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 the Build Back Better Act – Waiting for the Senate to Weigh In. One particular provision is to raise the cap on the so-called state … Continued

Learn More >>

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 on The Build Back Better Act (BBBA), we thought we would outline some of the provisions related to various areas, including taxes. Impact on the … Continued

Learn More >>

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 this year, mainly due to the COVID-19 pandemic, many amounts increased considerably over 2021 amounts. As you implement 2021 year-end tax planning strategies, be sure … Continued

Learn More >>

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 legislation. The budget reconciliation bill, also known as the proposed Build Back Better Act (BBBA), is likely to include provisions affecting the taxation of businesses … Continued

Learn More >>

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 Back Better Act (BBBA) is certain to include some significant tax provisions, but much uncertainty remains about their impact. While we wait to see which … Continued

Learn More >>

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. While the bulk of the law is directed toward investment in infrastructure projects across the country, a handful of noteworthy tax provisions are also included. … Continued

Learn More >>

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 pandemic through the means of Delaware Relief Grants. If you received a Delaware Relief Grant, the Delaware Relief Grant forgiveness application must be submitted by … Continued

Learn More >>

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 our community. From hurricanes, tornadoes, and other severe storms to the wildfires again raging in the West, natural disasters have led to significant losses for … Continued

Learn More >>

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 Amendments Addressing Disclosures in the Audit of Financial Statements. The standard’s original effective date was for reporting periods ending on or after December 15, 2020. … Continued

Learn More >>

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 and represent tangible property and equipment with a useful life of more than a year (except collection items and assets held for investment purposes) that … Continued

Learn More >>


Need Additional Information?

If you need more information, please contact us so we can connect you with one of our CPA advisors who will be committed to your business and personal success. BLS is here to help!