Maryland Governor Larry Hogan signed the RELIEF Act into law on February 15, 2021. The RELIEF Act is intended to help reverse some of the adverse economic conditions brought about by the COVID-19 pandemic. This legislation includes changes to personal and business tax filings, relief payments for certain individuals, a sales and use tax credit, and changes to pass-through entity taxation. Let’s look more closely at some of the key provisions in the $1 billion plus relief package.
While it’s not necessarily a secret, there may be some real estate companies that aren’t aware that there’s an alternative to GAAP (Generally Accepted Accounting Principles) for maintaining their accounting records and presenting their financial statements. The accrual-based income tax basis of accounting is an acceptable alternative to GAAP for real estate companies. If income tax basis accounting is the right fit for your company, it could save you time and money when it comes to year-end reporting. Let’s take a closer look at the upside of the income tax basis accounting method.
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They are the last words any business owner wants to hear: “You are being audited by the IRS.”
Heads up to architecture and engineering firms: the American Association of State Highway and Transportation Officials has released its 2021 National Compensation Matrix (NCM). This is significant for architecture and engineering firms because the NCM is a tool that helps them demonstrate compliance with a regulation that has a huge impact on their profitability.
As I write this, it’s hard to believe we are in February 2021. It’s even harder to believe that we are almost a year into the pandemic. As much as we all want to forget about 2020 and go full steam ahead in 2021, now is the time for associations, societies and other nonprofits, especially those with calendar year ends, to evaluate the effects that COVID-19 had on one of their most crucial benchmarks / metrics — membership retention.
Many businesses are wondering how they’ll survive 2021. When Len Rus, CPA, joined me on the firm’s video series, Next Level, he shared his advice for business owners on making it through what’s looking like another crazy year.