In November 2021, North Carolina enacted Senate Bill 105 which includes a new elective pass-through entity tax (“PTET”) filing options for certain NC companies. This law change allows entities taxed as partnerships or S-corporations to elect to pay an entity level state income tax for taxable years beginning on or after January 1, 2022. Owners […]
The announcement of Phase 2 of this grant also includes the ability for companies that previously received federal or NC financial hardship incentives to participate. Phase 1 of the program (which closed a few months ago) prevented companies which had received a PPP loan, NC Job Retention Grant, or EIDL advance from qualifying for this […]
Grooming future leaders and mapping out a succession plan in advance is one of the best ways to mitigate the risk of losing key personnel and prepare for the future needs and growth of an organization. This video offers tips and best practices for creating and implementing a succession plan for your nonprofit.
Ransomware is a significant threat for business owners of any size, and the damages can be catastrophic. This video will explain what ransomware is and provide seven tips on protecting you and your company.
The economic growth and emboldened labor market of the past year require a different policy response than the previous two business cycles.
The Infrastructure Investment and Jobs Act passed in November ended the employee retention credit (ERTC) early, changing the eligible wages to only those paid before Oct. 1, 2021 rather than Jan. 1, 2022 as previously expanded in the American Rescue Plan Act. This change does not apply to recovery startup businesses. Many businesses were filing […]
When it comes to running any organization, proper financial management is critical. One of the most important decisions you’ll make is if and when to hire a Chief Financial Officer. While many organizations may not be ready for a full-time CFO, they may significantly benefit from hiring an outsourced CFO.
Real estate owners who have purchased, constructed or renovated real estate should consider performing a cost segregation study to accelerate depreciation and defer income taxes. Watch now to learn more.
RSM can help manufacturers make the most of limited inventories with inventory optimization strategies. Read more.
National Taxpayer Advocate, Erin Collins, recommends the IRS pause automated collection notices. Congress may consider the recommendation.
We know what you’re thinking, “Why do I need a new accounting provider? We could just do it ourselves.” That’s true, but giving your accounting to untrained employees can cost you time and money in the long run. Our clients come to us with a number of reasons they‘re ready to commit to our payroll […]
There have been many recent legislative actions in North Carolina, South Carolina, and other southeastern states that business owners should be aware of. The NC Legislature has debated significant tax reforms which could impact business income tax, franchise tax, and personal income tax calculations for its resident businesses and owners. There are also several changes […]
A business valuation helps to determine the fair market value of a company and may be needed for a variety of reasons such as buying or selling a business, transferring equity, developing an estate plan or purchasing insurance. In this video, we’ll cover why you might need a valuation and the common methodologies used to determine value.
We have updated our white paper regarding the fundamentals of LIBOR phase out and transition for financial institutions.
The lifetime gift tax exemption is at an all-time high of $11.7 million per individual and $23.4 million per couple but may be reduced in the near future by potential legislation. This video provides an overview of the Spousal Lifetime Access Trust and how it can help couples maximize their lifetime gift tax exemption.
DOWNLOAD GUIDE Year-end is a critical time for businesses to think carefully about how to achieve their goals in an ever-evolving tax landscape. RSM US LLP’s 2021 year-end tax guide reflects the tax considerations and developments that we believe may create risk or opportunity. Challenges and disruptions have continued this year as the pandemic lingers and […]
Family offices anticipating a variety of tax law changes now have more details to consider. The House Ways and Means Committee on Sept. 13 outlined its proposal of various income and transfer tax increases on high-income individuals, estates and trusts as part of a plan to generate the revenue necessary to support reconciliation bill spending. […]
Companies may be able to realize additional tax savings through state tax credits and other incentive programs.
The House of Representatives Ways and Means Committee recently released draft legislation that would increase taxes to help pay for the proposed $3.5 trillion spending package. In this video, we briefly cover some of the more important proposed tax changes.
Real estate and business personal property taxes, together, are one of the largest generators of state and local tax revenue.
On Sunday, Sept. 12, 2021, House Democrats outlined revenue raisers needed to offset a $3.5 trillion spending package. Then, on Monday, Sept. 13, 2021, House Ways and Means Committee Chairman Richard Neal (D-Mass.) circulated a draft bill that would ‘preliminarily’ raise $2.9 trillion from proposed tax increases and enhanced taxpayer compliance (mostly from increased IRS […]
Private equity deal activity is on pace for its best year on record, and deal activity in the middle market leads the way.
Employers impacted by COVID-19 that may be eligible for the employee retention tax credit (ERTC) finally have some additional guidance from the IRS that addresses a few unanswered questions, although some outstanding questions are still unanswered. Background The ERTC was originally enacted by in the CARES Act in March 2020. Its use by taxpayers was significantly increased […]
When aligning your preferences with 1 of 3 main structural forms, a family office will position itself to succeed for many years to come.
