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TAX

2023 Year End Tax Planning For Businesses

It is important that businesses and business owners review your tax and financial plans at…
TAX

2023 Year End Tax Planning for Individuals

As we wrap up 2023, it’s important to take a closer look at your tax…
TAX

Latest Tax Changes from Virginia Department of Taxation’s September Special Session

The Virginia Department of Taxation recently released their updated 2023 Legislative Summary, which details the…
TAX

Virginia Switches to Rolling Conformity Beginning With Tax Year 2023

On April 12, following a special one-day reconvene session of the Virginia General Assembly, Gov.…
GOVERNMENT CONTRACTING

Six Important Financial and Compliance Considerations for For-Profit Federal Grant Recipients

The federal government recently passed the Infrastructure Investment and Jobs Act (IIJA) and the Inflation…
NONPROFIT

The Great Resignation, Talent Shortages, Inflation, Recession … Maybe Bonuses Can Help

It will come as no surprise that bonuses (includes all forms of variable pay for…
NONPROFIT

Is that a Lease? A Focus on Nonprofit Lease Considerations under ASC Topic 842

While Accounting Standards Codification (ASC) Topic 842 is applicable to all entities, the adoption of…
GOVERNMENT CONTRACTING

In an Era of Endless Cyber Threats, What Does the Next Iteration of Security Look Like?

With 2023 well underway, the Cybersecurity and Infrastructure Security Agency (CISA) has begun to focus…
GOVERNMENT CONTRACTING

Bridging the Valley of Death: Office of Strategic Capital and Small Business Administration partnership

Back in December 2022, the Department of Defense (DoD) established the Office of Strategic Capital…
GOVERNMENT CONTRACTING

Don’t Ever Throw Away Your Paperwork

Per the Contract Disputes Act (CDA) the statute of limitations for a claim by the…
EMPLOYEE BENEFIT PLANS

Option to Treat Employer Contributions as Roth Contributions Under SECURE 2.0

Of the many provisions within the SECURE 2.0 Act, there is one that plan sponsors…
TAX

Accounting For Investments in Tax Credit Structures Using The Proportional Amortization Method

Summary More equity investors that are involved with projects to receive income tax credits and…
TAX

IRS Denies Basis Step-up for Assets of Irrevocable Grantor Trust Not Included in Grantor’s Estate

The IRS on March 29 released Rev. Rul. 2023-2, which confirms that the assets of an…
TAX

Is the Door Closing on the Self-Employment Tax Exemption for Active Limited Partners?

A judicial resolution may be near for the unanswered question of whether limited partners in…
TAX

Virginia Governor Signs Several Tax Bills, Including a PTE Election Update With Retroactive Effect

It has been a busy 2023 legislative session in Virginia, with a number of tax…
GOVERNMENT CONTRACTING

Small Businesses are Entitled for Accelerated Payments in 15 Days – Final Rule Issued by DoD, GSA and NASA

The Department of Defense (DoD), the General Services Administration (GSA), and the National Aeronautics and…
GOVERNMENT CONTRACTING

GAO Protest Highlights the Importance of Compliance and Burden of Proof

In the world of government contracting, the selection of a contractor who has employed ex-agency…
GOVERNMENT CONTRACTING

An Evolving Cybersecurity Landscape Sparks Changes to Guidance

The National Institute of Standards and Technology (NIST) Cybersecurity Framework (“CSF” or “Framework”) was developed…
TAX

Treasury, IRS Provide Guidance on Advanced Energy Project Credits

The U.S. Department of the Treasury and the Internal Revenue Service released guidance on February…
TAX

2023 Inflation Adjustments Impact Qualified Small Businesses, Business Interest Limitation Exemption and Expensing of Depreciable Assets

Various provisions of the Internal Revenue Code that are tied to specified dollar amounts provide…
ASSURANCE

Plan Sponsor Alert: What to Know About Service Provider Consolidation

Consolidation among service providers has been a long-developing trend. Empower, the nation’s second largest recordkeeper,…
ASSURANCETAX

Plan Sponsor Alert: Collective Investment Trust — What Plan Sponsors Need to Know

Collective investment trusts (CITs) comprise nearly half of all assets in target date funds and…
EMPLOYEE BENEFIT PLANSTAX

Plan Sponsor Alert: Department of Labor Unveils Regulatory Agenda for 2023

SECURE 2.0 was signed into law on December 29, 2022, makes sweeping changes to retirement…
GOVERNMENT CONTRACTING

