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 may receive this form for tax year…
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…
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…
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…
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…
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…
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…
Don’t forget about the Work Opportunity Tax Credit
Note: Congress is considering proposals that could expand the Work Opportunity Tax Credit for certain qualified groups. We will monitor this development and communicate updates as necessary. As a business, tax planning can help create increased cash flow that allows…
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. Build Back Better (BBB) focuses…