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How often does your company generate a full set of financial statements? It is common for smaller businesses to issue only year-end financials, but interim financial reporting can be helpful, particularly in times of uncertainty. Given today’s geopolitical risks, mounting inflation, and rising costs, it may be wise to perform a midyear check-in to monitor…
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Here are some of the key tax-related deadlines impacting businesses and other employers during the third quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. August 1 Report income tax withholding and FICA taxes for the second quarter of 2022 (Form 941), and…
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Disclosure of contingent liabilities, such as those associated with pending litigation or government investigations, is a gray area in financial reporting. It’s important to keep investors and lenders informed of risks that may affect a company’s future performance. Though, companies also want to avoid alarming stakeholders with losses that are unlikely to occur or disclosing…
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There’s a valuable tax deduction available to a C corporation when it receives dividends. The “dividends-received deduction” is designed to reduce or eliminate an extra level of tax on dividends received by a corporation. As a result, a corporation will typically be taxed at a lower rate on dividends than on capital gains. What is…
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The IRS released its “Dirty Dozen” list for 2022. The IRS publishes the Dirty Dozen as part of a broad-ranging effort to inform taxpayers about popular tax scams. 1. Charitable Remainder Annuity Trust (CRAT) to Eliminate Taxable Gain In this transaction, appreciated property is transferred to a CRAT. Taxpayers improperly claim the transfer of the…
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Due to the rising gas prices across the country, the IRS announced an increase in the optional standard mileage rate for the second half of 2022. Beginning July 1, 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the…
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