BLS Insights

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

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

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

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

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

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

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

In September 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07: Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. The purpose of this ASU … Continued

On May 17, the Internal Revenue Service and the Department of Treasury announced additional details and changes surrounding the Child Tax Credit (CTC) outlined in the American Rescue Plan. The … Continued

The IRS has an enormous backlog of unprocessed mail, which includes paper returns and extensions, due to the closing of its processing centers for several weeks during the pandemic and … Continued