As the new administration eyes policy changes, taxpayers are scrambling to divine the potential estate tax implications. The unified exemption is at a historically high level, currently over $22 million for married taxpayers filing jointly, with a planned sunset in 2026. The Biden administration has proposed reducing the exemption to $3.5 million. Will it stay [...]
Interest rates are at historic lows right now, making it a great time for intrafamily loans. By making a loan to an intentionally defective grantor trust (IDGT), families with substantial means can move highly appreciable assets outside of their gross taxable estate while making a tax-free gift to one or more family members. The word [...]
The COVID-19 pandemic has certainly caused havoc in global markets and the U.S. economy throughout 2020. Along with the continued impact of the pandemic, the changing economic policies of a new presidential administration have added more uncertainty to the mix. It’s always important to stay on top of your financial status, but economic “crossroads” moments [...]
As a result of the recent winter storm, the IRS announced on February 22, 2021, that residents of all Texas counties and/or taxpayers who have a business in Texas would generally have until June 15, 2021, to file and pay their federal income tax. This extension includes income tax returns due on March 15 and [...]
Brief history lesson: Since the 1970s, the U.S. has run a trade deficit, meaning it imports more from other countries than it exports to them. It also ran a trade deficit for much of the 1800s. These trade deficits didn't necessarily hurt American economic growth. In fact, they may have even fueled it, especially during [...]
Consider this conundrum: You're a manufacturer of widgets, and you need to create a new type of widget to serve your customers. If you create a model for the new widget using traditional manufacturing methods, it will derail your current production schedule and involve time-consuming setup and teardown. If you choose to use 3D technology [...]
CRI Partner Mike Maxson recently provided assistance on the Simple Numbers webinar hosted February 9, 2021. This webinar provides attendees with a fundamental understanding of how to take control over your retirement account with a Self-Directed IRA and learn the Do’s and Don’ts of redirecting your money exactly where you want on a tax-favored basis.
Corporations’ disaster relief contributions made before February 25, 2021, may qualify for a new 100% limit. Under the Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, the limit for contributions paid in cash for relief efforts in qualified disaster areas has been temporarily increased to 100% of a corporation's taxable income. The [...]
In response to widespread social and economic hardship during the COVID-19 pandemic, sweeping legislation and relief programs sought to aid struggling Americans and businesses. Meanwhile, millions of Americans temporarily (if not permanently) turned to remote work and freelance opportunities from the comfort of their homes. Even into 2021, the unpredictable impacts of COVID-19 continue to [...]
CRI Partners Ann Marie Sale and Christy Cardillo will be presenting new information to the Manatee Chamber of Commerce on February 25, 2020 via virtual webinar. This webinar presentation will cover eligibility for the Employee Retention Tax Credit which has been expanded into 2021. Participants will hear from experts on how to take advantage of this additional [...]
Businesses and individuals are entering 2021 with the hope of leaving the immense challenges of 2020 behind. However, the reality is that the risks that arose during 2020 will continue to be present for 2021. In fact, some of the unusual challenges we faced during 2020 will present risk management opportunities for the foreseeable future. [...]
Most insurance companies may have experienced the occasional federal excise tax examination, but all has been quiet in recent history regarding income tax examinations. This likely has to do with some significant challenges the IRS has been facing. Anyone waiting on the IRS can attest to the gradual slowing of the IRS’ ability to process [...]
"Stay inside the lines!" It's something we've all been told at least once in our lives. That advice doesn't just work for coloring books. It can also apply to nonprofit governance. One of the most common problems nonprofit leaders face is tension stemming from overstepped boundaries. In addition to making for some awkward board meetings, [...]
The IRS has issued final regulations under Internal Revenue Code Section 4960 regarding the 21% excise tax on excess executive compensation paid by certain tax-exempt organizations, such as nonprofit hospitals. The excise tax applies to an applicable tax-exempt organization (ATEO) that pays a covered employee more than $1 million in remuneration during a year or [...]
Fraud—it doesn't just happen in big corporations. It can also be a real threat to nonprofits of any size. In fact, some characteristics of nonprofit organizations make them particularly vulnerable to fraud: money matters tend to take a back seat to mission; staffing can be limited; and volunteers often lack accounting knowledge. Add cash and [...]
CRI Senior Accountant Sammie Parsley recently released an article on TaxNotes where he examines the return preparation and tax consulting segment of the top 20 U.S. public accounting firms (excluding the Big Four) using a strategic framework combined with personal experience and interviews with individuals from two leading firms. Sammie is a part-time doctoral student resident at [...]
The consequences of a cybersecurity breach can be dire for any business, no matter your company’s size or the industry in which it operates. But your cybersecurity risk is driven largely by what you’re trying to protect — and those valuables are very much tied to your industry. So: How is risk calculated, and what [...]
The year 2020 exposed many vulnerabilities. We’re all well aware of the public health risk posed by close personal interactions with our network of contacts. We’re also waking up to just how vulnerable we are to cyber attacks via our networks of third-party providers. Although supply chain risk has received increasing regulatory attention in recent [...]
After the USDA and DEA issued their final interim rules on an American hemp production system in October 2019 and August 2020, the USDA issued its final rule on January 19, 2021. Industry participants and service providers have been eagerly awaiting the release of the final regulations to gauge the directional winds for the burgeoning [...]
ENTERPRISE, AL., January 28, 2021 - Top 25 nationally-ranked CPA and advisory firm Carr, Riggs & Ingram (CRI) has launched the second season of their podcast series focused on providing listeners with accounting and advisory insights in areas such as single audit compliance, the benefits of outsourcing your accounting needs, FDICIA, financial institution risk management, [...]
