Our Financial Blog
IRS reminder: Jan. 31 filing deadline for employers to file wage statements, independent contractor forms
With tax season rapidly approaching, the IRS reminds employers that Jan. 31 is the deadline for submitting wage statements and forms for independent contractors with the government. Employers must file their copies of Form W-2, Wage and Tax Statement, and Form W-3,...
Business Beneficial Ownership Reporting
In the ever-evolving landscape of business regulations, the Corporate Transparency Act (CTA), passed as part of the National Defense Authorization Act for Fiscal Year 2021, introduces new reporting requirements for businesses in the United States, specifically...
2024 Standard Mileage Rates Announced
As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on...
Corporate Transparency Act Information and BOI Reporting Starting January 1, 2024
Last year, Financial Crimes Enforcement Network (FinCEN) took a historic step in support of U.S. government efforts to crack down on shell companies and illicit finance by issuing a final rule establishing a beneficial ownership information reporting requirement,...
1099-K Reporting Threshold Last Minute Change
Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service has announced a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for calendar...
IRS Expands Requirement to E- File Information Returns Starting in 2024
Businesses, whether operating as a corporation, partnership, or a sole proprietorship, have been required to electronically file information returns when the aggregate number of these returns, regardless of the type of return, for a tax year was more than 250. The IRS...
Demystifying Business Valuations: A Guide for Informed Decision-Making
As a business owner, understanding the value of your company is crucial for various scenarios, from transactions to tax reporting, financial reporting, and even potential litigation. In this comprehensive guide, we’ll address ten commonly asked questions about...
Year-End Tax Planning Opportunities Are Here
Year-end is rapidly approaching, as are the holidays. So, before you become distracted with the seasonal celebrations, it may be in your best interest to consider year-end tax moves that can benefit you for both 2022 2023 and 2023 2024. Here are last-minute tax issues...
IRS provides tax inflation adjustments for tax year 2024
WASHINGTON — The Internal Revenue Service announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes. Revenue Procedure 2023-34 provides detailed information about these annual...
Smart Strategies for Building and Expanding Your Nest Egg
In today's dynamic financial landscape, it's imperative to explore innovative ways to save and grow your nest egg. This comprehensive guide outlines practical and proven savings hacks that can significantly enhance your financial security and future prosperity. 1....
IRS Offering a Withdrawal Process for Ineligible ERC Claims
The IRS has created a withdrawal option to help small business owners and others who were pressured or misled by ERC marketers or promoters into filing ineligible claims. Claims that are withdrawn will be treated as if they were never filed. The IRS will not impose...
Navigating the Legacy: A Comprehensive Guide to Estate Planning for Baby Boomers
The baby boomer generation, a demographic cohort born between 1946 and 1964, is on the cusp of a significant transition. As they approach later stages of life, the importance of comprehensive estate planning cannot be overstated. This generation, one of the largest in...
IRS Alters Audit Focus
A key component in promoting the highest degree of voluntary compliance on the part of taxpayers is enforcement of the tax law. By pursuing those individuals and businesses who don't comply with their tax obligations, the IRS is being fair to those who are compliant....
IRS Provides Employers Way to Withdraw Dubious ERC Claims
Despite warnings from the IRS, the American Institute of CPAs, and other professional tax preparer societies, many business owners have fallen victim to aggressive marketing of the Employee Retention Credit (ERC) by marketers or promoters into filing ineligible...
Obscure and Overlooked Tax Deductions, Credits, and Benefits
As tax time approaches, here are some tax issues that taxpayers frequently overlook, ranging from obscure deductions to overlooked tax credits and benefits. Of course, not everything can be included since the tax law has grown significantly in complexity, and it would...
Accountable Plans: A Win-Win for Employers and Employees
As an employer or an employee one intricacy of tax laws and regulations that often goes unnoticed is the concept of Accountable Plans. These plans, when implemented correctly, can provide significant tax benefits for both employers and employees. Under the Tax Cuts...
Navigating the Impact of Rising Interest Rates on Personal Finances
As the current 30-year mortgage rate hovers at 8%, and the 10-year treasury approaches 5%, it's crucial to understand the implications of rising interest rates on personal finances. Depending on your life stage and financial situation, these changes can bring both...
Startup Interest Rates: Navigating the Impact of Federal Reserve Hikes
The Federal Reserve last decided to raise interest rates in July 2023, bringing the benchmark federal funds rate to a target range between 5.25% and 5.5% – though it is worth noting that the Fed has kept interest rates stagnant during its last three meetings, most...
IRS Orders Immediate Stop to New Employee Retention Credit Processing
Despite warnings from the IRS, AICPA, and other professional tax organizations many business owners are being misled into filing for the Employee Retention Tax Credit for which they do not qualify. Amid rising concerns about a flood of improper Employee Retention...
Navigating the Challenge: How Rising Interest Rates Impact Start-up Fundraising
In the dynamic world of start-ups, securing funding is the lifeblood of growth and innovation. However, as interest rates begin to rise, entrepreneurs find themselves facing a new set of challenges. In this article, we'll explore the multifaceted impact of rising...