News & Resources

2020 Year-End Tax Planning for Individuals

As the year-end approaches, individuals, business owners and family offices should be reviewing their situations to identify any opportunities for reducing, deferring or accelerating tax obligations. Areas that should be looked at in particular include tax reform provisions that remain

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COVID-19 Related Tax Scam

The Indiana Department of Revenue would like to alert all Hoosiers of a tax scam reported by the Internal Revenue Service (IRS). This scam is sent through text message and is trying to trick individuals into providing personal information in order to

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What Tax Records Can You Throw Away?

October 15 is the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due to the COVID-19 pandemic.) If you’re finally done filing last year’s return,

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SBA Issues Review Procedures for Loans of $2 Million or More

As anticipated, the Small Business Administration (SBA) issued guidance regarding the review of Payroll Protection Program (PPP) loans totaling $2 million or more. Affected PPP recipients will be required to complete a questionnaire and provide documentation that supports and substantiates

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IRS Announces 2021 Cost of Living Adjustments

The IRS has announced the 2021 cost of living adjustments in regards to certain limits imposed on retirement plans. Below is a comparative list between 2020 and 2021 regarding the adjustments. 2021 2020  401(k) and 403(b)  Contribution Limits $19,500 $19,500

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Gifts In Kind: New Reporting Requirements for Nonprofits

On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about noncash contributions charities and other not-for-profit organizations receive known as “gifts in kind.” Here are the details. Need for Change Gifts

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