DoD Contractors May Soon Receive Relief for Increased Contract Costs due to Inflation

Congress recently passed the FY23 National Defense Authorization Act (“NDAA”).  Section 822 of the NDAA…
ASSURANCEEMPLOYEE BENEFIT PLANS

PLANS SPONSOR ALERT: ADVANCING RESPONSIBLE INNOVATION OF DIGITAL ASSETS

The cryptocurrency market has plunged from a market cap of $3 trillion in November 2021…
GOVERNMENT CONTRACTING

A Review of the Proposed Federal Contractor Greenhouse Gas (GHG) and Climate Risk Disclosure Requirements

In recent years, the public and private sectors have exponentially increased their attention to Environmental,…
ASSURANCE

PLAN SPONSOR ALERT: ROADBLOCKS TO FINANCIAL STABILITY IN CRYPTO INVESTMENTS

The federal government has long recognized the need to regulate digital assets. However, it has…
ASSURANCEEMPLOYEE BENEFIT PLANS

PLANS SPONSOR ALERT: ADVANCING RESPONSIBLE INNOVATION OF DIGITAL ASSETS

The cryptocurrency market has plunged from a market cap of $3 trillion in November 2021…
ASSURANCEEMPLOYEE BENEFIT PLANSTAX

PLAN SPONSOR ALERT: PROMOTING ACCESS TO SAFE, AFFORDABLE FINANCIAL SERVICES

While having access to a robust, well-functioning financial services ecosystem may feel like a given…
TAX

State and Local Income Tax Issues to Consider Before Making Your Next Tax Payment

State and local taxes represent a key and often material part of a business’s total tax…
ASSURANCEEMPLOYEE BENEFIT PLANS

Plan Sponsor Alert: Planning for the End of the COVID-19 Public Health Emergency and Outbreak Period

To help the American public endure the COVID-19 pandemic, Congress passed laws that provided billions…
TAX

Mandatory Capitalization of R&E Expenses

The Impact on Government Contracting Companies Government contracting entities often incur considerable expenses associated with…
TAX

Revised Filing Instructions for K-2 and K-3 for Partnerships and S-Corps

The IRS recently issued revised instructions regarding 2022 Schedules K-2 and K-3 for partnerships and…
BSB LIFE

BSB Promotes Ginn to Partner, Rayburn to Manager

We’ve got some exciting news to share! We are proud to announce the promotion of…
TAX

Important Tax Information for Businesses

Virginia issued pass through entity guidance for 2022 tax returns:  Virginia issued draft guidelines for…
TAX

There’s still time to evaluate your 2022 tax situation

There is still time to evaluate your 2022 tax situation and make some year-end planning…
TAX

2022 Year-End Tax Planning Checklist for Businesses 

U.S. businesses are facing pressure to drive revenue, manage costs and increase shareholder value, all…
TAX

Year-End Tax Savings for Businesses

The following summary includes areas where businesses may be able to reduce or defer taxes…
MERGERS & ACQUISITIONSTECHNOLOGY

How Insulated is Technology M&A from Rising Interest Rates and Inflation?

Technology, media, and telecoms (TMT) mid-market M&A shows resilience to ongoing macroeconomic uncertainties, led by…
TAX

Tax Exempt Organizations: Navigating the Executive Compensation Excise Tax 

Section 4960 of the Internal Revenue Code imposes a 21% excise tax on remuneration in…
EMPLOYEE BENEFIT PLANS

Considerations for Clear Communication During Open Enrollment 

In today’s labor market, benefits can be a valuable tool for employers to retain talent.…
CLOSELY HELD BUSINESSES

4 Levers for Building Resilience

To expand or contract a business as market conditions change requires flexibility, agility and foresight.…
GOVERNMENT CONTRACTING

The Cost Accounting Standards (CAS) Guide for Government Contractors  

Navigating Cost Accounting Standards (CAS) can prove challenging for government contractors. CAS are mandatory for…
CLOSELY HELD BUSINESSESTAX

State Income Tax Apportionment: How Much of Your Business’s Income is Subject to State Tax?

Businesses operating across state lines must determine the amount of their income that is subject…
NONPROFIT

FEMA Increases Small Project Maximum to $1M 

What are the benefits and risks?  On August 3, FEMA implemented a regulatory change to…
EMPLOYEE BENEFIT PLANS

Avoid Employee Deferral Limit Excesses 

The Internal Revenue Service (IRS) determines how much 401(k) plan participants can defer into their…
TAX

Inflation Reduction Act of 2022 Includes Numerous Clean Energy Tax Incentives

On July 27, 2022, Sens. Joe Manchin (D-WV) and Chuck Schumer (D-NY) released legislative text…
GOVERNMENT CONTRACTING

Federal Contractors Are Getting Left Behind in the Race to Implement Zero Trust

Over the past year, Zero Trust Architecture (ZTA) has made its way to the top…
EMPLOYEE BENEFIT PLANS

Reducing Fiduciary Risk When Offering Company Stock in Qualified Retirement Plans

Giving employees opportunities to invest in company stock can be a valuable tool to recruit…
CONSTRUCTION & REAL ESTATE

Construction Ahead: Opportunities and Challenges in 2022

The Infrastructure Investment and Jobs Act (H.R. 3684) will inject approximately $3 trillion into upgrading…
EMPLOYEE BENEFIT PLANS

The Great Regret Urges Plan Sponsors to Review Their Benefits Lineup

We have all heard of the Great Resignation, a term coined to describe the millions…
NONPROFIT

GASB Statement No. 99, Omnibus 2022

On May 9, 2022, the Governmental Accounting Standards Board (GASB) issued GASB Statement (GASBS) No.…
EMPLOYEE BENEFIT PLANS

Plan Sponsor Alert: Cryptocurrency Investments and the DOL’s Warning

Cryptocurrencies and the volatility of the digital currency market have garnered a lot of attention…
GOVERNMENT CONTRACTING

The Incurred Cost Submission (ICS) Process Checklist 

Government contractors operate in a highly regulated industry, so it’s critical to understand all applicable…
EMPLOYEE BENEFIT PLANS

IRS 90-Day Pre-Examination Pilot Program 

The Internal Revenue Service has provided selected qualified retirement plans a chance to inspect and…
TAX

IRS Provides Broad Penalty Relief for Some 2019, 2020 Returns

The IRS on August 23, 2022, announced it will grant automatic penalty relief for late-file…
EMPLOYEE BENEFIT PLANS

Plan Sponsors’ Fiduciary Duty for Defined Contribution Compliance Testing

As fiduciaries, defined contribution plan sponsors must act in the best interest of all participants…
TAX

Inflation Reduction Act Becomes Law

President Biden signed the Inflation Reduction Act into law at a White House ceremony on…
TAX

Is Your Company Effectively Managing Tax Risk?

The concept of “tax risk” is an increasingly important and regular topic of discussion across…
EMPLOYEE BENEFIT PLANS

Why Plan Sponsors Should Read Their Service Providers’ SOC Reports

When a plan sponsor hires a service provider, that organization and its professionals become part…
EMPLOYEE BENEFIT PLANS

Correcting Late Deposits: Steps to Take When You Miss a Remittance Deadline

Even plan sponsors with the best intentions and safeguards in place occasionally miss their remittance…
TAX

Senate Approves Inflation Reduction Act with Changes to Tax Provisions

Twelve days after Sens. Joe Manchin (D-WV) and Charles Schumer (D-NY) announced that they had…
NONPROFITTECHNOLOGY

How Tech, Crypto, & Culture Support Sustainability

During BDO’s event, “Top Challenges Facing Nonprofit Organizations Today,” Matthew Becker, a partner in BDO’s…
EMPLOYEE BENEFIT PLANS

Plan Sponsor Alert: M&A Could be Your Next Challenge. Are You Ready?

Last year, despite pandemic fears, companies took advantage of low interest rates to create an…
TAX

Year-End Planning for the Solar Energy Investment Tax Credit

Solar energy is a popular choice for businesses looking to reduce their carbon footprint through…
EMPLOYEE BENEFIT PLANS

Remittance Schedules: How to Know and Meet your Deadlines

Part of offering a defined contribution plan, whether a 401(k) or a 403(b) plan, is…
TAX

4 Tips for Working with a Resource-Constrained Internal Revenue Service

Federal tax professionals working to resolve issues with the IRS can attest to the multifaceted…
CLIENT ACCOUNTING & ADVISORYCLOSELY HELD BUSINESSES

The Case for Diverse Revenue Streams

A patron speaks with the restaurant host, either to confirm a reservation or ask if…
TAX

