Blog
A Handy Summary of the Key Points of the Inflation Reduction Act of 2022
Inflation continues to strain American families as the country grapples with the aftereffects of the COVID-19 pandemic. To overcome these challenges and face the growing concerns of a recession, the government passed the Inflation Reduction Act of 2022 on August 16....
401(k) Loans: Yay or Nay?
In today's tough economy, you may find yourself struggling to cover your day-to-day expenses. But rising interest rates are making traditional loans more expensive. In such an environment, you might consider borrowing funds from your 401(k) retirement account, if your...
Scammer Alert: Beware of False Contact from the IRS.
One day in late July, Cassandra received an email from the IRS informing her that she had failed to pay her taxes. The email threatened fee after fee for Cassandra’s mistake, totaling up to thousands of dollars. Worse, the email alluded to possible criminal charges...
Food, Fun, and Nonprofit Accounting: How we Help Holy Trinity + Holy Cross and the Greek Food Festival.
Accounting and delicious food are not two words that often go hand in hand, but every October, the irresistible aroma of Greek food and the toe-tapping tempos of traditional Greek music overtake the grounds of the Holy Trinity + Holy Cross Greek Orthodox Cathedral in...
Unlock 8 Tax Breaks for Home Ownership
Over the last year, home prices have soared in many parts of the country. In addition to benefitting from an appreciating asset, eligible homeowners enjoy several tax advantages. Here are eight reasons why it's better to be an owner, rather than a renter, from a...
Procedural Issues Every Exempt Organization Should Know About.
The IRS is currently inundated with procedural and technical obstacles that have caused processing delays. Here are some items of note that have been reported by exempt organizations and their service providers. Announcement 2001-33 Replaced. Nonprofits should be...
Consider Taxes Before Selling a Highly Appreciated Vacation Home
Real estate markets are still surging in many parts of the country, especially in some popular travel destinations. If you're thinking about selling a vacation home that's increased dramatically in value, you might be rightly concerned about the tax hit. While the...
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...