Accounting Insights from Borland Benefield
Crypto: What Taxpayers Need to Know
Cryptocurrencies have gone mainstream. You can now invest in them and use them to buy and sell many products and services. However, crypto transactions have important federal tax implications that may not be well understood by everyone. Here's an update on what you...
Small Business Tax Planning Strategies for 2023
Keeping track of your small business is hard enough without the looming cloud of tax time. Fortunately, there are ways for small business owners to prepare for tax season. Establish a Tax-Favored Retirement Plan for Your Business Current rules allow for generous...
Skills for the Future: Allison Hodge Talks About Her Internship Experience at Borland Benefield
Gaining practical experience and building a robust professional network is essential for a successful career in accounting. Education is the first step, but the benefits of taking on an internship, with its innumerable learning opportunities, cannot be overstated....
Borland Benefield and the Mason Music Fest: Fostering Alabama’s Love for Music
Nonprofits and organizations dedicated to helping their communities have always been important to Borland Benefield. The firm caters to these benevolent entities as a specialty, even creating the Nonprofit Audit Group to serve this sector. One such nonprofit is the...
Important Federal Tax News Regarding Disability Income and Health Savings Accounts
Tax season might be over, but the tax accountants at Borland Benefield are still on the job keeping an eye on changes that might affect your taxes. Here are a couple of points to remember regarding taxes on disability income and the new contribution amounts for Health...
Are Your Social Security Benefits Taxable?
Many retirees have seen their Social Security benefits increase in 2023 due to a cost-of-living adjustment that was higher than in past years. Further increases are expected for 2024. While more benefits are welcome, they could mean more income taxes on those benefits...
Continuing the Tradition: Helpful Tips for Passing Down Your Family Business
Passing down a family business is a time-honored tradition in American enterprise. According to the Cornell University Smith Family Business Initiative, approximately 75% of small businesses rely on family members to run and maintain a business. These businesses are...
The Gold Standard of Accounting: The Ins and Outs of the CPA Exam
Public accounting is a critical service. Individuals and businesses will always need help navigating tax laws and filing taxes. Businesses and other organizations will always need a second set of eyes for audit work. The public relies on certified professionals to...
Tips for Landing an Internship with Borland Benefield
Borland Benefield was founded in 1922 when William Howard Borland, Sr. answered Alabama's need for quality accounting services. At the time, Mr. Borland was the 54th accountant to be certified in the state. For more than one hundred years, that initial dream has seen...
Accounting for the Future: Leigh Anna Hall and the CPAs of Tomorrow
Success in accounting requires many skills – tenacity, curiosity, and a way with numbers. But, as with most professions, aspiring accountants need more than just a knack for figures. It requires just as much dedication to study as it does any innate talent. It's a...
Self-Employed Business Owners: What’s the Right Retirement Plan?
If you own a successful small business with no employees, you might be ready to set up a retirement plan. Or you might want to upgrade from a more-basic SIMPLE IRA or Simplified Employee Pension (SEP) plan. Here are two options — solo 401(k)s and defined benefit...
The Best Financial Apps for Your Kids
In a previous blog, we covered a few ways to teach children the importance of financial literacy. We went a step further and reviewed a handful of financial apps that are great tools to help parents teach their children about finances. Here are four of our favorite...
A Cycle of Success: Charlie Polmatier, Borland Benefield Shareholder
Hard work creates good outcomes, whether that's in someone's personal or professional life. Borland Benefield associates are no strangers to hard work. That includes Charlie Polmatier, Borland Benefield shareholder and head of the Municipal Audits Division. Charlie...
Going Green and Saving Green: Tax Credits for Clean Technology
The Inflation Reduction Act of 2022 sets out to tackle some of the economic issues that have threatened the U.S. economy due to the lingering effects of the COVID-19 pandemic. One of the main problems it seeks to mitigate is climate change and environmental...
New Address, Same Great Quality: Borland Benefield’s Florence Office
Much has been made of the centennial celebration of Borland Benefield, and most of the focus of the celebration has been centered around the firm’s Birmingham office, but since 1984 the Florence office of Borland Benefield has been quietly churning out quality...
How the Inflation Reduction Act Helps Bring Down Skyrocketing Drug Costs
The Inflation Reduction Act implements a wide-ranging set of changes aimed at helping America bounce back from the COVID-19 pandemic. Incentivizing green energy adoption for businesses and individuals are central goals, but the IRA also tackles the high cost of...
Important New Guidelines for Municipal Audits in Alabama
Act 2022-345 (HB256) was recently passed into law by the Alabama Legislature. HB256, also known as the Municipal Audit Clarification Act, details how mayors or city managers of a municipality should audit their municipality’s financial expenditures and how often these...
Helping Inspire Hope: The Presbyterian Home for Children
The greatest gift someone in need can receive is a helping hand. One of Borland Benefield’s oldest nonprofit clients, the Presbyterian Home for Children, has been reaching out and lifting those in need for more than one hundred and fifty years. Thanks to PHFC,...
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...
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...
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...