How to Protect Yourself from Tax Season Scams
Remember: The IRS does not contact taxpayers by email, text messages, or social media channels to request personal or financial information. As tax season approaches, it’s important to stay alert […]
Category: Accounting & Assurance
Protect your Business from Predatory Lenders
Whether you’re a budding entrepreneur seeking startup capital or an established business owner looking to fund an acquisition or expand your product lines, it’s essential to approach lenders cautiously. Scammers […]
Adding a Valuation Expert to Your M&A Strategy
Global merger and acquisition (M&A) activity is expected to exceed $4 trillion in 2025, driven by factors like interest rate cuts from the Federal Reserve, promises of reduced regulations, and […]
Understanding Section 1231 Tax Impacts
Understanding the tax consequences when selling business assets is essential. One key area to focus on is Section 1231 of the Internal Revenue Code, which outlines how gains and losses […]
BOI Injunction Reinstated, Reporting Paused Again
For business owners, monitoring the rules for BOI reporting this month has been like watching a ping pong match. As of Friday, December 27, the requirement to file a beneficial […]
BOI Reporting Deadline Reinstated
On 12/23/24, the 5th Circuit Court of Appeals granted the government’s emergency motion to stay the nationwide injunction issued in the Texas Top Cop Shop case. This means that businesses […]
Nationwide Injunction Pauses BOI CTA Requirements
UPDATE: A Texas federal court issued a nationwide injunction temporarily halting the enforcement of the Corporate Transparency Act’s (CTA) beneficial ownership reporting requirements. This decision comes as a relief for […]
Key Differences Between Nonprofit and For-Profit Accounting
While you might understand the distinctions between nonprofit and for-profit accounting systems, do your new employees and board members? Both types of organizations have certain similarities, such as the need […]
New Reporting Requirement for Businesses
Attention business owners! Effective 1/1/2024, many businesses are now subject to a new requirement to file a report of Beneficial Ownership Information (BOI) with the Financial Crimes Enforcement Network (FinCEN). […]
8 Tips for Single Audit Requirements
Many organizations received or are receiving federal funding due to COVID-19 and are subject to single audit rules for the first time. The GAQC has also developed a great checklist, […]
Municipal Employer Withholding Tax Update
Since the start of the COVID-19 pandemic, many employees have been working remotely instead of at their pre-COVID-19 principal place of work municipalities. Why did this cause an issue for […]
IRS Tax Tip: Depreciation of Property Deductions for Small Business Owners
The IRS issued Tax Tip 2021-173, which addresses the depreciation of property deductions for small business owners. Depreciable property includes vehicles, buildings, equipment, machinery, and furniture; it does not include […]
