Tips for Taxpayers to Develop Emergency Preparedness Plans

September 2, 2021

Did you know September is National Preparedness Month? The IRS is reminding taxpayers to create or update their emergency preparedness plans due to the upcoming hurricane season and the ongoing threat of wildfires in some parts of the country. From individuals to organizations and businesses, having a preparedness plan in place can help in the…

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PPP loan forgiveness

How To Report Large Cash Transactions for Your Business to the IRS

August 30, 2021

Does your business receive large amounts of cash or cash equivalents? You may be required to report these transactions to the IRS. What are the reporting requirements for large cash transactions? While operating a trade or business, each person who receives more than $10,000 in cash in one transaction (or two or more related transactions)…

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IRS tax guidance

Interest Rates for Q4 2021

August 26, 2021

The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning October 1, 2021. The rates will be: 3% for overpayments (2% in the case of a corporation), 5% for the portion of a corporate overpayment exceeding $10,000, 3% for underpayments and 5% for large corporate underpayments. For taxpayers…

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Is Your Private Company on Track To Meet the 2022 Deadline for the Updated Lease Standard?

August 23, 2021

Updated accounting rules for long-term leases took effect in 2019 for public companies. And, after several deferrals by the Financial Accounting Standards Board (FASB), starting in fiscal year 2022, private companies and private not-for-profit entities must follow suit. The updated lease standard guidance requires these organizations, for the first time, to report the full magnitude…

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tax cpa

Work Opportunity Tax Credit Certification Deadline Is Extended

August 19, 2021

The IRS is providing transition relief to certain employers claiming the Work Opportunity Tax Credit (WOTC) by extending the certification deadline. The WOTC is available to employers that hire individuals from certain targeted groups who have consistently faced significant barriers to employment. Notice 2021-43 extends the 28-day deadline for employers to submit a request to…

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Should You Start an LLC for Your Small Business?

August 17, 2021

Do you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets? Are you are launching a new business and want to know your options for setting it up? Here are the basics of operating as an LLC and why it may be appropriate…

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