10.26.21

Estate Tax Planning in 2021: Uncertainty Abounds but Options Still Exist
Adam J. Pechin

Currently, U.S. citizens and non-U.S. citizens domiciled in the U.S. are entitled to an $11.7 million gift and estate tax exemption and are subject to a maximum marginal gift and estate tax rate of 40%. And while the gift and estate tax exemption is scheduled to drop to approximately one-half the current amount on January […]

10.20.21

Heads Up, Restaurants: Federal Relief Could Trigger a Single Audit
James Pellino

Since the outbreak of COVID-19, the restaurant industry has been one of the hardest hit by the pandemic’s impacts, leading to spikes in business closures, continued capacity limitations, and unprecedented loss in both jobs and sales. However, many establishments were able to keep their doors open and continue to serve customers throughout the course of […]

10.18.21

Challenges to Recognizing Revenue for Telehealth Visits

Revenue recognition is difficult at the best of times — if the number of resources on the topic across the Internet is any indication. However, when it comes to telehealth, revenue recognition can seem downright impossible. After all, you are performing a healthcare visit, potentially across thousands of miles. You do not only have to […]

10.14.21

How Top “Pandemic Performer” Law Firms Thrived

A recent report from the Thomson Reuters Institute examines the factors that have contributed to the high performance of law firms that fared best financially during the COVID-19 pandemic. Understanding these factors can help other firms better position themselves for future disruptions. Related Read: State of the Midsize Market: Resilience Is Key Key characteristics The 2021 […]

10.07.21

Audit Communications to Plan Sponsors More Robust Under SAS 136
Stephanie Zaleski-Braatz

The AICPA’s Statement on Accounting Standards No. 136 (SAS 136), “Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (Employee Retirement Income Security Act of 1974), will meaningfully change the audit process for defined contribution plan sponsors. The AICPA issued SAS 136 with the goal of giving readers of […]

10.06.21

The Tax Impacts of Capitalizing Versus Expensing Costs of Real Estate
Thomas Kosinski

Individuals with real estate businesses often expect to deduct business-related expenses for tax purposes. But those tax deductions might not be a guarantee. Many real estate development costs are required to be capitalized and added to the cost of the building. In this case, there are additional rules to determine if building costs qualify for […]

09.28.21

How To Get Stuff Done
Thomas Pierce

Law firms face disruption on multiple fronts and they are struggling to get things done. Firm leaders must contend with the pandemic’s health threat and the challenges of managing a remote workforce, as well as supply chain disruptions, demand shifts, resource constraints and more, all while devising critical plans for the road ahead. Combined with […]

09.20.21

Tainted Donor, Tainted Money? How To Handle Controversial Contributions
Sarah G. Widlock

In 2019, as waves of lawsuits accused Purdue Pharma of knowingly contributing to the opioid crisis, numerous not-for-profit organizations announced that they would no longer accept gifts from the Sackler family, several members of which owned the company. That same year, the Massachusetts Institute of Technology came under fire for accepting multiple donations from convicted […]

09.15.21

The Future of the Supply Chain Is Digital

As the supply chain for the manufacturing industry becomes increasingly global, it is also becoming increasingly complex. Even before the COVID-19 pandemic, many manufacturers and distributors were adopting digital solutions — particularly blockchain — to improve the visibility and traceability of raw materials and goods through the supply chain. These upgrades have helped enhance transparency, […]

09.09.21

2020 Lease Audit Spotlight Gain Clarity on Gross-Up Adjustments

When services were reduced during the COVID-19 pandemic many services, such as cleaning, were reduced by landlords. Is it still fair to gross up the expenses of unoccupied space?  The common area maintenance (CAM) clauses of many commercial office leases allow a landlord to gross up expenses for unoccupied space to amounts that would be […]