All insights by: Kruggel Lawton CPAs Editor

How to Unlock the Employer Retention Credit (ERC) for Your Business or Nonprofit

DOWNLOAD PDF: How to Unlock the Employer Retention Credit by Kruggel Lawton   Throughout the past year, numerous laws and regulations have been enacted to support business and nonprofit organizations. The CARES Act, Coronavirus Relief Package, and the most recent American Rescue Plan Act (ARPA) provides unique relief for employers through the Paycheck Protection Plan (PPP) Read More »

Business Meal Deduction Doubled

The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA), which also includes other laws within it. Business meal deduction increased  The new law Read More »

Lookout for Fraudulent Unemployment Insurance Activity

While unemployment numbers are on the rise, so are cases of fraud being committed to claim unemployment benefits. The Indiana Department of Workforce Development (DWD) has been in charge of issuing unemployment benefits for residents through regular UI programs as well as the Coronavirus Aid, Relief and Economic Security (CARES) Act. DWD has noticed a rise Read More »

The new Form 1099-NEC and the revised 1099-MISC are due to recipients soon

There’s a new IRS form for business taxpayers that pay or receive certain types of nonemployee compensation and it must be furnished to most recipients by February 1, 2021. After sending the forms to recipients, taxpayers must file the forms with the IRS by March 1 (March 31 if filing electronically). The requirement begins with forms for tax Read More »

How well do your nonprofit’s development and accounting departments communicate?

Your accounting and development departments are central to the continued financial health of your not-for-profit. So what happens when communication between these two functions break down? It could result in conflict between staffers, inaccurate financial statements and, in a worst-case scenario, the forfeiture of grant funds. Here’s how you can encourage collaboration. Note different accounting Read More »

Q4 CFO Survey: Outlook Among Michiana Finance Leaders Cools

  The fourth quarter 2020 Michiana Benchmark Business Index (BBI), compiled by the certified public accounting and consulting firm of Kruggel Lawton CPAs, declined in the last quarter of the year, after surging dramatically in the third quarter of 2020.  The overall fourth quarter BBI was 54.82 out of a maximum possible score of 100, Read More »

The right entity choice: Should you convert from a C to an S corporation?

The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type to another. Although S corporations can provide substantial tax benefits over C corporations in some circumstances, there are potentially costly tax issues that you should Read More »

Could You Be a Victim of Identity Theft?

Identity theft occurs when someone intends to use your stolen information to commit fraud through activities such as applying for credit cards, filing taxes, or receiving medical services. Oftentimes, identities are taken through stolen driver’s licenses, social security numbers, or medical information. According to Javelin Strategy & Research, over $16.9 billion were lost just last year Read More »

$900 Billion in Pandemic Relief Signed Into Law

  Businesses, individuals benefit from provisions designed to keep the American economy afloat as uncertainty related to COVID19 continues.    After months of negotiations, Congress passed an appropriations bill for 2021 that includes $900 billion in relief that could assist businesses and individuals facing economic challenges related to the COVID19 pandemic. In part, the legislation augments the CARES Read More »