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ALERTS AND ARTICLES
Stay up to date with the most recent industry news and what’s happening at Topel Forman
Private companies: Are you on track to meet the 2022 deadline for the updated lease standard? (November 12, 2021)
The updated guidance calls for major changes to current accounting practices for leases with terms of a year or longer. In a nutshell, ASU 2016-02 requires lessees to recognize on their balance sheets the assets and liabilities associated with all long-term rentals of machines, equipment, vehicles, and real estate. The updated guidance also requires additional disclosures about the amount, timing, and uncertainty of cash flows related to leases.
Most existing arrangements that currently are reported as leases will continue to be reported as leases under the updated guidance. In addition, the new definition is expected to encompass many more types of arrangements that aren’t reported as leases under current practice. Some of these arrangements may not be readily apparent, for example, if they’re embedded in service contracts or contracts with third-party manufacturers.
Estate planning pitfalls exist if a significant portion of your wealth is concentrated in a single stock
Estate planning and investment risk management go hand in hand. After all, an estate plan is effective only if you have some wealth to transfer to the next generation
Selling a home: Will You Owe Tax On the Profit?
The tax implications if you’re selling your home or you sold one in 2021. Depending on your home sale profit and your income, some or all of the gain may be tax-free. But for higher-income people with pricey homes, there may be a tax bill.
Is an LLC the right choice for your small business? (September 10, 2021)
An LLC that’s taxable as a partnership can provide special allocations of tax benefits to specific partners. This can be an important reason for using an LLC over an S corporation
Topel Forman LLC Ranked Among INSIDE Public Accounting’s Top 200 Firms in the U.S.
Topel Forman LLC was recently named one of the country’s top 200 accounting firms by INSIDE Public Accounting (IPA). The publication ranked Topel Forman as the 172nd largest accounting firm in the U.S., and a 2021 Fastest-Growing Firm
ABLE accounts may help disabled or blind family members (August 31, 2021)
Using an executive action, President Trump defers payroll taxes from Sept. 1 through the end of the year. But there are many unanswered questions.
With A Self-Directed IRA, You Choose Your Own Investments (August 19 2021)
If your business can be defined as an applicable large employer, the recently signed American Rescue Plan Act might increase the likelihood that you’ll incur a penalty under the Affordable Care Act.
IRS issues ERC guidance as Congress mulls early termination (August 12, 2021)
If your business can be defined as an applicable large employer, the recently signed American Rescue Plan Act might increase the likelihood that you’ll incur a penalty under the Affordable Care Act.
Topel Forman Announces Department Heads of Tax and Audit
The Tax and Audit departments have new leadership by two of the partners, Jessica Schulman and John Rozek. Jessica explained that the formal creation of these department heads has been implemented to help the teams run efficiently and effectively and to make strategic decisions as the firm continues to grow. She expects that organizing the team of managers and partners will improve efficiency in the department's administrative work and in the quality of service for clients.
There’s currently a “stepped-up basis” if you inherit property — but will it last? (August 3, 2021)
If your business can be defined as an applicable large employer, the recently signed American Rescue Plan Act might increase the likelihood that you’ll incur a penalty under the Affordable Care Act.
Topel Forman Hires New Senior Manager, Expanding Denver Office
Denver, CO – (July 2021) – Topel Forman, LLC, is pleased to announce that Christine Ludwig, CPA, has joined their ...
Traveling for Business Again? What Can You Deduct? (July 21, 2021)
Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. Under the Tax Cuts and Jobs Act, employees can’t deduct their unreimbursed travel expenses through 2025 on their own tax returns. Self-employed individuals can continue to deduct business expenses, including away-from-home travel expenses.
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Private companies: Are you on track to meet the 2022 deadline for the updated lease standard? (November 12, 2021)
The updated guidance calls for major changes to current accounting practices for leases with terms of a year or longer. In a nutshell, ASU 2016-02 requires lessees to recognize on their balance sheets the assets and liabilities associated with all long-term rentals of machines, equipment, vehicles, and real estate. The updated guidance also requires additional disclosures about the amount, timing, and uncertainty of cash flows related to leases.
Most existing arrangements that currently are reported as leases will continue to be reported as leases under the updated guidance. In addition, the new definition is expected to encompass many more types of arrangements that aren’t reported as leases under current practice. Some of these arrangements may not be readily apparent, for example, if they’re embedded in service contracts or contracts with third-party manufacturers.
Estate planning pitfalls exist if a significant portion of your wealth is concentrated in a single stock
Estate planning and investment risk management go hand in hand. After all, an estate plan is effective only if you have some wealth to transfer to the next generation
Selling a home: Will You Owe Tax On the Profit?
The tax implications if you’re selling your home or you sold one in 2021. Depending on your home sale profit and your income, some or all of the gain may be tax-free. But for higher-income people with pricey homes, there may be a tax bill.
Is an LLC the right choice for your small business? (September 10, 2021)
An LLC that’s taxable as a partnership can provide special allocations of tax benefits to specific partners. This can be an important reason for using an LLC over an S corporation
Topel Forman LLC Ranked Among INSIDE Public Accounting’s Top 200 Firms in the U.S.
Topel Forman LLC was recently named one of the country’s top 200 accounting firms by INSIDE Public Accounting (IPA). The publication ranked Topel Forman as the 172nd largest accounting firm in the U.S., and a 2021 Fastest-Growing Firm
ABLE accounts may help disabled or blind family members (August 31, 2021)
Using an executive action, President Trump defers payroll taxes from Sept. 1 through the end of the year. But there are many unanswered questions.
With A Self-Directed IRA, You Choose Your Own Investments (August 19 2021)
If your business can be defined as an applicable large employer, the recently signed American Rescue Plan Act might increase the likelihood that you’ll incur a penalty under the Affordable Care Act.
IRS issues ERC guidance as Congress mulls early termination (August 12, 2021)
If your business can be defined as an applicable large employer, the recently signed American Rescue Plan Act might increase the likelihood that you’ll incur a penalty under the Affordable Care Act.
Topel Forman Announces Department Heads of Tax and Audit
The Tax and Audit departments have new leadership by two of the partners, Jessica Schulman and John Rozek. Jessica explained that the formal creation of these department heads has been implemented to help the teams run efficiently and effectively and to make strategic decisions as the firm continues to grow. She expects that organizing the team of managers and partners will improve efficiency in the department's administrative work and in the quality of service for clients.
There’s currently a “stepped-up basis” if you inherit property — but will it last? (August 3, 2021)
If your business can be defined as an applicable large employer, the recently signed American Rescue Plan Act might increase the likelihood that you’ll incur a penalty under the Affordable Care Act.
Topel Forman Hires New Senior Manager, Expanding Denver Office
Denver, CO – (July 2021) – Topel Forman, LLC, is pleased to announce that Christine Ludwig, CPA, has joined their ...
Traveling for Business Again? What Can You Deduct? (July 21, 2021)
Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. Under the Tax Cuts and Jobs Act, employees can’t deduct their unreimbursed travel expenses through 2025 on their own tax returns. Self-employed individuals can continue to deduct business expenses, including away-from-home travel expenses.
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