You’ve likely seen news surrounding a deal to revive a Democratic reconciliation tax package.  The bill provides investment in clean energy, promotes reductions in carbon emissions, and extends popular ACA premium reductions.  The bill will be paid through the implementation of a 15 percent corporate minimum tax, budget increases for the Internal Revenue Service to… Read More

What is ASC 842? The Financial Accounting Standards Board (FASB) has issued a new Accounting Standards Codification (ASC). This new standard will need to be adopted by all companies that have financial statements prepared in accordance with generally accepted accounting principles of the United States (GAAP). ASC 842 Accounting for Leases will now require operating… Read More

By Daniel Packard, MAcc, CPA, CVA, CFE The US Treasury Department and the IRS recently announced that the federal income tax filing due date for individuals will be automatically postponed from April 15, 2021 to May 17, 2021.  Please note that the postponement applies only to individual federal income tax returns and related tax payments… Read More

By Daniel Packard, CPA, CFE, CVA Today, Congress passed the American Rescue Plan Act of 2021.  The bill is now headed to President Biden’s desk for signature.  The bill largely aligns with the framework put forth by President Biden, as it includes extensions of enhanced unemployment relief, increased funding for COVID-19 testing and vaccination programs,… Read More

Consolidated Appropriations Act On December 21, 2020, Congressional leaders released the text of the Consolidated Appropriations Act.  The omnibus legislation encompasses a number of smaller acts, funding the government for the 2021 fiscal year, as well as providing relief for the escalating COVID-19 pandemic, economic stimulus, and tax relief.  This 5,500 page piece of legislation… Read More

We cover a multitude of tax strategies created by the recent legislation. We also discuss pitfalls taxpayers must avoid to save tax. Presentation Slides Available Here.

Friends, I hope this message finds you well.  As you likely know, the impact of COVID caused federal and state taxing authorities to extend most individual filing and payment deadlines beyond the April 15th deadline.  I have attached a summary of all federal and state income tax deadlines for your reference.   While most states have… Read More

Video Playback Available of the Securing PPP Loan Forgiveness Webinar: Other Materials: PDF Securing PPP Loan Forgiveness For access to the calculator spreadsheet, please reach out directly to Dan Packard at dpackard@coopernorman.com or Tim Anderson at tanderson@coopernorman.com.

Friends, As April 15th approaches, many states have provided additional payment and filing guidance.  While most states have followed the federal postponement, it is important to understand the respective guidelines for states where you file.  To assist in this process, we have summarized the filing, payment, and estimate guidance from each state.  Please contact your… Read More

We have crafted a Paycheck Protection Program Loan calculator to help you determine the maximum amount of the loan and the portion that will be deemed forgiven.  This information is provided for estimate and planning purposes only.  Loan approval can only be granted by an SBA 7(a) lender.  It is Cooper Norman’s current expectation that… Read More