2 Ways FASB’s New Lease Accounting Standard May Impact Banks

The Financial Accounting Standard Board (FASB) recently released a new lease accounting standard, which took effect for public firms on January 1, 2020, and will take effect for private firms on January 1, 2021.

The new lease accounting standard will require companies to record operating leases as both liabilities and assets on their balance sheets to give a more complete picture of a company’s financial obligations.

Navigating the New Normal: Payroll Recordkeeping

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, including the Paycheck Protection Program and the payroll tax credit.

5 KPIs Contractors Need in Their Management Toolkit

What gets measured, gets done. KPIs—or Key Performance Indicators—are an essential measurement tool used by successful businesses across all industries to track performance against benchmarks and achieve short- and long-term goals. For contractors, incorporating the right KPIs into your management toolkit can improve both your business and your bonding capacity.

Potential Impacts to Estate Tax as a Result of the 2020 Election

The results are in, and regardless of which side you were rooting for, now is a good time to prepare for changes ahead in the new year. While President-elect Joe Biden has not yet provided concrete details on his plans to modify estate taxes, he has indicated that he supports raising estate taxes and changing the taxation of capital assets upon death.

3 Ways Staffing Firms Can Use Technology to Increase ROI

3 Ways Staffing Firms Can Use Technology to Increase ROI

In today’s technology-driven world, successful businesses across all industries must constantly be adapting to and utilizing new solutions and technologies to stay ahead of the curve. In the staffing industry, agencies are using internet-based solutions to boost the reach of their job postings and meet with candidates wherever they are online. Never has this been more obvious or important than in 2020, when virtual interviews have become the norm.

Top 10 Tax Deductions for Real Estate Agents

For busy real estate agents, keeping track of every business expense, and figuring out which expenses are deductible, is probably last on your list of priorities. And it can be especially complicated for independent real estate agents, whose taxes are generally not withheld from commission checks, and who have additional tax liabilities as self-employed individuals.

4 Reasons Your Financial Planner and CPA Should Be Working Together

Are your financial planner and CPA working together as a team on your behalf? For many people, this isn’t the case—but it should be. By incorporating tax planning into your investment strategy, you can make better informed decisions to maximize your dividends while maintaining tax efficiency.

New Hampshire Main Street Relief Fund Reopens

New Hampshire Governor Chris Sununu has authorized the allocation of $100 million from the CARES Act Coronavirus Relief Fund for MSRF 2.0—a second round of funding for the Main Street Relief Fund (MSRF), a program providing economic support to New Hampshire small businesses suffering from business interruptions as a result of COVID-19.

IRS Announces Updated Per Diem Rates for Business Travel

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 requiring that employees prove the actual amount spent. However, employees must still substantiate the time, place and business purposes of their travel expenses.

Navigating the New Normal: Customer Service

You’d be hard-pressed to find a business that doesn’t value its customers, but tough times put many things into perspective. As companies have adjusted to operating during the COVID-19 pandemic and the resulting economic fallout, prioritizing customer service has become more important than ever.