KMJ Corbin & Company

Blog Entry: Updated guidance for impairment testing: When to consider triggering events https://bit.ly/39S04g3 Many small entities suffered major losses during the pandemic. Here’s welcome relief from the FASB for private companies and not-for-profit entities that report goodwill on their balance sheets.

Blog Entry: Is an S corporation the best choice of entity for your business? https://bit.ly/3lEG3hG What is the best choice of entity for a new business venture? It might be an S corporation. Here’s why.

Blog Entry: New legislation proposes to help rescue nonprofits https://bit.ly/3d2GAX0 Everyone knows about the $1,400 checks earmarked for qualified individuals. But what does the American Rescue Plan Act propose for struggling nonprofit organizations? We review the highlights.

Blog Entry: New law tax break may make child care less expensive https://bit.ly/3r8iU8p Child care is expensive. The newly enhanced child and dependent care credit may help for 2021.

Blog Entry: New COVID-19 relief law extends employee retention credit https://bit.ly/3f45Len Keeping employees on the payroll has been difficult for many businesses over the past year. The latest COVID-relief law, the American Rescue Plan Act, extends the employee retention tax credit.

Blog Entry: There may be relief from tax liability for innocent spouses https://bit.ly/3lwnJpV In some cases, a married couple files a joint tax return and one spouse doesn’t disclose all of his or her income. The IRS goes after the other spouse for payment. But there may be innocent spouse relief.

Blog Entry: IRS announces per diem rates for business travel https://bit.ly/30H0H7z Do your employees travel for business within the continental United States? If so, be advised that the IRS recently released new per diem rates that will apply beginning on October 1st.

Blog Post: Gifts in kind - New reporting requirements for nonprofits https://bit.ly/36zKGnL Unscrupulous nonprofits sometimes use gifts in kind to mislead donors and boost their ratings. New accounting guidance aims to protect donors and legitimate charities by requiring greater transparency about these contributions.

Blog Entry: Thoughtful onboarding is more important than ever https://bit.ly/3irsPlx When your business is ready to start hiring, if it’s not already, a thorough onboarding program will help new hires feel safe and ready to hit the ground running.

Blog Entry: The tax implications of employer-provided life insurance https://bit.ly/2DuWprJ Employer-provided group term life insurance can be a nice employee benefit. But depending on the amount of coverage, it may cause an unwanted tax result. Here’s why.

Blog Entry: The possible tax consequences of PPP loans https://bit.ly/3gYjwtf Businesses that received PPP loans should be aware of the tax consequences. Here’s a look at the issue.

Blog Entry: How to codify your nonprofit’s ethics https://bit.ly/3fGsfOZ Your nonprofit already has a mission statement, so why does it also need a code of ethical conduct? Think of it as a statement about how you practice your mission’s ideals. Get started here.

Blog Entry: Reporting CAMs in the COVID-19 era https://bit.ly/2DBQYXK For public companies, the new-and-improved auditor’s report aims to provide stakeholders with more detailed, relevant information. But implementing the changes during a pandemic could add a new layer of complexity.

Blog Entry: KMJ Statement on Respect and Mutual Understanding https://bit.ly/3f6j5vp Founded on the bedrock of fairness and equal treatment for all, KMJ joins with many others throughout this great nation and around the world who are deeply saddened at recent evidences of racism and assaults on human dignity.

Blog Entry: Time to team up - Nonprofit partnerships https://bit.ly/2WVnA4G If your nonprofit has shied away from alliances with other organizations because you safeguard your autonomy, today’s challenging conditions may provide a new incentive to team up. Here’s what you need to know.