Blog – BSB

Revisiting Eligibility for Small Business Taxpayer Exemptions

“An exemption from UNICAP? And no limitation on the amount of business interest expense I…

Complying with SECURE Act Changes to Long-Term Part-Time Employee Eligibility and IRS Form 5500

Two significant regulatory changes to retirement plans require immediate attention from plan sponsors, both to…

Virginia Issues Final PTET Guidance for Tax Years 2022-2025 and Retroactive Guidance for Tax Year 2021

On January 17, the Virginia Department of Taxation (DOT) issued final guidelines for the commonwealth’s…

Treasury, IRS Release Final Regulations on Elective Pay Election for Energy Tax Credits

The Department of the Treasury and the IRS on March 5 released final regulations (TD…

Maryland Comptroller Will Allow One-Time Late PTE Election for Tax Year 2023

On February 28, Maryland's Chief Deputy Comptroller, Andrew Schaufele, issued a communication to tax professionals…

New Requirement to Cover Long-Term Part-Time Employees in 401(k) Plans Enters Into Effect

The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act of 2019)…

Significant Changes from the Alliant 3 Second Draft Solicitation

On December 8, 2023, General Services Administration (“GSA”) released the second draft RFP for the…

2023 Year End Tax Planning For Businesses

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

2023 Year End Tax Planning for Individuals

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

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.…

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…

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…

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…

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…

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…

Don’t Ever Throw Away Your Paperwork

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

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…

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…

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…

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…

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…

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…

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…

An Evolving Cybersecurity Landscape Sparks Changes to Guidance

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

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…

EMPLOYEE BENEFIT PLANS 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,…

ASSURANCE TAX

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…

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…

ASSURANCE EMPLOYEE BENEFIT PLANS

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…

PLANS SPONSOR ALERT: ADVANCING RESPONSIBLE INNOVATION OF DIGITAL ASSETS

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

ASSURANCE EMPLOYEE BENEFIT PLANS

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…

PLANS SPONSOR ALERT: ADVANCING RESPONSIBLE INNOVATION OF DIGITAL ASSETS

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

ASSURANCE EMPLOYEE BENEFIT PLANS TAX

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…

ASSURANCE EMPLOYEE BENEFIT PLANS

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…

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…

Mandatory Capitalization of R&E Expenses

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

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…

Important Tax Information for Businesses

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

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…

2022 Year-End Tax Planning Checklist for Businesses

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

MERGERS & ACQUISITIONS TECHNOLOGY

Year-End Tax Savings for Businesses

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

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 Exempt Organizations: Navigating the Executive Compensation Excise Tax

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

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.…

CLOSELY HELD BUSINESSES TAX

The Cost Accounting Standards (CAS) Guide for Government Contractors

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

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…

FEMA Increases Small Project Maximum to $1M

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

Avoid Employee Deferral Limit Excesses

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

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…

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…

CONSTRUCTION & REAL ESTATE

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 Ahead: Opportunities and Challenges in 2022

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

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…

GASB Statement No. 99, Omnibus 2022

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

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…

The Incurred Cost Submission (ICS) Process Checklist

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

IRS 90-Day Pre-Examination Pilot Program

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

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…

Plan Sponsors’ Fiduciary Duty for Defined Contribution Compliance Testing

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

Inflation Reduction Act Becomes Law

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

Is Your Company Effectively Managing Tax Risk?

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

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…

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…

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…

NONPROFIT TECHNOLOGY

How Tech, Crypto, & Culture Support Sustainability

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

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…

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…

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…

CLIENT ACCOUNTING & ADVISORY CLOSELY HELD BUSINESSES

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…

The Case for Diverse Revenue Streams

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

CLIENT ACCOUNTING & ADVISORY CLOSELY HELD BUSINESSES TAX

Standard Mileage Rate Increased for Business Travel

In recognition of recent fuel price increases, depreciation, insurance, and other costs, the IRS recently…

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…

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…

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)…

Debt Refinancing Transactions – Tax Issues and Opportunities

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

Navigating the Intersection of Tax & ESG

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

CLIENT ACCOUNTING & ADVISORY CLOSELY HELD BUSINESSES TECHNOLOGY

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…

What Businesses Need to Know About Cybersecurity in 2022

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

SECURE 2.0: Changes to Retirement Savings

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

CLIENT ACCOUNTING & ADVISORY CLOSELY HELD BUSINESSES TAX

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…

Virginia Enacts PTE State Tax Election and Modifies Additional Business Interest Deduction

Governor Youngkin on April 11, 2022, signed S.B. 692 and H.B. 1006 into law. The…

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…

Engaging Donors at Every Level: A Checklist

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

ASC Topic 842 and Its Impacts on Government Contracting

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

TAX TECHNOLOGY

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…

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…

ERC Accounting and Reporting

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

Virginia Tax Bills Will Save Taxpayers Money in 2022

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

CLIENT ACCOUNTING & ADVISORY CLOSELY HELD BUSINESSES

Abandoned 401(K) Accounts and the Great Resignation

The trend of U.S. workers leaving their jobs and employers struggling with high levels of…

Accounting and Reporting for PPP Loans

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

CLOSELY HELD BUSINESSES TAX

ERISA Update and Outlook for 2022

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

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…

CLIENT ACCOUNTING & ADVISORY CLOSELY HELD BUSINESSES TAX

Nonprofits Gear Up for Sustained Opportunity in 2022

2021 was undoubtedly a challenging year. Between drops in funding, canceled events and programs, the…

Business Meal Deduction Remains in 2022

The 100% business meal deduction that went into effect January 1, 2021 remains in effect…

BUSINESS ENTITY SELECTION CLIENT ACCOUNTING & ADVISORY TAX

New Requirements for Partnerships and S-Corps

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

CLIENT ACCOUNTING & ADVISORY CLOSELY HELD BUSINESSES

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…

DOL Final Tip Regulations May Require Employers to Pay Full Federal Minimum Wage to Tipped Employees

The Department of Labor’s final tip rule was scheduled to take effect on December 28,…

How Nonprofits Can Navigate the Great Resignation

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

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…

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 News COVID-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

Revisiting Eligibility for Small Business Taxpayer Exemptions

“An exemption from UNICAP? And no limitation on the amount of business interest expense I…

Complying with SECURE Act Changes to Long-Term Part-Time Employee Eligibility and IRS Form 5500

Two significant regulatory changes to retirement plans require immediate attention from plan sponsors, both to…

Virginia Issues Final PTET Guidance for Tax Years 2022-2025 and Retroactive Guidance for Tax Year 2021

On January 17, the Virginia Department of Taxation (DOT) issued final guidelines for the commonwealth’s…

Treasury, IRS Release Final Regulations on Elective Pay Election for Energy Tax Credits

The Department of the Treasury and the IRS on March 5 released final regulations (TD…

Maryland Comptroller Will Allow One-Time Late PTE Election for Tax Year 2023

On February 28, Maryland's Chief Deputy Comptroller, Andrew Schaufele, issued a communication to tax professionals…

2023 Year End Tax Planning For Businesses

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

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