KBF CPAs LLP is pleased to announce the admission of Darin Pretti as a partner of our firm. With more than 13 years of public accounting experience, Darin has spent his career providing tax and accounting services to both public and private clients across a diverse range of industries. In his role at KBF, Darin…

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As the calendar year comes to an end, companies are scrambling to finish their year-end tax planning. Assessing valuation allowances for deferred tax assets (DTAs) is complicated and requires a lengthy process to ensure accuracy. This year, valuation allowances have been difficult to evaluate. The global pandemic, the CARES Act, and now the COVID-Related Tax…

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To download a PDF version please click here Generally Accepted Accounting Principles (GAAP) The Financial Accounting Standards Board (FASB) establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP).  The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard…

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The Internal Revenue Service (IRS) recently updated its FAQs page and released guidance for parties engaging in mergers and acquisitions (M&A) in 2020. Because of the COVID-19 pandemic, businesses took advantage of multiple stimulus programs in the CARES Act in order to keep their doors open. One of the most popular stimulus programs, the Payment…

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Traditionally, taxpayers have used Form 1099-MISC to report certain payments to the IRS, including payments made to independent contractors. Form 1099-MISC has been redesigned, and employers will now report all non-employee compensation paid to independent contractors on Form 1099-NEC. Although taxpayers will no longer report non-employee compensation in Box 7 of Form 1099-MISC, taxpayers must…

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At the beginning of 2020, the Organization for Economic Co-operation and Development (OECD) expected to complete its global taxation transformation known as “BEPS 2.0” by the end of the year. However, with the COVID-19 pandemic and U.S. dissatisfaction with the direction of the initiative, negotiations stalled. As the year draws to a close, the OECD…

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Small businesses are able to get a nonrefundable credit of $1,000 for each net full time equivalent employee addition. The total credit can range from $1,000-$100,000. The increase is measured by comparing the average number of full time employees in the second quarter of 2020 to the average number in the 5 month period 7/1/2020-11/30/2020.…

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