Blog Archives: 2021

Leadership Through Adversity

Creating an environment for solving difficult challenges is a prerequisite for effective leadership. Occasionally, the challenges may be positive and fun to address, such as how to best take advantage of a new market opportunity.

However, anyone in a position of leadership will face adversity sooner or later. While I would not characterize problem-solving in the face of adversity as “fun,” it is nevertheless rewarding, perhaps even more so, as the stakes are often very high.

The challenges of 2020 have taught me a great deal about leading through adversity. When faced with a major challenge, there is typically no playbook for responding to the issues that spring up with little notice.

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Becoming Leaders in Times of Change

As 2019 came to a close, Clark Nuber promoted a record five principals into the ranks of shareholder. Little did these new shareholders know what was waiting for them on the other side of the new year. We recently met with them to discuss the challenges of 2020, the unexpected opportunities of working remote, and what it was like coming into a leadership role during a once-in-a-lifetime crisis.

Interviewer: You’ve been shareholders at Clark Nuber for over a year now. Did you see yourself here when you first began?

Jennifer Mace (JM): I would say it felt like a natural progression.

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Charitable Contribution Changes for 2021

The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR) signed into law in December 2020, extends certain favorable CARES Act provisions regarding charitable deductions and provides for disaster relief deductions. Here are the highlights.

Individual Charitable Contribution Deduction for Non-Itemizers

Individuals that do not itemize deductions on their tax returns may take a charitable deduction for 2020 up to $300 per return for cash contributions to an organization exempt under Code Section 501(c)(3), except for contributions to supporting organizations and donor advised funds. This deduction will also be available for 2021, up to $300 (and, added by TCDTR, $600 on a joint return).

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2021 Paycheck Protection Program Loan First and Second Draws: Who is Eligible?

The Consolidated Appropriations Act, 2021 made a second draw of Paycheck Protection Program (PPP) loans available to qualifying organizations. Here is an overview of the entities eligible for first and second draw PPP loans:

Eligible for First Draw PPP Loans

  • Small entities that, together with their affiliates, have 500 or less employees. This includes nonprofits, veterans’ organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors.
  • Certain entities with more than 500 employees in certain industries can also apply. This includes businesses with a NAICS Code that begins with 72 (The Accommodation and Food Services sector) or eligible news organizations with no more than 500 employees per physical locations,

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Business Meal Expense Update

Introduction

Starting in 2018, under the Tax Cuts & Jobs Act (TCJA), all business meals were made 50% deductible. This included all employee, business, travel, and per diem meals, unless separately billed to a client. It also included meals incurred during entertainment (i.e. football games) if the meals were separately stated from the entertainment expense. The 50% meals limitation does not apply to employee parties. It was unclear whether employee office snacks (de minimis) and office meals were subject to the 50% limitation.

On October 9, 2020, the IRS issued final regulations that clarified the employee office snacks (de minimis) and office meals are subject to the 50% limitation.

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Melissa Takade
Director of Marketing
Clark Nuber
Phone: 425-454-4919
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