About Luke Pearce

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So far Luke Pearce has created 166 blog entries.

Much Needed Clarity on PPP Loan Forgiveness

The U.S. Senate and House of Representatives have both passed a new COVID-19 relief bill, which was signed into law by President Trump. Among many other things, this bill addresses the tax implications of the Paycheck Protection Program (PPP). After almost a year of uncertainty and conjecture, we have some clarity about the taxability of [...]

2020-12-28T14:27:44-06:00December 28th, 2020|COVID-19, SMALL BUSINESS|

What Qualifies You to Receive the Second Stimulus Payment?

Congress passed, and the President signed a $900 billion COVID-19 relief bill providing $600 direct stimulus payments to individuals, $300 to extended weekly unemployment benefits, and more than $300 billion in aid for small businesses, among other COVID-19 relief benefits.   $600 Direct Payments to Americans The bill includes a $166 billion provision for direct payments [...]

2020-12-28T13:08:41-06:00December 22nd, 2020|COVID-19, INDIVIDUAL TAX|

Is It Time for Cloud Accounting?

Chances are that you and your employees got a crash course in working from home during 2020. If so, maybe you discovered the limitations of on-premise license software and, like many other businesses, are migrating business operations to the cloud. The trends that are driving the shift to subscription-based software have only been accelerated by [...]

2020-12-21T15:57:47-06:00December 21st, 2020|CLIENT ACCOUNTING SERVICES|

CRI BRADENTON – Byron Shinn: The Cyber Security Symposium Series – Is your business ready for the next cyber security threat?

CRI Partner Byron Shinn spoke today, December 17, 2020, on the importance of cyber attack preparation and cybersecurity threats organizations face every day. The virtual presentation was aimed towards both small and large business owners and executives, IT professionals, and other centers of influence within organizations.

2020-12-17T21:05:11-06:00December 17th, 2020|Around Town|

Top 25 CPA and Advisory Firm Carr, Riggs & Ingram Prepares to Host Virtual Accounting and Business Outsourcing Panel Powered by Xero

ENTERPRISE, AL, (DECEMBER 16, 2020) - Carr, Riggs & Ingram (CRI) has announced the third event in their free, outsourced accounting webinar series entitled, "Accounting & Business Outsourcing: Success Stories." This live panel, in collaboration with Xero and Simple Numbers, will feature CRI partners Christy Cardillo, Martin Copeland, and Greg Crabtree discussing real-life stories of [...]

2020-12-16T11:02:08-06:00December 16th, 2020|PRESS RELEASES|

CRI SHREVEPORT – Michael Gould: 40 Under Forty | Greater Shreveport Chamber

CRI Partner Michael Gould has been honored as a member of the 40 under Forty by the The Young Professionals Initiative of Northwest Louisiana, a program of the Greater Shreveport Chamber. These awards honor 40 professionals under 40 years of age that have excelled in their careers, education, professional development, community leadership, and volunteer efforts.

2020-12-21T13:51:13-06:00December 14th, 2020|Around Town|

A Quick Guide to Your PPP Loan and Tax-Related Questions

Small businesses all around the country have taken advantage of the Paycheck Protection Program (PPP), a federal program designed to help companies keep employees paid and their operations running during the COVID-19 pandemic. Although widely successful, many questions surrounding PPP and the 2020 tax year have many taxpayers wary about the upcoming tax season, particularly [...]

2020-12-09T14:38:51-06:00December 9th, 2020|BUSINESS TAX, COVID-19, SMALL BUSINESS, TAX CONTROVERSY|

Watching the Horizon: Do You Have the Data You Need to Predict Cash Flow?

Pilots don’t fly a plane by staring in the rearview mirror, so why do we rely on backward-looking financial statements to pilot a business? The COVID-19 pandemic brought into stark focus the critical importance of having real-time, comprehensible, and (most important) actionable data to anticipate cash needs. Businesses with this data at their fingertips were [...]

2020-12-09T00:06:04-06:00December 9th, 2020|CLIENT ACCOUNTING SERVICES|

Real-Time Results: How Dashboards Can Help You Move Your Small Business Forward

Quick! What was your highest operating expense last month? What was the percent change month-to-month? And how does that expense compare to the same month last year? If you can’t answer those questions in just a minute or two, then you might want to consider the benefits of dashboards. Dashboards: Beauty in Simplicity The beauty [...]

Pooled Income Funds Benefit Both Donor and Charity

What do you do if you want to make a significant donation to charity, but you also want to maintain an income stream throughout your lifetime? Investing in a pooled income fund might be the answer. This type of fund allows donors to make contributions of cash, stocks, and other assets. Those assets are pooled [...]