Standard Mileage Rate Increased for Business Travel

In recognition of recent fuel price increases, depreciation, insurance, and other costs, the IRS recently…
CLIENT ACCOUNTING & ADVISORYCLOSELY HELD BUSINESSESTAX

When Interest Rates Rise, Optimizing Tax Accounting Methods Can Drive Cash Savings

U.S. businesses have been hit by the perfect storm. As the pandemic continues to disrupt…
EMPLOYEE BENEFIT PLANS

DOL Alert: Proposed Regulation on ESG Investing and Shareholder Rights

The Department of Labor (DOL) is preparing to finalize a proposed rule that changes the…
TAX

Recent Court Decision Reaffirms Importance of Adequately Documenting Deductible Management Fees

In October 2021, the Internal Revenue Service (IRS) formally launched the Large Partnership Compliance (LPC)…
TAX

Debt Refinancing Transactions – Tax Issues and Opportunities

Debt is an important component of a company’s capital structure since it creates leverage to…
TAX

Navigating the Intersection of Tax & ESG

Although tax credits as subsidies have been a cornerstone catalyst for advancing many ESG policies…
NONPROFIT

How To Ensure Your Functional Expense Anaylsis Accurately Depicts Your Activities

The financial statement presentation for not-for-profit entities (NFP) experienced an overhaul with Accounting Standards Update…
CLIENT ACCOUNTING & ADVISORYCLOSELY HELD BUSINESSESTECHNOLOGY

What Businesses Need to Know About Cybersecurity in 2022

Business Leaders are Now Part of the Conversation An estimated 48% of the board are…
EMPLOYEE BENEFIT PLANS

SECURE 2.0: Changes to Retirement Savings  

If passed, a new bill will create significant changes to retirement savings options. Securing a…
NONPROFIT

How Nonprofits Can Tap into Emerging Corporate Volunteering Trends

When COVID-19 was declared a pandemic, it marked the beginning of a tumultuous time in…
CLOSELY HELD BUSINESSES

Restaurants Serving Up Supply Chain Solutions

Now, nearly two years into the COVID-19 pandemic, supply chain disruptions have taken a number…
NONPROFIT

Engaging Donors at Every Level: A Checklist

Nonprofit organizations have been navigating change in almost every aspect of their operations over the…
GOVERNMENT CONTRACTING

ASC Topic 842 and Its Impacts on Government Contracting

Government contractors were breathing a collective sigh of relief when the Financial Accounting Standards Board…
TAXTECHNOLOGY

Mandatory Capitalization of R&E Expenses- The Impact on Technology Companies

Businesses that invest in research and development, particularly those in the technology industry, should be…
EMPLOYEE BENEFIT PLANS

GAO Report: Participants Don’t Understand Fee Information

The Department of Labor (DOL) released a groundbreaking final rule in 2012 that required plan sponsors to…
TAX

ERC Accounting and Reporting

Many businesses that were negatively impacted by the pandemic qualified for the Employee Retention Credit…
TAX

Virginia Tax Bills Will Save Taxpayers Money in 2022

Recently passed Virginia tax bills will help lower some Virginia taxpayers’ tax liability in upcoming…
EMPLOYEE BENEFIT PLANS

Abandoned 401(K) Accounts and the Great Resignation

The trend of U.S. workers leaving their jobs and employers struggling with high levels of…
CLIENT ACCOUNTING & ADVISORYCLOSELY HELD BUSINESSES

Accounting and Reporting for PPP Loans

The Payroll Protection Program (PPP), enacted through the CARES Act, provided $600 million in forgivable…
EMPLOYEE BENEFIT PLANS

ERISA Update and Outlook for 2022

Employers have spent the last two years dealing with many challenges and disruptions, and they…
CLOSELY HELD BUSINESSESTAX

Significant Change to the Treatment of R&E Expenditure Under Section 174 Now in Effect

As 2022 kicks off and tax legislation continues to be stalled in Congress, the amendment…
NONPROFIT

Nonprofits Gear Up for Sustained Opportunity in 2022

2021 was undoubtedly a challenging year. Between drops in funding, canceled events and programs, the…
CLIENT ACCOUNTING & ADVISORYCLOSELY HELD BUSINESSESTAX

Business Meal Deduction Remains in 2022

The 100% business meal deduction that went into effect January 1, 2021 remains in effect…
BUSINESS ENTITY SELECTIONCLIENT ACCOUNTING & ADVISORYTAX

