Changes to auditor’s report aimed at visibility and transparency
By Frank T. Ardito, CPA Vice President & Director When you receive your audited financial statements for the year ended December 31, 2021, there will be a change to the auditor’s report. The American Institute of Certified Public Accountants (AICPA) Auditing...Hold the SALT, please
James J. DeLuca, CPA, MST Senior Tax Manager Owners of pass-through entity businesses will get some state-level tax relief for 2021 that is aimed at neutralizing one of the most unpopular features of the federal Tax Cuts and Jobs Act (TCJA) of 2017. The TCJA placed a...Partial termination of a retirement plan: How to recognize it and head it off
A retirement plan is partially terminated when a company’s workforce is downsized by a certain percentage due to decisions made by the company’s management. This could carry significant economic impacts.
Giving cash gifts for the holidays? Remember to factor in the gift tax annual exclusion
It may barely be fall, but the holidays are just around the corner and many people may be thinking about giving gifts of cash or stock to their loved ones this year. If you expect to give cash gifts, be aware that by using the annual federal gift tax exclusion you can reduce the size of your taxable estate. The exclusion amount for 2021 is $15,000.