The IRS has issued proposed regulations that provide guidance under new provisions added by the Tax Cuts and Jobs Act (TCJA) related to Qualified Opportunity Funds (QOFs). Specifically, the guidance addresses the gains that may be deferred as a result of a taxpayer’s investment in a QOF, as well as special rules for an investment…
A sixteenth century English romance writer named George Pettie once quipped, “So long as I know it not, it hurteth mee not.” In other words, what you don’t know can’t hurt you. While the merits of this sentiment may be debatable, one version of the opposite certainly is not: What you do know can help…
As part of National Small Business Week, the U.S. Small Business Administration and SCORE are hosting a free business growth and advisory virtual conference for small businesses. The event features eight online webinars on May 7 and 8, 2019, or on demand after.
Business exit planning advisors Andrea Brady and Denise Hozza were quoted in a recent Lehigh Valley Business article about how not to overpay for a business acquisition. Brady, a Concannon Miller shareholder, is a Certified Exit Planning Advisor and Hozza, a Concannon Miller director, is a Certified Valuation Analyst. Check out their insight and advice…
Tax reform through the federal Tax Cuts and Jobs Act created a ton of new tax rules for business owners. So many in fact the IRS in January just released some final regulations on key parts of the act, more than a year after it was enacted. While there are a lot of tax changes…
Tax Reform through the Tax Cuts and Jobs Act provided a new tool for promoting and incentivizing long-term investment in low-income communities. Opportunity Zones are economically-distressed communities where new investments, under certain conditions, may be eligible for preferential tax treatment. Learn more about them in this comprehensive Opportunity Zones FAQ from the IRS. Also, see…
Congress has yet to tackle several outstanding uncertainties frustrating both businesses and individual taxpayers. The Tax Cuts and Jobs Act, for example, contains several “glitches” requiring legislative fixes. Congress also has neglected to pass the traditional “extenders” legislation that retroactively extend certain tax relief provisions that expired at the end of an earlier year, in…
Do you ever get an uneasy feeling that your purchasing system is out of whack? Are you concerned that expenditures are being made on your company’s behalf that would never meet with your approval? Finding an agreeable balance within a purchasing system can be a hard-won victory. Some manufacturers react by over-controlling expenditures without regard…
Tax season 2018 has come and gone. Being the first following the enactment of the sweeping Tax Cuts and Jobs Act, it was one for the accounting history books. Here’s a few things we learned: This act may be the exact opposite of tax simplification. Sure, the new 1040 is postcard sized … if you…
Audits have become more important due to increased public and government scrutiny of nonprofit organizations, their management and their boards. Audits not only provide you with a fair assessment of your organization’s financial health, but also can reveal vulnerabilities such as weak internal controls, insufficient cash reserves and poor investment policies. Perhaps most important, regular…
