• Get Your Piece of the Depreciation Pie Now with a Cost Segregation Study

    If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a cost […]

  • Hit or Miss: Is Your Working Capital On-Target?

    Working capital equals the difference between current assets and current liabilities. Organizations need a certain amount of working capital to run their operations smoothly. The optimal (or “target”) amount of working capital depends on the nature of operations and the industry. Inefficient working capital management can hinder growth and performance. Benchmarks The term “liquidity” refers […]

  • Private Companies: Are you on track to meet the 2022 deadline for the updated lease standard?

    Updated accounting rules for long-term leases took effect in 2019 for public companies. Now, after several deferrals by the Financial Accounting Standards Board (FASB), private companies and private not-for-profit entities must follow suit, starting in fiscal year 2022. The updated guidance requires these organizations to report — for the first time — the full magnitude […]

  • 10 Financial Statement Areas to Watch for COVID-Related Effects

    The COVID-19 pandemic is still adversely affecting many businesses and not-for-profit organizations, but the effects vary, depending on the nature of operations and geographic location. Has your organization factored the impact of the pandemic into its financial statements? You might not have considered this question since last year if your organization prepares statements that comply […]

  • Internships: Setting Up Your Career for Success

    What is it like to be a Haskell & White Intern? Our accounting internship is designed to give students an accurate picture of the day-to-day life of a staff accountant. Interns receive the necessary training to utilize the software, understand the specific responsibilities and collaborate with team members to complete tasks associated with a current […]

  • M&A Transactions: Be Careful When Reporting to the IRS

    Low interest rates and other factors have caused global merger and acquisition (M&A) activity to reach new highs in 2021, according to Refinitiv, a provider of financial data. It reports that 2021 is set to be the biggest in M&A history, with the United States accounting for $2.14 trillion worth of transactions already this year. […]

  • Passive Activity Rules for Real Estate and Other Passive Activities

    Real estate is top of mind when it comes to businesses that create passive income streams or losses. Ownership in other types of companies can also create passive income. Investments also produce passive income and losses. Understanding passive income streams and how to account for them is vital to creating tax planning strategies. A real […]

  • New Law Doubles Business Meal Deductions and Makes Favorable PPP Loan Changes

    The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA), which also includes other laws within it. Business meal deduction increased The new […]

  • Business Tax Provisions Included in the CAA 2021 Legislation

    The Consolidated Appropriations Act of 2021 (the CAA 2021) signed into law on December 27, 2020, is a further legislative response to the coronavirus (COVID-19) pandemic. The CAA 2021 include-along with spending and other non-tax provisions, and tax provisions primarily affecting individuals-the numerous business tax provisions briefly summarized below. The provisions are found in two […]

  • Individuals and the 2020 COVID Relief Bill

    Here is an overview of key provisions in the COVID relief legislation (the Consolidated Appropriations Act of 2021, or “the Act,” signed into law on Dec. 27, 2020) that affect individuals. Recovery Rebate/Economic Impact Payment Direct-to-taxpayer recovery rebate The Act provides for a refundable recovery rebate credit for 2020 that will be paid in advance […]