wscpa, Author at Walter Shuffain

Tax Planning for Business Profitability

In today’s competitive business landscape, understanding the intricate world of tax regulations is more than just compliance – it’s a strategic imperative for maximizing profitability. Effective tax planning is a vital component of financial management for business owners, influencing key…

Data and Technology Are Key to Managing Third-Party Risk

In today’s globalized business environment, no company operates alone. From manufacturers to financial services companies to cloud service providers, external vendors are integral to every business’s success — though each third-party relationship also introduces potential risks. This ecosystem of interconnected…

New Requirement to Cover Long-Term Part-Time Employees in 401(k) Plans Enters Into Effect

The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act of 2019) and the SECURE 2.0 Act of 2022 (collectively, SECURE) enacted a new mandate that, starting in 2024, long-term, part-time (LTPT) employees must be allowed to…

New Accounting Standards Upcoming Effective Dates for Public and Private Companies

This publication summarizes the new accounting standards with mandatory effective dates in the first quarter of 2024 for public entities, as well as new standards that take effect in annual 2023 financial statements for nonpublic entities. Those effective dates reflect…

The Section 41 R&D Tax Credit Reporting Requirements: Preparing for New Form 6765

Proposed changes to Form 6765 Credit for Increasing Research Activities, also known as the Section 41 research credit or R&D tax credit, are expected to become effective beginning with tax year 2024. The changes to the form, which include the…

2023 Year-End Reminders Regarding Common Fringe Benefits, Special Rules for 2% S Corp Shareholders

As 2023 draws to a close, employers should review whether they have properly included the value of common fringe benefits in their employees’ and (if applicable) 2% S corporation shareholders’ taxable wages. This is especially true for 2023 and beyond,…

Begin Your Tax Planning Journey Here

Effective tax planning is essential in today’s business and personal financial landscape. As we quickly approach year-end, there is no time to waste. Businesses, individuals, and family offices should assess their 2023 and 2024 tax situations to uncover opportunities for…

2023 Year-End Guide – Tax Accounting Methods

A taxpayer’s tax accounting methods determine when income is recognized and costs are deducted for income tax purposes. Strategically adopting or changing tax accounting methods can provide opportunities to drive tax savings and increase cash flow. However, the rules covering the…

2023 Year End Guide – Business Incentives & Tax Credits

Employee Retention Credit The employee retention credit (ERC) is a refundable payroll tax credit for wages and health plan expenses paid or incurred by an employer (1) whose operations were either fully or partially suspended due to a COVID-19-related governmental…

2023 Year-End Guide – Financial Transactions

The tax rules dealing with financial transactions and instruments can be complicated, but failure to understand these rules and their application to your business’s transactions could result in negative tax consequences or forgone opportunities. As part of year-end planning and…

Author: wscpa (page 2)