Accounting, Tax & Finance Articles

Welcome to our Resources section, where you will find articles on accounting, tax, and finance for businesses and individuals, as well as resources to aid in business financial planning across a variety of industries we serve. Please contact us for personalized advice in accounting and finance. Maxwell Locke & Ritter is here to offer trusted guidance.

In today’s unprecedented market conditions, key “unknowns” could have a material impact on the accounting estimates included in your company’s financial statements. Learn more about the three common approaches used by auditors to substantively test accounting estimates and fair value measurements to reduce the risk of restatements or write-offs in future periods.

Is your family planning a road trip this summer? Many Americans are expected to hit the road as parts of the country relax their COVID-19-related restrictions on in-person gatherings, dining, recreation and events. Though road trips are generally less expensive than air travel, rising gas prices could increase how much you’ll need to budget for your vacation, especially if you’re riding in a gas-guzzling V-8 or recreational vehicle.

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you retire.


The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021.


In lieu of providing cash bonuses or annual raises, some companies choose to give valued employees a share of their future profits. While corporations generally issue stock options, limited liability companies (LLCs) use a relatively new form of equity compensation called “profits interests” to incentivize workers. Here’s a summary of the accounting rules that are used to account for these transactions.


Many businesses provide education fringe benefits so their employees can improve their skills and gain knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from an employer for education under a “qualified educational assistance program.” Learn more about setting up an education assistance or student loan repayment plan for your team.


Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property.

If your company is planning to merge with or buy another business you should address the post-closing financial reporting requirements for the transaction. Here’s guidance on how to correctly account for M&A transactions under U.S. GAAP.

During the pandemic, many employees have postponed using their allotted paid time off until COVID-related restrictions are lifted and safety concerns subside. Here’s some guidance to help evaluate whether your company is required to report a liability for so-called “compensated absences” and, if so, how to estimate the proper amount.

Small business owners are sometimes reluctant to set up retirement plans because of the administrative burdens. Here are two options to consider that have less stringent requirements than traditional qualified retirement plans.

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