Walter & Shuffain - Certified Public Accountants & Business Advisors

Are You Up to Date on Travel Deductions as Business Travel Returns?

COVID restrictions have eased, and in-person conferences are back on the calendar. And as more people return to offices, companies are warming to sending their employees on work trips.

For many businesses, it’s been a minute since they’ve had to account for employee travel expenses. So it might be time for a refresher on which expenses are tax-deductible, which aren’t, and what pandemic-related tax incentives are available. 

It’s Time to Re-examine the Pros, Cons of Cryptoassets

Cryptoassets have been taking off so quickly that President Biden signed an executive order in March outlining a government approach to address the risks and harness the benefits of cryptocurrency while urging the research and development of a U.S. Central Digital Bank Currency.

Yet, for all the attention cryptoassets are receiving, many business leaders are still trying to understand what they are, how they work, and the pros and cons of using them.

Where Is the IRS in Working Through the Backlog?

You may be wondering about your tax return or refund status and worry the IRS’ backlog will impact you. You’re not alone.

The IRS reports it had received 91.26 million 2021 tax year returns and had processed 89.27 million through the week ending April 1, 2022. As of late December 2021, the IRS had about 10.5 million returns to process from 2021. The agency also suspended and reviewed 35 million returns with errors primarily because of new or modified tax credits last year, further adding to the backlog.

IRS Offers New Details to Prepare Schedules K-2, K-3

The IRS has provided an additional exception for qualified domestic partnerships and S corporations to file their schedules K-2 and K-3 for tax year 2021 to further ease the transition to these new schedules. The new schedules standardize international tax information to partners and flow-through investors while clarifying obligations and standardizing the reporting format.

Don’t forget about the Work Opportunity Tax Credit

The Work Opportunity Tax Credit can provide tax credits to businesses that expand their hiring pool to include qualified groups. Here’s what you need to know. 

Build Back Better May Be Stuck, but How Could It Impact Business Owners?

Build Back Better is one of two pieces of legislation that form the centerpiece of President Biden’s domestic agenda. The first piece — the Infrastructure Investment and Jobs Act — was signed into law in November 2021. 

IRS releases W-2 reporting requirements for qualified leave in 2021

The FFCRA requires employees who take leave or sick time due to COVID-19 to be reported separately to employees on Form W-2. Learn how to report them correctly.

Understanding Your Cash Flow and Financial Statements

As a business owner, it is important to be able to read and understand the accounting terms found in your financial statements. Once you understand the basics of financial statements, you can interpret what they mean to your organization’s financial health.

Developing a Disaster Preparedness Plan

Preparedness takes many forms, from creating a disaster plan, complete with supply kits and evacuation routes, to safeguarding your business with communication templates and IT backup. This article will explore the steps business owners can take both before and after a disaster strikes to protect their company, employees, clients, and the community.

Prepare your RIA firm for its next surprise audit

Registered Investment Advisors (RIAs) serve an important role in their client’s lives. They can often be financial custodians to their clients and hold great responsibility for the client’s financial situation. Due to past examples of mismanagement by RIAs in recent history, the Securities and Exchange Commission (SEC) began requiring annual surprise exams (surprise audits) of RIAs to detect fraud, misused, or misappropriated use of client assets managed by RIAs.  

IRS announces 2021 standard mileage rates for business, charitable, medical, and moving purposes

The Internal Revenue Service recently issued the 2021 optional standard mileage rates. These rates, which adjust every year to account for inflation of fuel costs, vehicle cost and maintenance, and insurance rate increases, will once again affect the way a company reimburses their mobile workers. 

Sales Tax Nexus – What it Means in Massachusetts

Consumers who were once limited to their local storefronts to browse for goods are now able to shop and make purchases globally. Consumers aren’t the only ones benefitting from these digital shopping cart advancements. Businesses are now able to target a market well beyond their physical location, but these tempting multi-state customers come with challenges. 

New Lease Accounting Standards Could Affect Your Financial Statements

New lease accounting standards could impact balance sheets and financial reporting.

Meals and Entertainment Deductions See BIG Changes in 2018

The Tax Cuts and Jobs Act (TCJA) offers many taxpayers a break through corporate and individual tax rate reductions. However, the new legislation comes with a few thorns. One of the biggest surprises to business owners is the elimination of the entertainment deduction.

Congress Approves Sweeping Tax Reform

On December 20, 2017, Congress approved sweeping tax reform. The President is expected to sign the bill next week in its current form. 

W&S Named one of Accounting Today’s 2017 Best Accounting Firms To Work For

Walter & Shuffain, P.C. was recently named one of Accounting Today’s 2017 Best Accounting Firms To Work For. Accounting Today partnered with Best Companies Group to identify the top 100 companies that excel in creating quality workplaces for employees.

Walter & Shuffain Selected to IPA’s Annual Best of the Best Accounting Firms

We are proud to announce that W&S has been selected as a Best of the Best Firm by INSIDE Public Accounting (IPA).