The U.S. economy has been nothing short of a roller-coaster ride for the past year and a half. Some industries have had to overcome seemingly insurmountable challenges, while others have seen remarkable growth opportunities arise. If your business is doing well enough for you to consider adding a location, both congratulations and caution are in … Read More
When the IRS seizes taxpayer property for unpaid taxes, strict compliance with legal guidelines must be followed. Recently the Treasury Inspector General for Tax Administration (TIGTA) issued its fiscal year 2021 review of IRS property seizures. In an examination of 90 of the 145 seizures conducted, the IRS “generally adhered” to requirements, said TIGTA. However, … Read More
Commercial loans, particularly small business loans, have been in the news over the past year or so. The federal government’s Paycheck Protection Program has been helpful to many companies, though fraught with administrative challenges. As your business pushes forward, you may find yourself in need of cash in the months ahead. If so, more traditional … Read More
The IRS is reminding taxpayers that there’s still time to make charitable donations under provisions of COVID-19-related legislation. These provisions are scheduled to expire at the end of this year. For taxpayers who don’t itemize, they can claim a limited deduction (up to $300) for cash contributions made to certain qualifying charitable organizations. Married couples … Read More
The IRS has updated its list of countries with which the U.S. has agreements to share information. Specifically, the agreements require payors to report certain deposit interest paid to nonresident alien individuals who are residents of other countries. The tax code requires a payor to report $10 or more of “reportable interest” paid to a … Read More
Timely financial reporting is key to making informed business decisions. Managers need to know what’s in the pipeline to respond promptly and decisively. Unfortunately, it typically takes several weeks to prepare financial statements under U.S. Generally Accepted Accounting Principles (GAAP). And many companies only produce GAAP financials at the end of the quarter or year. … Read More
An important deadline is coming up. Individual taxpayers with filing extensions for their 2020 income tax returns have an extension deadline of Friday, Oct. 15, 2021. Taxpayers who fail to file on or before that deadline may be subject to a late-filing penalty. Although the deadline is firm for most taxpayers, certain taxpayers may have … Read More
Timely financial data is key to making informed business decisions. Unfortunately, it’s common for managers to struggle with their companies’ accounting systems to get the information they need, when they need it. Often, it takes multiple, confusing steps to enter and extract data specific to customers and/or projects. Businesses and accounting software solutions evolve over … Read More
Taxpayers who don’t qualify for the Child Tax Credit because their children are too old may have an alternative. The Credit for Other Dependents maxes out at $500 per dependent if certain conditions are met. To qualify, dependents must: Be age 17 or older; have individual taxpayer ID numbers; be a qualifying relative of the … Read More
Related-party transactions and financial connections are a normal part of operating a business. But these arrangements have gotten a bad rap because dishonest people sometimes use them to disguise poor performance or dishonest activities. So, identifying related parties and evaluating your interactions with them are important parts of the external audit process — especially in … Read More