President Joe Biden signed the Infrastructure Investment and Jobs Act into law November 15, 2021, and with that, a number of tax provisions are now in effect. Click here to read a list of the changes.
We’re not going far - you can find us across the street in the south end of the Crocker Park shopping center at the corner of Main Street and American Blvd. Connected to the building is a parking garage where you can park for free and enter our new building without ever needing to brave the Northeast Ohio winter weather. As our plans solidify over the coming weeks, we’ll keep you updated right here.
The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets in September 2020. The FASB aims to make the presentation and disclosure of gifts-in-kind (GIKs) more transparent and consistent across nonprofit accounting.
In 2018, a Supreme Court decision in the case of South Dakota v. Wayfair expanded retailers’ responsibilities to collect sales taxes on out-of-state purchases. This decision affects companies selling tangible personal property – including digital property, depending on the state – through a company website to anyone in a different state, despite the selling company having no other connection to the state where their product was purchased.
The IRS, Department of Labor and Pension Benefit Guaranty Corporation proposed changes to IRS Form 5500 intended to improve reporting on multiemployer defined benefit pension plan funding. These proposed changes would fundamentally change Form 5500 regulations and be beneficial to all plan sponsors.
After devoting so much time and effort to building your business, maximizing its value becomes more important as the timeframe for a succession plan grows near. Estimating a value for the business is one important step to undertake at the outset of the succession planning process.