Final IRS regulations are issued on identifying and recovering misdirected direct deposit refunds. The final regulations provide the procedures for taxpayers to identify and recover tax refunds issued by electronic funds transfer (direct deposit) that weren’t delivered to the accounts designated by taxpayers to receive the refunds on their federal tax returns. This may also … Read More
With a difficult year almost over, and another one on the horizon, now may be a good time to assess the size of your sales force. Maybe the economic changes triggered by the COVID-19 pandemic led you to downsize earlier in the year. Or perhaps you’ve added to your sales team to seize opportunities. In … Read More
The IRS issues final regulations on executive compensation deductions. The tax code doesn’t allow a publicly held corporation to deduct employee remuneration paid to a covered employee when it exceeds $1 million for the year. The regs reflect changes made by the Tax Cuts and Jobs Act, which amended definitions of covered employee, publicly held … Read More
Each year, public companies must assess the effectiveness of their internal controls over financial reporting (ICFR) under Section 404(a) of the Sarbanes-Oxley Act (SOX). In some cases, private companies should follow suit. In addition, a public company’s independent auditors are generally required to provide an attestation report on management’s assessment of ICFR under Sec. 404(b). But some … Read More
Are you in the market for a new plug-in electric vehicle? If so, the IRS has recently added several new vehicles eligible for the plug-in electric drive motor vehicle credit. The credit is equal to $2,500, plus an additional amount that cannot exceed $5,000 and is based on the vehicle’s battery capacity. Thus, the total … Read More
Mail delays at the IRS result in extra time for some taxpayers. On Dec. 11, the tax agency announced that notices that should’ve been mailed between Nov. 9 and Nov. 23 were delayed, due to the volume of notices to be processed and the ongoing impact of COVID-19. Some of these notices include a due … Read More
Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind. A cap on deductions Cars are subject to more restrictive tax depreciation rules than those that apply to other depreciable assets. Under so-called “luxury auto” rules, depreciation deductions are artificially “capped.” So is the … Read More
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If you haven’t yet thought about your 2020 taxes, or considered your 2021 tax situation, don’t delay having a conversation with us. There may be actions you can still take before the end of the year to make a favorable impact on your tax bill. If you’re an owner of a pass-through entity and pay … Read More
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction: Is available to owners of sole proprietorships, single member limited liability companies (LLCs), partnerships, and S corporations, as well … Read More