Blog | Albin Randall & Bennett
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Exit Planning in an Uncertain Economy: Business Growth Opportunities Remain Despite COVID-19 Crisis
As a business owner, exit planning is inevitable. From planning to implementation, exiting a business often takes about 3-5 years, so a comprehensive exit plan
IRS Issues Notice 2020-39: Provisions Provided for QOF Investors Affected by COVID-19
The 2017 Tax Cuts and Jobs Act introduced legislation surrounding the Opportunity Zone Program, a tax incentive program allowing tax breaks for those investing in
MANP Issues Guidelines for Safely Reopening Nonprofit Organizations in Maine
All sectors of business in Maine have been affected by the COVID-19 crisis, and nonprofits are definitely no exception. As our communities, businesses, and organizations
Tax Planning for 2020, A Pandemic Year
This year is already turning out to be a unique one, in terms of its uncertainty associated with the COVID-19 pandemic. It seems like so
Qualified Improvement Property –Error Fixed!
The CARES Act was passed in late March, largely to provide stimulus and emergency assistance to individuals and businesses adversely impacted by the coronavirus pandemic.
FASB Issues ASU Delaying Effective Date for Revenue Recognition & Lease Accounting Standards for Certain Entities
The COVID-19 pandemic has significantly impacted the global economy, and U.S. businesses are no exception. On June 3, 2020, the Financial Accounting Standards Board (FASB)
Credit Unions Must Notify PPP Borrowers of Extended Deferral Period
The Paycheck Protection Program Flexibility Act of 2020 extended the 6 month deferral period for Paycheck Protection Program (PPP) borrower payments of principal, interest, and
IRS Issues Final Regulations for Meals and Entertainment
The Tax Cuts and Jobs Act (TCJA) of 2017 changed the deduction businesses are allowed for meals and entertainment. Upon passage of the TCJA, the
PPP Loans and Buying or Selling a Dealership
We are seeing more buy/sell activity in the auto industry. During the documentation phase of these transactions we’ve been advising sellers, and buyers, what should
FinCEN Director Calls on Credit Unions and Banks for Help: SARs Related to COVID-19
The 2020 ACAMS Annual AML & Anti-Financial Crime Conference was held this week, and Financial Crimes Enforcement Network (FinCEN) Director Ken Blanco was among the
Accounting for Automotive Inventory: LIFO, Specific Identification, & Valuation Method Considerations
As an automotive dealership, your inventory is your largest current asset, so properly measuring inventories against expenses and revenue is imperative. Key financial and operational