lpearce

About Luke Pearce

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So far Luke Pearce has created 222 blog entries.

Funding for Governments: The American Rescue Plan and How it Differs from the CARES Act

On March 11, 2021, the American Rescue Plan Act was signed into law, initiating the latest round of federal stimulus funding in response to the COVID-19 pandemic. The total amount of funding provided by the American Rescue Plan is $1.9 trillion, which is in line with the $2.2 trillion provided by the CARES Act. Although [...]

2021-03-16T16:03:56-05:00March 16th, 2021|COVID-19, GOVERNMENTS|

CRI BRADENTON/PANAMA CITY – Christy Cardillo/Ann Marie Sale: The Employee Retention Credit: Is it Right for Your Business?

CRI Partners Christy Cardillo and Ann Marie Sale will be dually presenting a virtual webinar relating to the Employee Retention Credit (ERC) on April 29, 2021 for Shumaker Chamber University of Sarasota, FL. This presentation will dive into what qualifies your business for the ERC and how to take advantage of this CARES Act benefit [...]

2021-03-16T15:28:38-05:00March 16th, 2021|Around Town|

Congrats, Your PPP Loan Was Forgiven! … Now How Do You Report It?

Three cheers for PPP loans! The Paycheck Protection Program (PPP), a federal initiative, has provided a lifeline to millions of small businesses as they've struggled through the COVID-19 pandemic. Though its rollout was not perfect, the program has helped keep doors open and workers employed. Its importance in keeping the economy trudging along can't be [...]

2021-03-15T14:04:52-05:00March 15th, 2021|BUSINESS TAX, COVID-19|

How to Spot Three Common Tax Scams

Tax season is also scamming season — although many tax scams continue year-round. Fortunately, if you familiarize yourself with some of the more common schemes and understand what the IRS will and won’t do, it’s easy to avoid them. How to Spot Common Tax Scams Tax scams can be complex and widely varied, but they’re [...]

2021-03-15T08:13:16-05:00March 12th, 2021|BUSINESS TAX|

Don’t Jeopardize Your S Corporation Status

You likely chose S corporation status (or are considering making an S election) because it represents the best of both corporate and partnership worlds, combining the liability protection of a corporation with many of the tax benefits of a partnership. But these benefits come at a price, and maintaining S status requires some due diligence. [...]

2021-03-12T12:01:35-06:00March 12th, 2021|BUSINESS TAX|

CRI HUNTSVILLE – Greg Crabtree: Toronto Entrepreneurs’ Organization – Focus on Finance

CRI Partner Greg Crabtree recently spoke to the Toronto Entrepreneurs' Organization focusing on organizational finance. This discussion shows you how to use your firm’s key financial indicators as a basis for smart business decisions as you grow your firm from start-up to $5 million (and more) in annual revenue.

2021-03-10T15:14:47-06:00March 10th, 2021|Around Town|

Insurance Companies and the IRS: What’s on the Horizon?

If you find your company in the midst of an IRS examination, do you know what you should expect throughout the process? Before setting expectations, it is essential to recognize how insurance accounting and taxation are specialized knowledge sets. Over the past decade, progressive budget cuts to the IRS agency have hindered the agency's ability [...]

2021-03-10T09:34:47-06:00March 10th, 2021|INSURANCE|

The Anti-Money Laundering Act of 2020: An Overview

The Anti-Money Laundering Act (AMLA) was enacted as part of the National Defense Authorization Act for Fiscal Year 2020 (NDAA) and included the most substantial changes to US anti-money laundering (AML) law since the US Patriot Act of 2001. While the new law clarifies and streamlines certain Bank Secrecy Act (BSA) and AML obligations, it [...]

2021-03-09T16:37:39-06:00March 9th, 2021|FINANCIAL INSTITUTIONS|

CRI BOWLING GREEN – Steve Wheeler: Preparing to File Your 2020 Taxes – What You Should Know

CRI Partner Steve Wheeler recently provided input on the 2020 tax filing situation to The Public Radio Service of Western Kentucky University. Steve said "For those individuals who have received unemployment benefits for a substantial part of 2020, they will have to report that as taxable income and unfortunately, unless they had taxes withheld, there [...]

2021-03-08T22:33:26-06:00March 8th, 2021|Around Town|

When Can You Deduct Data Breach Costs?

Cybersecurity routinely tops the charts as one of business owners’ most pressing concerns. Data loss can obstruct day-to-day operations, put a stain on the company’s public standing, and be quite costly, but business owners should also be aware of how data loss and its prevention can impact their tax liability. Tax Implications of Data Breach [...]

2021-03-08T13:07:44-06:00March 8th, 2021|BUSINESS TAX, CYBERSECURITY|

Boost Your Cash Flow with Net Operating Loss Carrybacks

The U.S. Tax Code offers few “quick fixes” for businesses that are short on cash, but the recent revival of net operating loss (NOL) carrybacks might be one of them. NOL carrybacks are only permitted for a short time, but by taking advantage of them while you can, your business may be able to secure [...]

Carr, Riggs & Ingram Capital Advisors, LLC Launches ‘SellAbility: Essential Elements of Selling Your Business’

MONTGOMERY, AL., March 2, 2021 - Carr, Riggs & Ingram Capital Advisors (CRI Capital Advisors) has launched a new podcast series focused on providing listeners with insight and practical conversations regarding the mergers and acquisitions (M&A) process. This new medium serves as the latest content offering produced directly by CRI Capital Advisors.  The first episode, [...]

2021-03-02T09:15:18-06:00March 2nd, 2021|PRESS RELEASES|

Top 25 Nationally Ranked CPA and Advisory Firm Carr, Riggs & Ingram (CRI) to Celebrate Women’s History Month and International Women’s Day

ENTERPRISE, AL, March 1, 2021 - To honor Women's History Month and International Women's Day, Carr, Riggs & Ingram will observe and commemorate the accomplishments of women throughout the firm who serve as leaders within their offices and their communities. "I believe that CRI has a responsibility to not only support the women within our [...]

2021-03-01T12:10:40-06:00March 1st, 2021|PRESS RELEASES|

The IRA: A Solid Estate Planning Tool in Times of Uncertainty

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 [...]

2021-02-24T15:52:35-06:00February 24th, 2021|INDIVIDUAL PLANNING|

Making Intrafamily Loans with Intentionally Defective Grantor Trusts

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 [...]

2021-02-24T13:38:43-06:00February 24th, 2021|INDIVIDUAL PLANNING|

Considering a Conversion from Traditional IRA to Roth? Think Twice.

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 [...]

2021-02-25T13:44:34-06:00February 24th, 2021|INDIVIDUAL PLANNING, INDIVIDUAL TAX|

Federal Tax Filing Deadline Extended for All 254 Texas Counties

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 [...]

2021-02-24T15:31:38-06:00February 23rd, 2021|BUSINESS TAX, DISASTER RECOVERY, INDIVIDUAL TAX|

Export Tax Incentives for Manufacturers

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 [...]

2021-02-23T13:05:21-06:00February 23rd, 2021|MANUFACTURING & DISTRIBUTION|

How MaaS Is Revolutionizing Manufacturing

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 [...]

2021-02-23T11:34:17-06:00February 23rd, 2021|MANUFACTURING & DISTRIBUTION|

CRI HUNTSVILLE – Mike Maxson: Set Your IRA Free

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.

2021-02-19T13:56:39-06:00February 19th, 2021|Around Town|