Grooming the right leadership team or bringing new owners into your company must be carefully orchestrated. Future owners need to match your goals for transfer of ownership, but they should also mesh well with daily operations and employee expectations. If you plan to exit gradually, your chosen successor must also be open to your continued...Continue Reading

Preparing the Incurred Cost Submission Do you have the clause FAR 52.216-7 “Allowable Cost and Payment” in any of your contracts? If you do, you have a requirement to prepare an Incurred Cost Submission for your company and submit to your local DCAA office 6 months after your fiscal year end. Typically, this FAR clause...Continue Reading

On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 into law.  Congress had passed the massive piece of legislation on March 10, when the House approved the measure by a 220-211 vote.  This followed passage in the Senate by a 50-49 vote on March 6.  The Act was originally passed...Continue Reading

The U.S. Treasury and Internal Revenue Service released additional guidance on August 28, 2020, related to the Executive Order authorizing the deferral of employees’ portion of the payroll tax. The deadline for employers to begin withholding the 6.2% employee portion of payroll tax was September 1, 2020. However, Treasury Secretary Steven Mnuchin has said he...Continue Reading

Among just 90 U.S. firms named to both lists, Anglin Reichmann Armstrong is starting the New Year right with a national Top Firm ranking through Forbes. In a U.S. survey vetted through a market research firm, Anglin joined 227 large and small firms as “the most recommended firms for tax and accounting services in the U.S.”...Continue Reading

As part of an appropriations measure, Congress passed a flurry of new tax legislation at the end of 2019. These new rules may have an impact on 2019 tax returns to be filed in 2020. Notably, the “Taxpayer Certainty and Disaster Tax Relief Act of 2019” extends through 2020 several tax breaks for individuals that...Continue Reading

There are many different versions and uses for Form 1099, but all serve the same broad purpose — to provide information to the IRS about non-employment related income. It is the responsibility of the organization paying this income to send one copy to the taxpayer and one to the IRS. These forms are becoming even...Continue Reading

Anglin is excited to be one of 5 firms participating in the George Willie Scholarship and Internship program.  We look forward to welcoming our intern, Camara Strong, in January.  The American Institute of CPAs has announced the recipients of the inaugural George Willie Ethnically Diverse Student Scholarship and Internship Program. The program provides a scholarship...Continue Reading

Many business owners only consider the value of their company when they begin planning their exit strategy, but by then it may be too late to significantly impact value in a positive way. There are also many circumstances that could require an owner to sell or transition the business sooner than expected. If you know...Continue Reading

The US Financial Accounting Standards Board (FASB) new lease accounting standards has brought about many questions for companies that outsource production or logistics, including manufacturers and distributors. Here are some of the key considerations in evaluating supply arrangements to identify any contractual relationships. These relationships can impact bookkeeping and financial statement reporting going forward. In...Continue Reading