News

As this year draws to a close, our friends at BDO remind us that year-end 2020 may not be the same as 2019 when it comes to payroll taxes and compensation and benefits matters. This alert highlights various areas of change and what employers should be focusing on.   New Form for Reporting Non-Employee Compensation […]

Richard Tullier, CPA explains year-end tax planning in the time of COVID: Throughout this year, I often have thought of a quote from Woody Allen: “If you want to make God laugh, tell him about your plans.”  I’d say substitute 2020 for God and the quote applies. While there have been many surprises this year,

Don’t let employee theft happen to your business; internal controls can help reduce the risk of fraud, as explained by Valerie Lowry, CPA In August 2020 an accountant admitted to stealing more than $7 million from a Louisiana shipping company. Theft by employees happens more frequently than you might think, to companies of all sizes.

  So you received the PPP funds you applied for… now what?  You need to determine how to account for the loan, and accounting standards impact financial statements differently. Wegmann Dazet’s Brandon Sekinger explains. As of August 8th, the Small Business Administration reported lending over $500 billion to over five million businesses across the U.S.

Will your Employee Benefit Plan be affected by COVID-19? During the pandemic, some companies are experiencing reduced revenues, increased costs, and concerns over whether they can continue to be profitable. As a result, some businesses might find that their Employee Benefit Plans, such as 401(k)s, could use some tweaking. Kathy Flattmann discusses  key COVID-19 implications

Selling into Louisiana? Allison Civello writes about Louisiana’s amended economic nexus provisions. Starting July 1, 2020, joining other states post-Wayfair, Louisiana amends nexus for sales and use tax responsibilities to include marketplace facilitators. Louisiana now defines nexus as over $100,000 in sales per year or 200+ transactions, to out-of-state sellers and marketplace facilitators. Just over

Question: I took advantage of the increased lifetime exemption amount but heard that it will revert back to a lower amount – now what? Answer: Under the Tax Cuts and Jobs Act (TCJA) passed at the end of 2017, the basic exclusion for estate and gift tax was increased to $10 million, indexed for inflation

There are benefits to taking advantage of net operating losses (NOLs) for business and individuals, and here Frank Holzenthal summarizes the recent IRS guidance to the NOL changes and important dates to consider. The CARES Act includes changes to the tax treatment of NOLs, which occur when tax deductions exceed its taxable income within a

TIME TO LOOK BACK – a Carryback for Cash During these financially challenging times, many of us are looking forward to days of normalcy. But Wegmann Dazet’s Frank Holzenthal says maybe you should be looking back! That’s correct; in fact, the CARES Act allows you the opportunity to get some much needed cash in your

We read CARES, so you don’t have to! From individual stimulus checks to employer payroll taxes, and from retirement account withdrawals to alcohol excise taxes, Wegmann Dazet’s Frank Holzenthal provides an important summary of TEN federal tax benefits resulting from the recently passed Coronavirus Aid, Relief, and Economic Security (“CARES”) Act.   Economic Stimulus Payments