Blog
Good News: IRS Boosts Standard Mileage Rates for Second Half of 2022
The IRS recently announced it will increase the standard mileage rate for qualified business drivers for the second half of 2022. The adjustment reflects rising costs at the gas pumps this year. It's accompanied by a hike in the standard mileage rate for medical...
Due Diligence Considerations When Selling a Business
When it comes to selling your business, you must consider the buyer's perspective — not just your own — to get the deal done. Both sides will require certain due diligence procedures, which take time and patience to get through. Here's what to expect, including some...
100 Years and Still Accounting. The History of Borland Benefield
The year 1922 was notable for a number of events in the world, including the formation of the USSR, the first successful insulin treatment, and the first Wimbledon Championship. At the time, Warren G. Harding occupied the Oval Office as the 29th president, the Lincoln...
Turning Negatives into Positives: Tips on Tax Loss Harvesting
Tax-loss harvesting – purposefully selling certain investments at a loss to offset realized gains on other investments – is a strategy for counteracting high gains taxes. While most investors are aware of tax-loss harvesting, many view it as a task performed at the...
Marathoning Through Life: Lloyd Shelton
Goals are achieved by addressing flaws and committing to overcoming them. Lloyd Shelton, CPA, and shareholder at Borland Benefield, has followed this guiding principle throughout his life. From his younger years to his time as a young CPA to his life-changing push...
Don’t Take the Bait: How to Spot Phishing Threats and Avoid Hackers
As technology becomes more integral to daily life, cybercriminals are continually devising new ways to profit by compromising organizations. Targets for hackers range from individuals to small companies and nonprofits, all the way up to multi-national corporations....
Piggy Bank Planning. Tips to Teach Your Children How to Manage Money.
Kids grow up fast, and there are countless moments you don’t want to miss. With careful planning, teaching your children about finances can be just as fun as any other activity – and much more beneficial. Studies show less than 25% of children regularly discuss...
Sheldon Webster: The Accounting of a Life Well-Lived.
It is with great sadness that the Borland Benefield family announces the passing of one-time Chairman and major shareholder Sheldon Webster. He passed on the 5th of April 2022. Sheldon's exceptionally adventurous life began on August 6, 1944, in Norton, Virginia. His...
To Shred or Not to Shred. A Guide on What Tax Records to Keep and What to Toss.
Now that we’re in the midst of tax season, many people are getting their forms, receipts, and other records in order. Most people are probably looking at all those papers and wondering, how long they might have to keep all that paperwork. The good news is you can get...
Stimulus Payments (EIP) and Advanced Child Tax Credit (ACTC) Information Needed When Filing Your Tax Returns
If you received an EIP or ACTC payments, make sure you have your Advance Child Tax Credit letter (Letter 6419) and/or Economic Impact Payment letter (Letter 6475) on hand when preparing your returns. The IRS began mailing information letters to ACTC and EIP recipients...
Important Tax Figures for 2022
Every year, the dollar amounts allowed for various federal tax benefits are subject to change based on inflation adjustments and legislation. Here are some important tax figures for 2022, compared with 2021. [pdf-embedder...
A Love of Learning.
Meet B2 Team Member, Dexavia Turner Dexavia Turner’s tenure with Borland Benefield began in February of 2021, but in that short span of time, she has shown a staggering amount of knowledge in her field, as well as a dedication and commitment to leadership that goes...
1099 Tax Forms Are Coming to Crypto
The Infrastructure Investment and Jobs Act of 2021 (IIJA) was signed into law on Nov. 15, 2021. The IIJA includes IRS information reporting requirements that will require cryptocurrency exchanges to perform intermediary Form 1099 reporting for cryptocurrency...
Happy to Lend a Helping Hand to Hand in Paw
When entering the doors of Hand in Paw, you might think the place has gone to the dogs and in a way it has. It’s not because of the appearance of the building. The new construction opened in 2019. It’s because you’re greeted by Annie and Oakley, the personal pets of...
Engaging, Inspiring, and Leading Women. The Junior League of Birmingham.
Nonprofits are a key focus of Borland Benefield, making up a considerable portion of the firm’s client base. But outside of business, many Borland Benefield associates choose to be members of nonprofits because the mission and core values of the organizations...
The Tax Implications of Taking 529 College Savings Plan Withdrawals
Section 529 college savings plans — also known as qualified tuition programs — have been around long enough that many people are now withdrawing money to pay for school. Qualified withdrawals are always federal-income-tax-free and usually state-income-tax-free, too....
A New Financial Frontier: Cryptocurrency and Taxes
Cryptocurrency is quickly becoming a mainstay in the world of finance, as well as in the public consciousness. Even so, many cryptocurrency investors might be unaware that they could owe taxes on their investments even though they haven’t cashed them out. Ignorance of...
Nonprofit Auditing: To Us, It’s a Full-Time Job
While it’s no secret that many accounting firms are stretched to the limit during tax season, what is less known is that many of those same firms fall back on nonprofit accounting and auditing during their slow time. That’s a fact that always bothered Borland...
The Basics of the Advance Child Tax Credit
The world has been through a lot over this past year and a half, thanks to the COVID-19 pandemic. The government moved to help the economy with PPP loans for businesses and the American Rescue Plan COVID relief bill. Even with that support and stimulus payments,...
Borland Benefield and the BBB: It Starts With Trust.
“Core values” are the kind of buzz words that get thrown around corporate boardrooms all the time. But any real businessperson will readily admit that corporate values have to be more than something that is just talked about. They have to be lived. That is just one...