Matter & Substance

Thoughts from our industry
to help Businesses and Individuals

January 27, 2022

Mobile Money Apps Must Report $600+ in Business Transactions to IRS

Effective January 1, 2022, mobile money apps like Venmo, PayPal, and CashApp must report annual commercial transactions totaling $600 or more to the IRS. This change comes as a part of the 2021 American Rescue Plan. Previously, the threshold...

January 20, 2022

The IRS Expects Massive Delays—Here’s How to Avoid Them

The IRS has released its plans to have 2021 tax returns due on April 18, 2022, for most individual filers. This marks the first time since the pandemic began that filing deadlines will return to historical norms. Although Americans...

January 13, 2022

Supply Chain Issues Aren’t Going Away—Here’s How to Prepare for Them

We’ve seen supply chain issues ebb and flow since the beginning of 2020. Sometimes, that meant shipments arrived later. Other times, they never arrived at all. Supply chain disruptions have caused uncertain times and increased prices for businesses and...

December 22, 2021

Five Pitfalls to Avoid During Diligence

Authored Content by Michael Kidd At Mowery & Schoenfeld, our team has been an active member in the Entrepreneurship Through Acquisition (ETA) community for more than a decade. Our methodology is one of partnership. We focus on providing thoughtful...

December 21, 2021

Michael Kidd, Consulting Partner at Mowery & Schoenfeld, named 2021 CPA Practice Advisor “40 Under 40” Professional

Lincolnshire, Ill. – Mowery & Schoenfeld, LLC is proud to announce Michael Kidd—Consulting Partner and director of Transaction Advisory Services—was named as one of the 2021 CPA Practice Advisor “40 under 40” Professionals. Michael joined the Firm upon graduation...

December 14, 2021

How to Protect Yourself Against the Apache Log4j Logging Library Exploit

An uncovered flaw in Log4j is being exploited by hackers, allowing them to load Java code on a server and take control.

December 7, 2021

Important Tax Changes for the Search Fund Community

On August 23, 2021, a ruling was made by the Tax Court that may have a significant impact on how entrepreneurs treat expenses incurred during the search phase. An Examination of Estate of Morgan v. Comm’r of Internal Revenue...

December 2, 2021

How Cryptocurrency Transactions Are Affected by the Infrastructure Investment Jobs Act

Last week, President Biden signed the Infrastructure Investment and Jobs Act (not to be confused with the Build Back Better Act currently in the Senate), which authorizes $550 billion in new funding on infrastructure projects such as public transportation,...

November 30, 2021

If Your Business Took a PPP Loan, You Need to Prepare for an Audit

As part of the CARES Act, the Paycheck Protection Program (PPP) was a loan created to provide economic assistance to small businesses during the COVID-19 pandemic. Under the PPP, U.S. Congress authorized the Small Business Administration (SBA) to fund...

November 23, 2021

Matter & Substance

Thoughts from our industry to help Businesses and Individuals

Thoughts from our industry
to help Businesses and Individuals