Timing and preparation are two important factors when it comes to tax planning. As we approach tax season, one filing deadline arrives earlier than the others, which is the Form 1099 on January 31.

It’s back-to-school season, and while students prepare for another school year, now is the time for taxpaying parents and guardians to consider ways to potentially offset the cost of higher education. Fortunately, there are a number of tax breaks available for taxpayers to take advantage of in order to make the cost of higher education more bearable.

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For the past two tax seasons, the filing deadline was extended due to extensive tax code changes brought on by the COVID-19 pandemic and various relief programs offered to taxpayers. While most taxpayers may be experiencing tax season fatigue, now is the time to take advantage of 2021 tax planning while taxes are still top of mind.

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The Employee Retention Credit (ERC) was implemented to help aid small businesses with cash flow, depending on eligible salaries and eligible employers.

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The formal end of the Paycheck Protection Program (PPP) was on May 31, 2021, and for companies who received a PPP loan in round one, it’s more important than ever to ensure any deadlines to request forgiveness are not missed.

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Intangible assets include valuable knowledge businesses have about clients, employees, and processes, as well as information customers have about the reputation and capabilities of businesses. They’re harder to understand than tangible assets, but it’s worth the effort because they frequently comprise most of a company’s value.

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Similar to most operations for nonprofits, accounting and auditing has been dramatically impacted by the COVID-19 pandemic. Nonprofit organizations were forced to pivot quickly to functioning in a remote environment, completely changing standard processes for gathering and entering financial accounting information.

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The “investment value” and “fair market value” standards can yield different results, making it critical for business owners to know which standard is applicable under what circumstances.

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Nonprofits have multiple options for funding healthcare coverage for employees. It is important for organizations to know the differences and benefits for each one, especially when healthcare funding is one of the largest budgeting expenses for nonprofits.

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The thought of preparing your organization for a post-pandemic audit may be overwhelming, even if you’ve undergone the auditing process in the past. Every organization, including nonprofits, have been impacted by the pandemic, leading to complex accounting discussions surrounding 2020 financial statements.

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