Restating financial results
September 13, 2021
Stakeholders are understandably alarmed when a company restates its financial results. However, the reasons for restatements can range from the mundane to the serious.
Defining involuntarily termination for the ARPA COBRA subsidy
September 10, 2021
Many employers must provide COBRA coverage to departing employees. Recent IRS guidance addresses how to define involuntary termination in relation to the 100% COBRA premium subsidy.
Claiming a theft loss deduction if your business is the victim of embezzlement
September 9, 2021
If your business is victimized by theft, embezzlement or internal fraud, you may be able to claim a tax deduction for the loss. But there are requirements that must be followed as one U.S. Tax Court decision illustrates.
Planning for year-end gifts with the gift tax annual exclusion
September 8, 2021
There have been proposals in Washington to reduce the estate and gift tax exemption amount, as well as make other changes to the estate tax laws. Making tax-free gifts by year end can reduce the size of your taxable estate and may be one way to recognize and address this potential threat.
You can only claim a casualty loss tax deduction in certain situations
September 1, 2021
The rules for deducting personal casualty losses on a tax return have changed through 2025. However, you may still be able to claim a deduction if an event qualifies as a federally declared disaster (and several have this summer).
Want to find out what IRS auditors know about your business industry?
August 31, 2021
If you own or operate a business, you may not know that the IRS has “Audit Techniques Guides” for certain industries and tax issues. IRS examiners use them to prepare for audits and you can read them too. Here’s how.
