Accounting and Auditing Archives

IRS Announces Retirement Plan Contribution Limits for 2023

Written by: Jonathan Hitter, CPA, MST, CGMA On October 21, 2022, the Internal Revenue Service (IRS) announced the updated contribution limits to retirement plans in Notice 2022-55. The new limits are valid beginning in tax year 2023. These limits are…

Funding a Buy/Sell Agreement with Life Insurance

Written by: David Cooper, CPA Any time multiple owners in a business are active in day-to-day operations, the business owners should have a buy/sell agreement. A buy/sell agreement is a binding contract between co-owners that controls when owners can sell…

The New 1099-Ks Are Coming: Are You Ready?

Written by: Jonathan Hitter, CPA, MST, CGMA A key provision of the American Rescue Plan Act passed in 2021 includes lowering the thresholds that trigger a Form 1099-K – Payment Card and Third-Party Network Transactions. This means businesses and individuals…

Business Tax Implications of the Inflation Reduction Act (IRA)

The House of Representatives passed The Inflation Reduction Act (IRA) Friday, August 12, and President Joe Biden signed into law August 16. The legislation, which is a pared-down version of the proposed Build Back Better plan, was passed through the…

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IRS Increases Mileage Rates Reimbursements for Second Half of 2022

The Internal Revenue Service will raise the optional standard mileage rate for the final six months of 2022 to help offset the rise in gas prices nationwide. The new rates to calculate the deductible costs of operating an automobile for…

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The Latest on Lease Accounting: How to Adhere to ASC 842

Written by: Leah Belanger, CPA, MSA The new standard for lease accounting from the Financial Accounting Standards Board (FASB) took effect for private companies with fiscal years beginning after December 15, 2021. While the standard has been in place for about six…

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

Business travel is back. 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…

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

Written by: Jonathan Hitter, CPA, MST, CGMA From Super Bowl commercials to teenage NFT millionaires — and even Elon Musk’s support of the dog meme-inspired currency Dogecoin — cryptoassets have been making a play for mainstream acceptance. By the end…

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Where Is the IRS in Working Through the Backlog?

Written by: Jonathan Hitter, CPA, MST, CGMA 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…

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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…

Category: Accounting and Auditing