Under the Inflation Reduction Act, clean energy construction projects must satisfy several labor requirements to receive full tax credit amounts. Qualifying projects must provide a prevailing wage to employees and contractors during the first five-year period a project is placed into service. The law also stipulates a minimum threshold (10% in 2022, 12.5% in 2023 … Read More
For a company to be truly successful, its ownership needs to attempt the impossible: see into the future. Forecasting key metrics — such as sales demand, receivables, payables and working capital — can help you manage overhead, offer competitive prices and keep your business on firm financial footing. Although financial statements are often the starting … Read More
How will the IRS spend $80 billion of new funding provided under the Inflation Reduction Act? The plan is to course-correct after setbacks (including COVID-19) that led to erosion of customer service. U.S. Treasury Secretary Janet Yellen listed some key areas of focus. They include fully staffing all IRS Tax Assistance Centers by next year … Read More
Auditing standards require financial statement auditors to identify and assess the risks of material misstatement due to fraud — and to determine overall and specific responses to those risks. Here’s why face-to-face meetings are essential when assessing these risks. Audit inquiries Fraud-related questions are a critical part of the audit process. The AICPA requires auditors … Read More
If you requested an extension from the IRS to file your 2021 tax return, the Oct. 17 deadline is coming up soon. Taxpayers who asked for an extension should file on or before the deadline to avoid a late-filing penalty. Although Oct. 17 is the last day for most people to file, certain taxpayers may … Read More
In today’s volatile market conditions, it’s important to review your accounts receivable ledger and consider writing off stale, uncollectible accounts. The methods that you’ve used in the past to evaluate bad debts may no longer make sense. Here’s how to keep your allowance up to date. Know the rules Under the accrual method of accounting, … Read More
The Biden administration has rolled out a new webpage for taxpayers to learn more about how to claim various energy tax credits under the Inflation Reduction Act. CleanEnergy.gov serves to educate the public on incentives available for home energy conservation upgrades, including weatherization, rooftop solar systems and electric appliance installation. For each credit, the page … Read More
Providing for the educational needs of your children, grandchildren and even future generations is an honorable estate planning objective. What are your options for achieving this goal? A 529 plan can be a highly effective tool for funding tuition and other educational expenses on a tax-advantaged basis. But after your death, there’s no guarantee that … Read More
No one likes to contemplate his or her own mortality. But ignoring the need for an estate plan or procrastinating in the creation of one is asking for trouble. If you haven’t started the process, don’t delay any longer. For your estate plan to achieve your goals, avoid these four pitfalls: Pitfall #1: Failing to … Read More
Let’s assume you have a legally valid will but you’ve decided that it should be revised because of a change in your family’s circumstances. Perhaps all you want to do is add a newborn grandchild to the list of beneficiaries or remove your adult child’s spouse after a divorce. These are both common reasons to … Read More