New Requirements for Partnerships and S-Corps

For 2021, partnerships and S-corporations are required to include new tax forms, Schedule K-2 and…
TAX

Infrastructure Investment and Jobs Act Contains New Cryptocurrency Reporting Requirements

The bipartisan Infrastructure Investment and Jobs Act (IIJA), which was signed into law on November…
NONPROFIT

How Nonprofits Can Navigate the Great Resignation

Nonprofits are not exempt from the current labor market shortages associated with the “Great Resignation.”…
TAX

Follow these tips to prepare for your 2021 tax returns

Tax season is upon us, which means it’s time to start thinking about your 2021…
TAX

The Latest on the Employee Retention Credit

Since its original enactment under the CARES Act, the Employee Retention Credit (ERC) has undergone…
BSB News

Michael Crichton, John McDowell Promoted to Partner

Michael Crichton and John McDowell have been named partners at BSB, effective January 1, 2022.…
Accounting NewsCOVID-19

CARES Act Employee Retention Credits for Nonprofit Employers

Many nonprofit organizations were forced to shutter or temporarily close their operations under a governmental…
Accounting News

Expect delays this tax season

The Internal Revenue Service (IRS) recently announced the delay of the start of tax season…
Accounting News

New Year, New Tax Form

With 2020 finally behind us, now is the time to think about taxes. This year,…
COVID-19

Tax Alert: New COVID Relief Bill

Congress approved and the President signed the next round of COVID-19 relief, which is reflected…

Filter

TAX

2023 Year End Tax Planning For Businesses

It is important that businesses and business owners review your tax and financial plans at…
TAX

2023 Year End Tax Planning for Individuals

As we wrap up 2023, it’s important to take a closer look at your tax…
TAX

Latest Tax Changes from Virginia Department of Taxation’s September Special Session

The Virginia Department of Taxation recently released their updated 2023 Legislative Summary, which details the…
TAX

Virginia Switches to Rolling Conformity Beginning With Tax Year 2023

On April 12, following a special one-day reconvene session of the Virginia General Assembly, Gov.…
TAX

Accounting For Investments in Tax Credit Structures Using The Proportional Amortization Method

Summary More equity investors that are involved with projects to receive income tax credits and…
TAX

IRS Denies Basis Step-up for Assets of Irrevocable Grantor Trust Not Included in Grantor’s Estate

The IRS on March 29 released Rev. Rul. 2023-2, which confirms that the assets of an…

Filter

EMPLOYEE BENEFIT PLANS

Option to Treat Employer Contributions as Roth Contributions Under SECURE 2.0

Of the many provisions within the SECURE 2.0 Act, there is one that plan sponsors…
EMPLOYEE BENEFIT PLANSTAX

Plan Sponsor Alert: Department of Labor Unveils Regulatory Agenda for 2023

SECURE 2.0 was signed into law on December 29, 2022, makes sweeping changes to retirement…
ASSURANCEEMPLOYEE BENEFIT PLANS

PLANS SPONSOR ALERT: ADVANCING RESPONSIBLE INNOVATION OF DIGITAL ASSETS

The cryptocurrency market has plunged from a market cap of $3 trillion in November 2021…
ASSURANCEEMPLOYEE BENEFIT PLANS

PLANS SPONSOR ALERT: ADVANCING RESPONSIBLE INNOVATION OF DIGITAL ASSETS

The cryptocurrency market has plunged from a market cap of $3 trillion in November 2021…
ASSURANCEEMPLOYEE BENEFIT PLANSTAX

PLAN SPONSOR ALERT: PROMOTING ACCESS TO SAFE, AFFORDABLE FINANCIAL SERVICES

While having access to a robust, well-functioning financial services ecosystem may feel like a given…
ASSURANCEEMPLOYEE BENEFIT PLANS

Plan Sponsor Alert: Planning for the End of the COVID-19 Public Health Emergency and Outbreak Period

To help the American public endure the COVID-19 pandemic, Congress passed laws that provided billions…

Filter

Accounting NewsCOVID-19

CARES Act Employee Retention Credits for Nonprofit Employers

Many nonprofit organizations were forced to shutter or temporarily close their operations under a governmental…
Accounting News

Expect delays this tax season

The Internal Revenue Service (IRS) recently announced the delay of the start of tax season…
Accounting News

New Year, New Tax Form

With 2020 finally behind us, now is the time to think about taxes. This year,…