Blog
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...
Are you Ready? FASB Issues New Guidance on Not-for-Profit Financial Reporting: What You Need To Know
In August 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU 2016-14) in order to simplify the financial statements of non-profits. The new standard helps to improve the financial presentation of the non-profit’s financial...