Taxes: What to Expect in 2022

July 27, 2022 David Cohen Tax Bites tax credits, tax planning

While there are few federal level tax changes, there are some items you should be aware of. David Cohen lays out what to expect in for the rest of 2022.

Give your construction company’s bonding capacity a solid foundation

July 27, 2022 Christine Ulibarri Construction construction, financial statements, IIJA

Construction business owners: Is your bonding capacity as high as you want it to be? Pleasing your surety starts with generating sound, trustworthy financial statements.

IRS Reaches Milestone on Paper Return Backlog

July 26, 2022 Gina Khawam Tax Bites backlog, IRS, tax filing

IRS reaches internal milestone for 2020 individual tax return backlog. National Taxpayer Advocate’s report shows that milestone may not be a significant accomplishment considering remaining paper return backlog and additional processing delays.

Businesses: Act now to make the most out of bonus depreciation

July 22, 2022 Daniel Rowe Tax Bites bonus depreciation, depreciation, Section 179, TCJA

If your business plans to purchase bonus depreciation qualifying property, take action soon to realize a valuable tax break.

Important considerations when engaging in a like-kind exchange

July 20, 2022 Susan A. Armstrong Real Estate, Tax Bites like-kind exchange, Section 1031 Exchange

Interested in a “like-kind” exchange of real property? Here are the basic rules.

Weathering the storm of rising inflation

July 14, 2022 Brent A. Songer Tax Bites inflation, tax planning

Business owners: When it rains, it pours. Inflation may be putting a damper on economic optimism, but there are ways to brighten your horizons.

Last call for lease accounting

July 13, 2022 Nicole Maneval Assurance FASB, GAAP, lease accounting, leases

Private companies: Have you implemented the new lease accounting rules? If not, you can’t afford to procrastinate any longer. Here’s what you’ll need to do before year end and how it may impact your financials.

Is your cloud provider still meeting your company’s needs?

July 12, 2022 July 11, 2022 Zach Fuller Cybersecurity cybersecurity, risk assessment

Just about every business stores documents and data in the cloud these days. Make sure your provider is still giving you a strong return on your investment.

How do taxes factor into an M&A transaction?

July 11, 2022 Zandra O'Keefe Tax Bites

Buying or selling a business may be the most critical transaction you ever make. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law. Here are some considerations.