Companies need to embrace digital tools, understand demographic shifts in the workforce and develop intentional succession planning.
A retirement plan is required to maintain contact information for participants and beneficiaries who are owed a benefit under the plan.
Cybercrime is still on the rise. Here are key statistics from RSM’s 2021 Middle Market Business Index Cybersecurity Report.
Learn lessons from the pandemic to build a stronger supply chain strategy to face disruptions and challenges. Read now.
The importance of time management in achieving business and personal success cannot be over emphasized. The number of books, courses, websites and motivational speakers on the subject bear testimony to the fact that it is one of the most important skills to have. However, with all of the resources that are available, most professionals continue […]
South Carolina becomes the latest state to enact a state and local tax deduction limitation workaround joining at least a dozen others.
President Biden has announced The American Families Plan, representing a $1.8 trillion proposal focused on investing in increased childcare, healthcare, and education initiatives while extending many of the middle-class focused tax credits that were signed into law as part of the American Rescue Plan earlier this year. These initiatives and tax credits will primarily be […]
The IRS recently published Rev. Proc. 2021-20, providing a safe harbor regarding the accounting period in which to claim deductions paid for with PPP funds. This safe harbor allows taxpayers to elect to deduct expenses in the first tax year after the taxpayer’s 2020 taxable year return versus filing an amended return or administrative adjustment request. […]
The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act) provided a number of changes to the Employee Retention Tax Credit (ERTC). Most of these changes are only applicable starting Jan. 1, 2020 and (at the time) only applied to the first two quarters of 2021. Congress has since extended the ERTC from […]
The Tax Cuts and Jobs Act (TCJA) in 2017 doubled the estate and gift tax exemption to approximately $11 million per spouse. Without an intervening change in law, this amount is set to sunset on Dec. 31, 2025. With the Democrats now holding the White House and having the majority of votes in the House and […]
In 2020, the IRS introduced Form 1099-NEC for reporting nonemployee compensation. Learn about Form 1099-NEC and how it differs from Form 1099-MISC.
While valuable, this ability to customize your accounting services can make it a little tricky to show how we structure our services so, to simplify things, we often explain it in terms of three standard levels of service. Generally, most organizations choose a level of service that lands within one of these three categories: Basic […]
ASU 2016-02, Leases (Topic 842) This ASU provides new regulations which affect all organizations that lease assets, such as real estate, vehicles, and equipment. Previous standards differentiate reporting requirements based on whether an agreement is a capital lease or an operating lease. ASU 2016-02 changes this by requiring all leases with terms of more than […]
Although many businesses consider outsourcing as a way to save time and money, they often discover many other benefits: More time to focus on other things By outsourcing the most time-consuming aspects of your accounting, you can free up that time to take care of the more important tasks needed to run and grow your […]
If you donate to charitable organizations, you might want to consider establishing a donor-advised fund. A donor-advised fund is a charitable tax-saving tool that enables you to maintain a certain level of control over how funds are distributed while receiving immediate tax benefits.
What if your organization was already prepared to respond to the challenges brought about by COVID-19? Scenario planning is a savvy management tool that helps organizations deal with the uncertain world in which we live.
Succession planning is essential for business owners to ensure that their business will survive, if not thrive, through a transition of leadership. In this video, we’ll cover why you need a plan and key components of a plan.
Crowdfunding has become a relatively new way for businesses to raise capital. In this short video, you’ll learn how businesses are leveraging equity crowdfunding to raise capital from both accredited and non-accredited investors.
All businesses face a variety of risks, which is why it’s important to have contingency plans in place to deal with unexpected events. In this video, you will learn 5 important steps to contingency planning for your business.
All companies are susceptible to and will likely experience fraud at some point. In this video, you will learn about simple and easy to implement controls and processes.
If you’re starting or have already started your own business, you’ve probably heard about the advantages of incorporation. You’ll learn the differences between an LLC and S-Corp, and how both can be used together. We’ll also cover the benefits and tax implications of each.
With recent tax changes, it is important to make sure that you are making good choices as it relates to your Estate Plan. The Internal Revenue Service recently increased the estate tax exclusion. While this can be a big benefit, it’s important to have strategies in place to ensure you are protecting your assets.
Safe Harbor 401(k) plans are the most popular type of 401(k) used by small businesses today. Here’s a great 3 minute video you don’t want to miss.
Expecting a Capital Gain? You may be able to receive significant tax incentives for investing in an Opportunity Zone Fund. Here’s a great 2 minute video to find out more.
Cash Balance Retirement Plans are growing in popularity due to their high contribution limits and tax saving benefits. Here’s a great 2 minute video to find out more.
There are many different options to provide for your loved ones and a trust may be the best option. Watch now to learn about each type of trust and the benefits they offer.
There are key financial and tax advantages for both a 401(k) and an IRA, but you may not be maximizing the advantages of both. Watch Now to learn how you can optimize your savings for retirement.