Blog
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...
Fraudulent Unemployment Claims are the Latest Scam. Here’s What To Do if it Happens to You.
The more we have moved our lives online, the more identity theft has become a problem. In 2019, the Federal Trade Commission (FTC) reported that there were 3.3 million instances of reported identity theft and fraud in the US. You may think that number is shocking, but...
Always Faithful: The Marine Filing Your Taxes. A Spotlight on Borland Benefield’s David Casas
It's very likely that what you wanted to be when you were a kid, and what you ended up being are pretty different. You might have wanted to be an astronaut, a race car driver, a famous musician or a sports icon. Maybe you had absolutely no idea what you wanted to be....
Save Our Stages! What You Need to Know About the Shuttered Venue Operator Grant
The COVID-19 pandemic has been tough on every single facet of American business, especially those that rely on large gatherings. Museums, music venues, concert halls, and movie theaters have all been hit especially hard during the shutdowns. Many of us plan our...
Promotion Announcement of Clif Daniel and Bob Poole
We are beyond pleased to announce the promotions of Clif Daniel to Shareholder and Bob Poole to Supervisor at Borland Benefield, P.C. Mr. Daniel graduated from Birmingham Southern and has over 14 years of experience in audit, tax, and accounting services Mr. Poole is...
Tax Reform Letter
Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go...
Tax Changes Letter
The new tax reform law, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the biggest federal tax law overhaul in 31 years, and it has both good and bad news for taxpayers. Below are highlights of some of the most significant changes affecting individual and...