BLS Insights

Discover the depth of BLS knowledge and information.

Year: 2021

State and Local Tax Planning Consideration for Year End – 12.31.2021

December 17, 2021

The House version of the Build Back Better Act, residing in the Senate for consideration, contains a variety of provisions that we discussed in a previous blog, U.S. House Passed … Continued

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U.S. House Passed the Build Back Better Act – Waiting for the Senate to Weigh In

November 29, 2021

On November 19, the U.S. House of Representatives passed a crucial part of President Biden’s agenda by a vote of 220-213. While we are waiting for the Senate to vote … Continued

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2022 Cost-of-Living Adjustments

November 19, 2021

Don’t forget to factor 2022 cost-of-living adjustments into your year-end tax planning The IRS recently issued its 2022 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly … Continued

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Potential Tax Law Changes Affecting Business Year-End Tax Planning

November 11, 2021

The end of the tax year is fast approaching for many businesses, but their ability to engage in traditional year-end planning may be hampered by the specter of looming tax … Continued

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Potential Tax Law Changes Affecting Individual Year-End Tax Planning

November 11, 2021

As if another year of the COVID-19 pandemic wasn’t enough to produce an unusual landscape for year-end tax planning, Congress continues to negotiate the budget reconciliation bill. The proposed Build … Continued

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Tax Related Provisions of the Investment and Jobs Act

November 10, 2021

Almost three months after it passed the U.S. Senate, the U.S. House of Representatives has passed the Infrastructure Investment and Jobs Act (IIJA), better known as the bipartisan infrastructure bill. … Continued

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Delaware Relief Grants Forgiveness Application Due 12.31.2021 – Don’t Delay

October 28, 2021

Did you receive a Delaware Relief Grant? The State of Delaware and New Castle County worked together to provide relief to Delaware nonprofits and small businesses impacted by the COVID-19 … Continued

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Disasters and Your Taxes: What You Need to Know

September 23, 2021

Homeowners and businesses across the country have experienced weather-related disasters in recent months. It wasn’t that long ago that Hurricane Ida decided to visit our area and impact much of … Continued

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SAS No. 134 – Your Audit Report is Changing

August 30, 2021

In May 2019, the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) issued Statement on Auditing Standards (SAS) No. 134, Auditor Reporting and Amendments, including … Continued

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Capitalization Policy for Nonprofits

June 29, 2021

Nonprofit organizations have two options when purchasing assets with a useful life of greater than one year: expense or capitalize. Assets which are capitalized are referred to as fixed assets … Continued

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