As of Wednesday, 12/3, a federal judge in Texas issued a ruling suspending (temporarily) enforcement of the Corporate Transparency Act (CTA) nationally. The CTA created the Beneficial Owner Information (BOI) filing requirement for businesses. This ruling is not a repeal but a temporary stay of enforcement.
Chart a Course for Success With a Detailed Chart of Accounts
Posted by Chris Earnest on Dec 05, 2024
A chart of accounts is the foundation of accurate financial reporting, so it needs to be set up correctly. A disorganized chart or one that lumps transactions into broad, undefined “buckets” of data can make it difficult for management to evaluate financial performance and identify unmet customer needs — or open the door to accounting errors and fraud. Here’s some guidance on how to create a robust chart that’s right for your situation.
Posted in Accounting & Outsourcing
How Your Business Can Prepare for and Respond to an IRS Audit
Posted by Melissa Motley, CPA on Nov 20, 2024
The IRS has been increasing its audit efforts, focusing on large businesses and high-income individuals. By 2026, it plans to nearly triple its audit rates for large corporations with assets exceeding $250 million. Under these plans, partnerships with assets over $10 million will also see audit rates increase tenfold by 2026. This ramp-up in audits is part of the IRS’s broader strategy, funded by the Inflation Reduction Act, to target wealthier entities and high-dollar noncompliance.
Posted in Audit & Assurance
If you own a growing, unincorporated small business, you may be concerned about high self-employment (SE) tax bills. The SE tax is how Social Security and Medicare taxes are collected from self-employed individuals like you.
Posted in Business Advisory
The following is not a comprehensive list of all changes but a summary of key adjustments that will affect a wide range of taxpayers.
Posted in Individual Tax
From Flights to Meals: A Guide to Business Travel Tax Deductions
Posted by Nick Wheeler, CPA on Nov 14, 2024
As a business owner, you may travel to visit customers, attend conferences, check on vendors, and for other purposes. Understanding which travel expenses are tax deductible can significantly affect your bottom line. Properly managing travel costs can help ensure compliance and maximize your tax savings.
Posted in Business Tax
The Amount You and Your Employees Can Save for Retirement Is Going Up Slightly in 2025
Posted by Marty Williams, CPA on Nov 13, 2024
How much can you and your employees contribute to your 401(k)s or other retirement plans next year? In Notice 2024-80, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for retirement plans, as well as other qualified plans, for 2025. With inflation easing, the amounts aren’t increasing as much as in recent years.
Posted in Retirement & Wealth Management Planning
The SECURE 2.0 Act aims to expand the ease of saving for retirement, to simplify the management of retirement plans, and, in general to improve financial security for American workers and retirees. The updated law includes new options for 401(k) and 403(b) employer contributions, adjustments to the required minimum distribution age for IRAs, and increased catch-up contribution limits. The act also has incentives to encourage employee enrollment.
Posted in Payroll, HR & Benefits
The U.S. tax code is complicated and often hard to understand, with many provisions, credits, and disallowances. Let's review a few credits that many people are interested in, as well as how to respond to the IRS if you get married — or get a taxes-due notice.
Posted in Tax Planning
Running a closely held business is challenging. Owners usually prioritize core business operations — such as managing employees, serving customers, and bringing in new sales — over tedious bookkeeping tasks. Plus, the accounting rules can be overwhelming.
Posted in Accounting & Outsourcing