Category: Family-owned Business

On March 25, 2025, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule that limits the scope of the Corporate Transparency Act’s (CTA) Beneficial Ownership Information (BOI) reporting requirements to foreign entities. The rule, which becomes effective March 26, 2025, states that “domestic reporting companies are exempted from the reporting requirements and do not have to report BOI to FinCEN, or update or correct BOI previously reported to FinCEN.” Key Changes The final rule aims to “alleviate unnecessary… Read more ›

Update – February 27, 2025: FinCEN announced it will not impose fines, penalties, or enforcement actions for failure to file or update BOI reports until an interim final rule takes effect. The final ruling, expected by March 21, 2025, will extend reporting deadlines and provide further guidance. In addition, FinCEN seeks public input on potential revisions to BOI reporting requirements as part of an effort to minimize burden placed on small businesses. CBM will continue to monitor updates and provide… Read more ›

Quick References are high-level insights about critical issues and concerns facing your organization. Our outsourced accounting and advisory group is available to help you implement solutions. Click here to view other Quick References and to sign up for email alerts when future Quick References are released. **Update: The DOL overtime rule has been struck down by a federal court as of 11/15/2024** The U.S. Department of Labor has issued a final rule increasing the minimum salary required for certain type of… Read more ›

In April 2024, the Federal Trade Commission (FTC) approved a final rule prohibiting most noncompete agreements with employees. The ban was scheduled to take effect on September 4, 2024, but ran into multiple court challenges. Now the court in one of those cases has knocked down the rule, leaving its future uncertain. The FTC Ban The FTC’s rule would have prohibited noncompetes nationwide. In addition, existing noncompetes for most workers would no longer be enforceable after it became effective. The rule was… Read more ›

The U.S. Department of Labor’s (DOL’s) test for determining whether a worker should be classified as an independent contractor or an employee for purposes of the federal Fair Labor Standards Act (FLSA) has been revised several times over the past decade. Now, the DOL is implementing a new final rule rescinding the employer-friendly test that was developed under the Trump administration. The new, more employee-friendly rule takes effect March 11, 2024. Role of the New Final Rule Even though the DOL’s final… Read more ›

In the construction industry, supply-chain challenges are nothing new. They’ve just gotten much more media attention over the last few years. Increased globalization, a pandemic and geopolitical strife have all contributed to some notable slowdowns, though things have generally been better lately. One way that construction companies can mitigate supply-chain problems is to maintain their own inventories of various building materials, products and supplies. However, an inventory can also complicate tax planning. Here are three big issues to consider. 1…. Read more ›

Chances are, your construction business hires independent contractors, rather than employees, to perform some of the work. These arrangements obviously save your company a lot of time, money and headaches. Take a look at some of the recordkeeping and financial differences: With anEmployee: With an IndependentContractor: You must pay the employer’s half of FICA, as well as federal unemployment tax (FUTA). You generally don’t have to withhold taxes from the worker’s pay, you don’t owe the employer’s portion of FICA… Read more ›

Comprehensive financial statements prepared under U.S. Generally Accepted Accounting Principles (GAAP) include three reports: the balance sheet, income statement and statement of cash flows. Together these reports can be powerful diagnostic tools to help evaluate the financial well-being of a business. Moreover, by carefully analyzing them, you may be able to uncover potential money-management problems or even fraudulent activity. Balance Sheets Show Assets vs. Liabilities The balance sheet provides a snapshot of a company’s financial health at a moment in… Read more ›

Updated August 2, 2024 Click here to learn more about our tax, accounting and advisory services for attorneys and law firms. It’s not uncommon for an incoming partner in a professional firm to take out a personal loan to finance all or part of the cost of acquiring an ownership interest. If some of your firm’s partners have done this, they need to know the proper federal income tax treatment of the resulting interest expense. Such partner-level interest expense is sometimes called… Read more ›

Quick References are high-level insights about critical issues and concerns facing your organization. Our outsourced accounting and advisory group is available to help you implement solutions. Click here to view other Quick References and to sign up for email alerts when future Quick References are released. What is the new lease standard? The new lease standard is intended to account for all lease obligations on financial statements, rather than excluding operating leases as has been the standard. This change ensures… Read more ›