Dear Friends, U.S. businesses are facing pressure to drive revenue, manage costs and increase shareholder value, all while surrounded by economic and political uncertainties. Disruptions to supply chains brought about by the pandemic have continued into 2022. Inflation and rising interest rates have made the cost of debt, goods and services more expensive and cooled…
Dear Friends, With rising interest rates, inflation and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach year end, now is the time for individuals, business owners and family offices to review their 2022…
Dear Friends, As we approach year end, now is the time for individuals, business owners, and family offices to review their 2021 and 2022 tax situations and identify opportunities for reducing, deferring, or accelerating tax obligations. Areas potentially impacted by proposed tax legislation still in play should be reviewed, as well as applicable opportunities and…
Dear Friends, As the U.S. entered 2021, many assumed that newly elected President Joe Biden along with Democratic majorities in the House and Senate would swiftly enact tax increases on both corporations and individuals to pay for the cost of proposed new infrastructure and social spending plans, potentially using the budget reconciliation process to do…
HOUSE WAYS AND MEANS COMMITTEE RELEASES INITIAL TAX PROPOSALS On September 13, 2021, the House Ways and Means Committee released draft legislation that proposes a series of tax increases and tax cuts, which will undergo a round of markups by the committee over the next few days. Most tax proposals were anticipated; however, the House…
The Uniform Guidance – Some Ongoing Pitfalls By Matthew Cromwell, CPA, BDO We find ourselves years into the implementation of Title 2 Code of Federal Regulations (CFR) 200 – Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). However, a few recurring matters continue to arise that lead to audit findings. This article will discuss…
Dear Friends, With the May 17th tax deadline out of the way, it would be a good idea to continue to keep your tax planning at the top of your mind. As accounting industry leaders, our goal remains to keep you informed of the important tax updates. In this issue, you’ll read more about the…
Dear Friends, As you may know, 2021 marks the 80th Anniversary of the GJC legacy! One of the ways we are celebrating this year is by donating to at least 80 nonprofit organizations. Our core remains the same today as it was when we started in 1941, which is to support our community and enrich…
Dear Friends, As you may know, 2021 marks the 80th Anniversary of the GJC legacy! One of the ways we are celebrating this year is by donating to at least 80 nonprofit organizations. Our core remains the same today as it was when we started in 1941, which is to support our community and enrich…
On March 17, 2021, the IRS announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021 to May 17, 2021. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May…