Insight

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Posted in The Bottom Line, Featured Post, Small Business, Featured Content

The importance of S corporation basis and distribution elections

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S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will incur losses in its early years because shareholders in a C corporation generally get no tax benefit from such losses. Conversely, as an S corporation shareholder, you can generally deduct your…

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Posted in The Bottom Line, Featured Post, Infographics, Featured Content

2020 has been a banner year for startups. Go figure.

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Infographic: New businesses are opening left and right. Why?

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Posted in The Bottom Line, Featured Post, Small Business, Featured Content

Do you want to withdraw cash from your closely held corporation at a low tax cost?

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Owners of closely held corporations are often interested in easily withdrawing money from their businesses at the lowest possible tax cost. The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable to you to the extent of your corporation’s “earnings and profits.” And it’s not deductible…

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Posted in Featured Content, Videos

2020 Pumpkin Carving Competition (@ home)

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This year we tasked our staff with carving and decorating pumpkins (safely at home) based on the following theme: 2020. Here’s what they came up with!

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Posted in The Bottom Line, Featured Post, General Business, Featured Content

Now more than ever, carefully track payroll records

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The subject of payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that caused considerable fluctuations in the size of many companies’ workforces. Employees have been laid off, furloughed and, in some cases, rehired. There has also been crisis relief for eligible businesses in the form of the

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Posted in Featured Content, Newsletters

MWE Advisor October Highlights

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October highlights from The MWE Advisor: Spotlight on individual tax matters in the 2020 election; 7 expiring tax breaks for individuals.

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Posted in The Bottom Line, General Business, Featured Content

Inventory management is especially important this year

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As year-end draws near, many businesses will be not only be generating their fourth quarter financial statements, but also looking back on the entire year’s financials. And what a year it’s been. The COVID-19 pandemic and resulting economic fallout have likely affected your sales and expenses, and you’ve probably noticed the impact on both. However,…

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Posted in The Bottom Line, Featured Post, General Business, Small Business, Featured Content

The 2021 “Social Security wage base” is increasing

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If your business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021.

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Posted in Alerts, Featured Content

Upcoming Webinar: Creative Financing Options for the Financial Challenges Caused by COVID-19

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On October 27th, join MWE Partner Tom Rosenthal and Neil Seiden, Principal of Asset Enhancement Solutions, for a virtual discussion on creative financing options for the financial challenges caused by COVID-19. Click here for more information or to register today.

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Posted in The Bottom Line, Featured Post, Infographics, Featured Content

A tale of two real estate markets

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Infographic: Commercial real estate is in a slump, but home sales are going gangbusters.

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Posted in The Bottom Line, Featured Post, Small Business, Featured Content

The easiest way to survive an IRS audit is to get ready in advance

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IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well.

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Posted in The Bottom Line, Featured Post, General Business, Featured Content

IRS announces per diem rates for business travel

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In Notice 2020-71, the IRS recently announced per diem rates that can be used to substantiate the amount of business expenses incurred for travel away from home on or after October 1, 2020. Employers using these rates to set per diem allowances can treat the amount of certain categories of travel expenses as substantiated without…

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Posted in The Bottom Line, Featured Post, Accounting & Auditing, Featured Content

How to report COVID-19-related debt restructuring

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Today, many banks are working with struggling borrowers on loan modifications. Recent guidance from the Financial Accounting Standards Board (FASB) confirms that short-term modifications due to the COVID-19 pandemic won’t be subject to the complex accounting rules for troubled debt restructurings (TDRs). Here are the details.

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Posted in The Bottom Line, Featured Post, Individual Tax Brief, Featured Content

Tax implications of working from home and collecting unemployment

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COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations.

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Posted in The Bottom Line, Featured Post, Infographics, Featured Content

Who got Paycheck Protection Program loans and for how much?

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Infographic: A look at Paycheck Protection Program loan numbers.

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Posted in The Bottom Line, Featured Post, General Business, Featured Content

5 common accounting software mistakes to avoid

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No company can afford to operate without the right accounting software. When considering whether to buy a new product or upgrade their current solutions, however, business owners often fall prey to some common mistakes. Here are five gaffes to avoid:

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Posted in Alerts, Featured Content

Margolin, Winer & Evens LLP Names Todd DeLuca Partner

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DeLuca specializes in the manufacturing and distribution, real estate industries   As part of its continued transition to a new generation of leadership, CPA and business advisory firm Margolin, Winer & Evens LLP announced the admittance of Todd DeLuca, CPA, to the partnership.

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Posted in The Bottom Line, Featured Post, General Business, Small Business, Featured Content

The possible tax consequences of PPP loans

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If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications.

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Posted in The Bottom Line, Featured Post, Infographics, Featured Content

You don’t have to be a detective to find fraud

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Infographic: What are the most common ways companies uncover occupational fraud?

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Posted in Articles, Featured Content

Proposed Like-Kind Exchange Regulations Clarify What Property Qualifies for Tax Deferral Under Section 1031

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On June 12, 2020, the IRS released proposed regulations that once finalized would clarify a few key factors for taxpayers participating in like-kind exchanges after the enactment of the Tax Cuts and Jobs Act (TCJA). Under Section 1031 of the Internal Revenue Code, taxpayers can defer gain recognition on sales of…

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Posted in The Bottom Line, Featured Post, Small Business, Featured Content

Even if no money changes hands, bartering is a taxable transaction

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During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair market value of goods that you receive in bartering is taxable income. And if you exchange…

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Posted in The Bottom Line, Featured Post, General Business, Small Business, Featured Content

For additional funding, take a stroll down main street

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If your business didn’t qualify for a PPP loan, you may want to check out the Federal Reserve’s new Main Street Lending Program.

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Posted in Articles, Featured Content

PPP Flexibility Act eases rules for borrowers coping with COVID-19

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Back in April, the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) to help companies reeling from the economic impact of the COVID-19 pandemic. Created under a provision of the Coronavirus Aid, Relief and Economic Security (CARES) Act, the PPP is generally available to U.S. businesses with fewer than 500 employees. In its…

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