2020-12-01T14:59:04-06:00December 1st, 2020|NOT-FOR-PROFITS|

Paycheck Protection Loan Forgiveness—More Guidance is Needed

In Revenue Ruling 2020-27 and Revenue Procedure 2020-51, the IRS finally provided much-needed guidance on the timing of the taxability of the forgiveness of Paycheck Protection Program (PPP) loans. The guidance effectively states that the income tax effect will occur in the year in which forgiveness is reasonably foreseen. For most taxpayers, this will be the 2020 calendar [...]

CRI GAINESVILLE – Frank Mason: Chamber Lunch & Learn: Scams and Your Business

CRI Partner Frank Mason recently spoke at the Greater Gainesville Chamber virtual Lunch & Learn event on November 18, 2020. Frank presented an overview of CRI and gave other useful information towards the accounting industry.

2020-11-25T11:45:48-06:00November 20th, 2020|Around Town|

Clarity – Handling Deductions Associated with PPP Loans

The Paycheck Protection Program (PPP) is a key component of the CARES Act passed in late March 2020. The PPP program provided loans to businesses struggling in the wake of the economic impact of COVID-19. PPP loan proceeds used by businesses to pay employee compensation and other eligible expenses are eligible to be forgiven. In [...]

2020-11-19T16:14:28-06:00November 19th, 2020|BUSINESS SUPPORT, BUSINESS TAX, COVID-19, SMALL BUSINESS|

Don’t Get Ready for Fiscal Year-End. Stay Ready.

As a business owner, you may be used to seeing articles about the importance of getting started early for your fiscal year-end. Do you know what’s even better than getting prepared? Staying prepared! Be honest: How many times have you realized during the year-end close process that a significant transaction was recorded incorrectly? Correcting that [...]

2020-11-18T11:53:56-06:00November 18th, 2020|CLIENT ACCOUNTING SERVICES|

Small Businesses: What You Need to Know About Charitable Giving

In addition to raising the annual charitable contribution deduction limitation for individuals, the Coronavirus Aid, Relief, and Economic Security (CARES) Act expanded the charitable deduction for corporations. These changes might have you wondering whether your business should make additional contributions before the end of the year. Before you pull out your checkbook, make sure you [...]

2020-11-20T10:49:32-06:00November 17th, 2020|BUSINESS TAX, SMALL BUSINESS|

CRI ATLANTA: Craig Thompson – Southeast Retail Investment Outlook: Will Retail Investment Activity Bounce Back in 2021?

CRI Partner Craig Thompson will be moderating and speaking on a panel on November 16, 2020 via virtual webinar during the Southeast Retail Investment Outlook conference. This webinar will take a look back at 2020, and going forward into 2021, at how retail sector leaders predict investment sales will perform in the near term.

2020-11-12T13:45:52-06:00November 12th, 2020|Around Town|

CRI MELBOURNE – Yvonne Clayborne: 2020 Florida CPA Summit

CRI Partner Yvonne Clayborne will be presenting at the 2020 Florida CPA Summit via virtual webinar on November 19, 2020. The purpose of this webinar is to cover the recent updates with the Yellow Book (and Uniform Guidance), the 2018 revision of Government Auditing Standards that is now in effect. Check out the presentation to [...]

2020-11-13T10:22:11-06:00November 10th, 2020|Around Town|

CRI MELBOURNE – Yvonne Clayborne: Governmental Accounting & Auditing FICPA

On November 17, 2020, CRI Partner Yvonne Clayborne will be presenting Governmental Accounting & Auditing, via virtual webinar, hosted by the Brevard Chapter of the Florida Institute of Certified Public Accountants (FICPA). This webinar including accounting and auditing updates will be open to the members of the Brevard Chapter.

2020-11-09T16:51:26-06:00November 9th, 2020|Around Town|

Businesses Face New Challenges When Expanding Their Remote Workforce

In one way or another, the pandemic has forced change upon almost every industry in America. Many of these changes were short lived, but others will become permanent fixtures in how American workers perform their jobs. Remote work is one of those changes that is likely to persist well into the future. While it can [...]

2020-11-08T20:44:09-06:00November 4th, 2020|BUSINESS TAX|

IRS Issues Second Set of Final Regulations for 100% Bonus Depreciation

The Treasury Department and the IRS have released the last set of final regulations implementing the 100% additional first-year depreciation deduction. The provision allows businesses to write off the cost of most depreciable business assets in the year they are placed in service by the business. The Tax Cuts and Jobs Act (TCJA) expanded bonus depreciation [...]

2020-11-08T20:53:22-06:00November 2nd, 2020|BUSINESS TAX, SMALL BUSINESS|