Articles & Videos

Revenue Recognition Implementation for Common Interest Realty Associations

2020-01-27T17:01:07-05:00January 27th, 2020|COMMUNITY ASSOCIATIONS, REVENUE RECOGNITION|

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 [...]

New IRS Resource Helps Employers Calculate Income Tax Withholding

2020-01-27T11:27:08-05:00January 27th, 2020|BUSINESS TAX|

“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

2020-01-23T12:37:01-05:00January 23rd, 2020|Around Town|

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 NASHVILLE – Rob Demonbreun: Tennessee Bankers Association Credit Conference

2020-01-23T12:06:59-05:00January 23rd, 2020|Around Town|

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 [...]

Preparing for a Single Audit: Understanding the Requirements

2020-01-23T11:15:47-05:00January 23rd, 2020|GOVERNMENTS|

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 [...]

Top 20 Nationally Ranked Carr, Riggs & Ingram (CRI) Expands Operations in Alabama

2020-01-23T10:23:14-05:00January 23rd, 2020|PRESS RELEASES|

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 [...]

Repeal of the “Nonprofit Parking Tax”

2020-01-21T17:24:17-05:00January 21st, 2020|NOT-FOR-PROFITS|

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 [...]

What is the Federal Deposit Insurance Corporation Improvement Act (FDICIA)?

2020-01-21T17:09:47-05:00January 21st, 2020|FINANCIAL INSTITUTIONS|

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 [...]

IRS Issues Finalized Opportunity Zone Regulations

2020-01-21T13:48:43-05:00January 21st, 2020|INDIVIDUAL TAX, OPPORTUNITY ZONES|

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 [...]

A Grant Overview

2020-01-21T15:11:43-05:00January 21st, 2020|NOT-FOR-PROFITS|

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 [...]

Understanding Your Responsibilities Within Service Organizations

2020-01-21T15:10:02-05:00January 21st, 2020|INTERNAL CONTROLS, SERVICE ORGANIZATION CONTROL (SOC) REPORTS|

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 [...]

Carr, Riggs & Ingram, LLC (CRI) Launches The Preferred Legacy Trust Company

2020-01-21T10:06:06-05:00January 21st, 2020|PRESS RELEASES|

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 [...]

Not-So-Safe Harbor? Navigating the QBI Rules for Rental Real Estate Businesses

2020-01-16T20:13:51-05:00January 16th, 2020|BUSINESS TAX, INDIVIDUAL TAX|

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 [...]

Top 20 CPA and Advisory Firm Carr, Riggs & Ingram (CRI) Welcomes 17 New Partners

2020-01-16T10:07:41-05:00January 16th, 2020|PRESS RELEASES|

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 [...]

Considerations for Banking Cannabis-Related Businesses

2020-01-15T14:31:42-05:00January 15th, 2020|FINANCIAL INSTITUTIONS|

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 PALM BEACH GARDENS – Steve Ritmiller: PGA Corridor’s Economic Forecast 2020

2020-01-14T15:45:20-05:00January 14th, 2020|Around Town|

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 ENTERPRISE – Keith Hundley: 3rd Annual Government and NFP Professional Training

2020-01-13T16:10:20-05:00January 13th, 2020|Around Town|

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.