The recently passed American Rescue Plan (ARP) Act of 2021 includes a provision making nearly all student loan forgiveness tax-free, at least temporarily. Before the ARP, student loan forgiveness was tax-free only under special programs. Before we look at the changes to come under the ARP, let’s look back at what the previous law provided. …
In working closely with a variety of audit clients over the years, I have noted that fraud is a topic that relates to any entity, no matter the industry it operates in or the size of its operations. So in 2021, I plan to write a series of articles that addresses fraud in some manner. …
This article was written by Jennifer French, Principal at Strothman+Co. Jennifer has over 20 years of experience working in both public and private accounting. Her public accounting experience includes areas of audit, review, compilation, and agreed-upon procedure engagements. In her first eight years in public accounting, she worked with both tax and audit engagements. For the last four years, Jennifer has worked exclusively on audit engagements. Jennifer serves a variety of industries but specializes in serving governmental entities, employee benefit plans, manufacturing companies, school districts, nonprofits and various for-profit entities.
About four in 10 Americans (41 percent) look positively toward single-party control at the national level, according to an October 2020 Gallup annual governance survey. This is compared to 23 percent of respondents desiring multiparty control. Breaking it down by party, 43 percent of Democrats want a single-party governing, while 52 percent of Republicans desire …
With the nation on the precipice of a transition of administrations on Jan. 20, 2021, there will need to be many roles filled both in and out of the White House. With the potential for Janet Yellen to replace Steven Mnuchin as the next treasury secretary, there is much speculation about how the Federal Reserve …
This article was written by Ray Strothman, Chairman at Strothman+Co. Ray founded the firm in February 1983 and, as Chairman, plays an integral part in the firm’s management. Ray’s passion is to be a trusted advisor for the clients of the firm. He has experience in all areas of public accounting, providing financial statement preparation, and tax and management advisory services, for business owners, business investors and nonprofit organizations.
During the coronavirus pandemic (“COVID-19”) that has consumed the majority of our 2020 year, businesses are struggling to simply survive, are required to deal with social distancing restrictions, and often are working with limited resources due to employees working on a limited and/or remote basis. One would assume that during these unprecedented times, you’re pretty …
This article was written by Jennifer French, Principal at Strothman+Co. Jennifer has over 20 years of experience working in both public and private accounting. Her public accounting experience includes areas of audit, review, compilation, and agreed-upon procedure engagements. In her first eight years in public accounting, she worked with both tax and audit engagements. For the last four years, Jennifer has worked exclusively on audit engagements. Jennifer serves a variety of industries but specializes in serving governmental entities, employee benefit plans, manufacturing companies, school districts, nonprofits and various for-profit entities.
The IRS issued a new memo Friday, 7/23 outlining federal excise taxes applicable to Daily Fantasy Sports (“DFS”) betting websites such as DraftKings and FanDuel. The proposed excise tax(es) and occupational tax(es) would be equal to a .25 percent in states where contests are legal and would be levied upon the operators of the games …
Dustin is an Enrolled Agent with the Strothman and Company Tax team and has been with the Firm since 2019. He has nine years of experience working for the Internal Revenue Service before transitioning his career into public accounting. Utilizing his IRS experience he specializes in assisting clients with tax representation at the federal, state, and local levels in addition to his tax preparation and planning work.
It’s been nearly half a year since Americans first became widely aware of the coronavirus contagion within the United States. While for a brief month it looked as if we had the virus in hand, since then it has spread wildly out of control in many areas. People who did not suffer dramatic financial consequences …
This article was written by Ray Strothman, Chairman at Strothman+Co. Ray founded the firm in February 1983 and, as Chairman, plays an integral part in the firm’s management. Ray’s passion is to be a trusted advisor for the clients of the firm. He has experience in all areas of public accounting, providing financial statement preparation, and tax and management advisory services, for business owners, business investors and nonprofit organizations.
As the economic impact of COVID-19 lingers and an impending second wave is on everyone’s mind, Congress is already thinking of new legislation to stimulate the economy. One of the ideas on the top of the list is an expansion of the (Research and Development) R&D tax credit as part of the next COVID-19 relief …
This article was written by Ray Strothman, Chairman at Strothman+Co. Ray founded the firm in February 1983 and, as Chairman, plays an integral part in the firm’s management. Ray’s passion is to be a trusted advisor for the clients of the firm. He has experience in all areas of public accounting, providing financial statement preparation, and tax and management advisory services, for business owners, business investors and nonprofit organizations.
Recently, the IRS Commissioner testified before the Senate Finance Committee, sending the message that the IRS is committed to catching intentional tax evaders. There was no ambiguity in the message of his testimony to Congress; he noted that under his watch, the IRS will aggressively pursue those purposely evading their tax obligations with civil and …
This article was written by Ray Strothman, Chairman at Strothman+Co. Ray founded the firm in February 1983 and, as Chairman, plays an integral part in the firm’s management. Ray’s passion is to be a trusted advisor for the clients of the firm. He has experience in all areas of public accounting, providing financial statement preparation, and tax and management advisory services, for business owners, business investors and nonprofit organizations.
On June 5th, 2020, the President signed the Paycheck Protection Program Flexibility Act of 2020 providing more flexibility for borrowers seeking forgiveness of the PPP Loan provided by the CARES Act. Regulations and rules governing the PPP loans have been changing since the day it was announced and will most likely continue to evolve as …
This article was written by Neil Zinser, Partner at Strothman+Co. Neil has extensive experience providing tax services and business consulting to his clients. He specializes in complex tax structures including consolidating entities, multi-state entities, high net worth individuals and closely held business. It is his goal to provide meaningful tax advice to his clients and help them achieve their financial objectives. His industry experience includes restaurants, breweries, manufacturing, wholesale distributors, retail, commercial rental real estate, and nonprofit organizations.
