The DMJPS Digest: A CPA Blog
Insights and musings from the desk of DMJPS professionals.
Financial Accounting Blogs for Businesses & Individuals
Are you perplexed by new tax laws and need advice on how to comply with the latest regulations? Do you want to improve your financial literacy so you can run a more efficient and profitable business? You’ve come to the right place. DMJPS PLLC’s accounting blog provides the latest insights and expert knowledge to help your business navigate a complex and ever-evolving industry.
DMJPS’ team of highly-experienced specialists provides expert advice and in-depth analysis of the latest news, trends, practices, and regulations to help you stay up-to-date on the most current developments. DMJPS’ accounting blog covers the most important financial reporting issues that affect many individuals, businesses, and organizations.
North Carolina Withholding from Nonresident Contractors and ITIN Holder
As a new year begins, we want to remind those doing business in North Carolina of a commonly overlooked withholding requirement. General Requirements: Businesses are required to withhold North Carolina state income tax at a rate of 4% on payments to any of the...
North Carolina Economic Report – 2022 Third Quarter
Highlights: DMJPS is pleased to provide a statewide quarterly economic report for North Carolina. In the second quarter of 2022, the state of North Carolina experienced positive gains across the majority of economic indicators. Asheville metro led second quarter...
Single Audit Requirements for Nonprofit Organizations that Receive Federal Funds
Government funding brings some rather complicated reporting and auditing requirements. This can apply to both for-profit businesses and not-for-profit organizations (NFPs) that receive federal funding. NFPs should be aware of their auditing obligations under...
PRF and ARP Reporting Changes: Preparing for 2023
Provider Relief Funds (PRF) were provided to healthcare providers to address issues with lost revenues and increased expenses related to the COVID-19 pandemic. By providing these funds, the government attempted to foster and maintain the national health system so that...
Benefits and Other Impacts in the Inflation Reduction Act for Nonprofits
After almost a year of negotiations, President Biden signed the Inflation Reduction Act (IRA) of 2022 into law on August 16. The law, which originated in 2021 as the much larger Build Back Better Act, includes more than $430 billion in tax credits and other incentives...
Client Alert: State Passthrough Tax
The purpose of this memo is to alert you to a tax issue which has penalized you since 2018, and an opportunity to mitigate this – new for 2022. After you have had a chance to digest this information, please reach out to your DMJPS contact to discuss whether you should...
Retirement Plans – Meeting Your Fiduciary Responsibilities
Offering a retirement plan can be one of the most challenging, yet rewarding, decisions an employer can make. Employees, their beneficiaries, and the employer can benefit when a retirement plan is in place and they participate. However, administering a plan and...
IRS Warns About Fraudulent and Improper Employee Retention Credit “Help”
The IRS has recently issued a warning to employers to be suspicious of third parties advising on claiming the Employee Retention Credit (ERC). Some third parties are reaching out to employers and claiming they meet the ERC requirements, when in fact they do not...
Fourth Quarter Estimated Tax Payments Extended
Fourth Quarter Estimated tax payments for residents of certain states affected by Hurricane Ian for 2022 are due February 15, 2023, not January 15, 2023 On October 5, 2022, due to the effects of Hurricane Ian, the Internal Revenue Service announced that taxpayers in...
The Inflation Reduction Act Targets Energy Efficiency Improvements
The Inflation Reduction Act (IRA) was signed into law on August 16, 2022. The provisions included in this law address a wide range of financial efforts targeted at reducing the deficit while providing some tax reductions and incentives. Contractors and building...
Stay in the Know With DMJPS’ Business Accounting Articles
The world of finance and reporting often has many complex regulations that can frustrate even the best in the industry. DMJPS can simplify complicated issues to improve your understanding and help you make informed decisions. Our accounting blogs provide businesses and individuals with a wealth of guidance, insightful content, and actionable solutions to reduce impediments on your path to growth.
If you want to stay ahead of the latest developments and gain the most comprehensive insight into the world of accounting, invest your time in reading our CPA blog. DMJPS’ business accounting articles are written by our team of nationally-acclaimed specialists, offering educational resources, strategic advice, and practical solutions to help you fulfill your most pressing financial and tax obligations.
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Tax Watch
Qualified Charitable Distributions – A Powerful Tool for Those Who Qualify
In today’s world of higher standard deductions and fewer itemized deductions, the Qualified Charitable Distribution (“QCD”) is a powerful tool that should be considered. For eligible taxpayers who have charitable obligations to meet, this is a winning strategy with...
How Changes to Form 5500 Rules May Affect Audit Requirements
Employers that sponsor employee benefit plans (EBPs) must ensure that they comply with federal laws enforced by the IRS and the U.S. Department of Labor (DOL). The government uses Form 5500 to collect information about EBPs and monitor employers’ legal and regulatory...
Repeal of NC Privilege License Requirement for Many Occupations
Important Information for Professionals and Businesses: Effective July 1, 2024 the North Carolina Department of Revenue (NCDOR) has repealed the requirement for certain professions and businesses to obtain a yearly privilege license. N.C. Gen. Stat. § 105-41 is...
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