by Milton Howell, CPA | May 9, 2024 | Audit and Accounting, Business Consulting, Business Valuation, Manufacturing & Distribution, Professional Services, Real Estate & Construction, Tax Watch
Beneficial Ownership Information (“BOI”) reporting is a new federal law requirement estimated to impact more than 30 million businesses beginning January 1, 2024. In general, any entity, domestic or foreign, created by filing a document with a secretary of state (or...
by Isaac Rowles | Mar 13, 2024 | Audit and Accounting, NonProfit, Tax Watch
There is a new accounting standard effective during 2023 which will change how companies account for future losses on financial instruments. If this sounds abstract, then you are not alone. The standard was initially developed to change the way that banks account for...
by David A. Mize, CPA | Mar 4, 2024 | Tax Watch
The IRS officially began accepting returns for the 2023 tax year at the end of January 2024. This gives taxpayers several months to complete their returns or submit an extension request. Every year, the IRS makes changes to various aspects of the tax filing process,...
by Bill Jones | Feb 6, 2024 | Audit and Accounting, Manufacturing & Distribution, Tax Watch
There are new law changes by the United States Department of Labor (DOL), IRS, Pension Benefit Guaranty Corporation(PBGC) and Secure Act 2.0 as regards to employee benefit plans. Employee benefit plans generally are required to file annual returns/reports about, among...
by Emily White | Jan 24, 2024 | Business Consulting, Manufacturing & Distribution, Strategic Financial & Outsourced Accounting, Tax Consulting, Tax Watch
There are several types of 1099 forms, such as 1099-NEC (Nonemployee Compensation payments to independent contractors) and 1099-Misc (Miscellaneous Income payments), used for reporting transactions that occurred during the previous tax year. These informational...
by Jeremy Tomlinson | Jan 9, 2024 | Tax Watch
As part of our commitment to keeping you informed, we’re providing a few vital updates from the IRS that may positively impact your tax situation. Update: IRS Announces New Penalty Relief Program In response to the challenges of the COVID-19 pandemic, the IRS...
