August 17, 2020

No two merger and acquisition (M&A) deals are alike. Each is unique, opening the door to new challenges and uncharted territory for those tasked with determining the tax treatment of the transaction. One challenge that often gives practitioners headaches is how to handle assumed liabilities in an asset acquisition.

One surefire way to initiate an awkward discussion with a client is to advise selling off part of an investment that is earning an excellent return. Particularly during bull markets, seldom does proper account rebalancing lead to improved near-term rates of return. Instead, the objective of rebalancing is to reduce the risk within a portfolio.

Keeping up with changes has been difficult, with the 2020 tax season lasting so (impossibly) long. And then, throughout the extra-long tax season, the Paycheck Protection Program (PPP) loans consumed our time and energy. With these urgent distractions, we didn’t have much time to keep up with news from the IRS. Here are a few items of interest for you and your clients.

Now that we are slowly returning to “normal” life again, it’s time to take stock in what updates need to be made to clients’ employee benefit plans to ensure compliance with the various laws and regulations that have been passed while most of us were sheltering in place and scrambling to keep up with changes in the law and the pandemic.

While preparing for a well-deserved retirement, many CPAs near the end of their career question what steps should be taken to keep their State Board-issued certificate in good standing. Inactive status is a great choice for retired CPAs and is outlined within regulations under Nebraska Administrative Code (NAC) Title 288 Chapter 7 listed below: