Background The Financial Accounting Standards Board (FASB) approved a new revenue recognition standard, Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606” or the “revenue recognition standard”). The revenue recognition standard applies to most organizations and businesses, including condominium and homeowner associations, because an Association’s relationship with its members generally meets the [...]
You certainly don’t need one more item on your to-do list. But attention to a few items right now can help make tax-filing season much more pleasant. Here are a few things that can make an impact on your 2019 tax liability: Make a Tax Payment Taxpayers who paid too little tax during 2019 can [...]
“The IRS has created a new spreadsheet-based tool that’s designed to help small businesses navigate a variety of situations involving their employees to help ensure the right amount of withholding.” – IRS Commissioner Chuck Rettig The new year brings big changes in payroll tax withholding for employees and employers alike. A new withholding system — [...]
CRI NASHVILLE – Deanna Dibin: TN Bankers Association Credit Conference Workshop: Qualified Opportunity Zones: What, Why, Where
CRI Partner Deanna Dibin will be one of the speakers in a workshop at the Omni Hotel in Nashville, TN on February 13th, 2020 for the Tennessee Bankers Association Credit Conference. This workshop will help outline incentives and investing for Qualified Opportunity Zones and define where they are located throughout the state.
CRI Partner Robert Demonbreun will be speaking on February 13th, 2020 at the Omni Hotel in Nashville, TN in accordance with the Tennessee Bankers Association Credit Conference. This discussion led by Rob and 4 other panelists will cover underwriting, documentation, risk rating monitoring, workouts, and restructuring. You will hear best practices and war stories regarding [...]
CRI Partner Todd Hitchins spoke to business professionals at the Citrus Club in Orlando, Florida on January 15th, 2020. This session discussed when and why cost segregation can affect anyone buying or improving commercial property.
In today’s financial climate, non-profit organizations and local governments are on the lookout for new sources of funding and new ways to serve their clientele. One potentially-untapped source of funds is grants through the federal government, which are available every year for a multitude of purposes, some of which are likely to mesh with the [...]
CRI Merges Huntsville Based Firm, Crabtree, Rowe & Berger, P.C. ENTERPRISE, Ala., January 23, 2020 - Top 20 nationally-ranked CPA and advisory firm Carr, Riggs & Ingram, LLC (CRI) continues to expand in the state of Alabama, increasing its locations to serve clients there through the merger of Crabtree, Rowe & Berger, P.C. "Expanding our [...]
The not-so-popular “Parking Tax” that was imposed under I.R.C. Section 512(a)(7) as part of the 2017 Tax Cuts and Jobs Act has been retroactively repealed under the Taxpayer Certainty and Disaster Tax Relief Act. This Act was only recently signed into law on December 20, 2019. When imposed, the Parking Tax meant that exempt organizations [...]
The Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) is getting more attention as financial institutions increase assets through mergers and acquisitions as well as organic growth. Bankers need to understand the requirements of this guidance at the $500 million and $1 billion asset thresholds in order to successfully implement FDICIA to prevent external [...]
The Internal Revenue Service has issued final regulations (T.D. 9889) providing details about the tax treatment of investments in qualified opportunity zones (QOZs). This guidance modifies and finalizes proposed regulations that were issued on Oct. 28, 2018, and May 1, 2019. The Tax Cuts and Jobs Act (TCJA) created the opportunity zone as a new incentive for [...]
Contrary to what many people believe, free money isn’t given out to individuals and businesses to help jump-start a venture or tie down loose ends. Instead, grants are offered for certain ideas and projects that have proven to be able to provide public service to a community or stimulate the economy. Grants are financial aid [...]
What is a Service Organization? A service organization is any entity that provides a service to another entity that traditionally has been performed (or can be performed) within the entity. A list of commonly used service organizations in the government sector include: investment custodians, IT cloud services, receivable collections, insurance claims processing, payroll services, bill [...]
New Company Focuses on Offering Comprehensive Trust and Family Office Solutions to Families and Businesses ENTERPRISE, Ala., January 21, 2020 - Carr, Riggs & Ingram (CRI) recently added The Preferred Legacy Trust Company to its family of companies, a new portfolio company offering clients a tailored approach to estate and trust administration. In addition to estate [...]
The IRS released final guidance this fall to help taxpayers figure out when rental real estate activities might qualify as a “trade or business” for purposes of the Section 199A 20% qualified business income (QBI) deduction. The final guidance sets forth four requirements that, when met, provide a taxpayer with some assurance that the IRS [...]
ENTERPRISE, Ala., January 16, 2020 (Newswire.com) - Top 20 CPA and advisory firm Carr, Riggs & Ingram, LLC (CRI) has named 17 new partners. “At CRI, we recognize the capacity in which we are considered leaders in our profession and we have not only the staff but also the partner group to reflect that. We understand [...]
Background – Legislation Effects The Controlled Substances Act of 1970 made all forms of cannabis an illegal Schedule 1 substance. Today, 33 states, plus the District of Columbia, have legalized marijuana for medical use, and 11 states allow recreational use of marijuana for adults over the age of 21. On December 20, 2018, the Agricultural [...]
CRI Partner Steve Ritmiller spoke at the Palm Beach Gardens Marriott on January 8th, 2020 to 300 of south Florida's business leaders. During this presentation he discussed CRI and the array of capabilities the company has to offer.
CRI Partner Keith Hundley will be hosting a session on January 24, 2020 at The Buckhead Club in Atlanta, GA. In the midst of a day of diverse CPE training for not-for-profit accounting and auditing professionals, this session will cover the common internal control deficiencies within auditing.
CRI Partner Andy Grant recently spoke to the members of the Jewish Networking Group at their bi-monthly meeting. His presentation provided information about the tax reform as well as different areas of CRI.