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Are you ready for the new disclosure requirements for government assistance?

Stephen Leazzo

Posted By: Stephen Leazzo

Posted March 1, 2022 / No comments

Starting in fiscal year 2022, all entities — except nonprofit organizations in the scope of Topic 958, Not-for-Profit Entities, and employee benefit plans — must provide detailed disclosures about government assistance. Here are the details of the new rules. Defining government assistance The term “government assistance” may refer to perks and other incentives policymakers provide to

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Could internal promotions ease your hiring woes?

Robert Tighe

Posted By: Robert Tighe

Posted February 28, 2022 / No comments

Much has been written about the difficulties many employers face finding job candidates. The pandemic has acted as a massive disruption to the labor market and, beginning last year, we saw a perhaps surprising ripple in “the Great Resignation” — a marked trend of employees voluntarily leaving their jobs and leaving organizations with many open

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The election to apply the research tax credit against payroll taxes

Cynthia Petschke

Posted By: Cynthia Petschke

Posted February 28, 2022 / No comments

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex calculations, which we can take care of for you. But in addition to the credit itself, be aware that the credit also has two features

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Are you ready for the 2021 gift tax return deadline?

Keith Orr

Posted By: Keith Orr

Posted February 23, 2022 / No comments

The annual gift tax exclusion has increased in 2022 to $16,000 but was $15,000 for 2021. Generally, you must file a gift tax return for 2021 if, during the tax year, you made gifts: That exceeded the $15,000-per-recipient gift tax annual exclusion for 2021 (other than to your U.S. citizen spouse), That you wish to

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4 levels of audit opinions

Stephen Leazzo

Posted By: Stephen Leazzo

Posted February 23, 2022 / No comments

The first page of audited financial statements is the auditor’s report. This is an important part of the financials that shouldn’t be overlooked. It contains the audit opinion, which indicates whether the financial statements are fairly presented in all material respects, compliant with Generally Accepted Accounting Principles (GAAP) and free from material misstatement. In general,

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Agencies clarify plan coverage of COVID-19 tests

Keith Orr

Posted By: Keith Orr

Posted February 22, 2022 / No comments

On February 4, the Department of Labor, IRS and Department of Health and Human Services issued additional frequently asked question (FAQ) guidance addressing the terms and conditions under which group health plans must cover over-the-counter (OTC) COVID-19 diagnostic tests. The FAQs build on earlier guidance (FAQs Part 51) that established, during the COVID-19 public health emergency, group

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Can you deduct the costs of a spouse on a business trip?

Cynthia Petschke

Posted By: Cynthia Petschke

Posted February 22, 2022 / No comments

If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips. The rules for deducting a spouse’s travel costs are very restrictive. First of all, to qualify, your spouse must be your employee. This means you can’t deduct the

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Married couples filing separate tax returns: Why would they do it?

Timothy King

Posted By: Timothy King

Posted February 15, 2022 / No comments

If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly

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Take your financial statements to the next level

Stephen Leazzo

Posted By: Stephen Leazzo

Posted February 15, 2022 / No comments

Spring is the time of year that calendar-year-end businesses issue financial statements and prepare tax returns. This year, take your financial data beyond compliance. Here’s how financial statements can be used to be proactive, not reactive, to changes in the marketplace. Perform a benchmarking study Financial statements can be used to evaluate the company’s current

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Making withdrawals from your closely held corporation that aren’t taxed as dividends

Cynthia Petschke

Posted By: Cynthia Petschke

Posted February 14, 2022 / No comments

Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient since it’s taxable to you to the extent of your corporation’s “earnings and profits.” It’s also not deductible by the corporation. Five alternatives

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