, 2020

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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crisis management plan

Prepare Now to Handle a Reputation-Damaging Crisis

March 23, 2020

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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recognizing revenue

Auditing Revenue

March 23, 2020

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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COVID-19

Fraudsters are Using COVID-19 to Fleece Americans

March 23, 2020

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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Support for Businesses and Individuals During COVID-19

March 20, 2020

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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estimated tax payments impact on economy coronavirus

Estimated Tax Payment Consideration Under COVID-19

March 18, 2020

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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closely-held business tax releif

Do You Own a Closely-Held Family Business?

March 17, 2020

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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House Passes Bill to Provide Coronavirus Relief; Senate Expected to Act This Week

March 16, 2020

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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