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, Tips for Organizations Subject to Single Audit Requirements, to provide eight tips for organizations newly subject to single audit rules. This document may also be […]
Read the full article
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 so many employers? Section 718.011 of the Ohio Revised Code specifies that tax must be withheld for an employee’s principal place of work for the […]
Read the full article
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 land (but certain land improvements may qualify). Small businesses can apply annual depreciation tax deductions when they use property specifically as part of their businesses; […]
Read the full article
On Nov. 17, 2021, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) No. 2021-21 that requires for-profit entities to disclose certain types of government incentives they receive, including items such as cash grants, forgivable loans, tax abatements, etc. The new standard is effective for both private and public entities for fiscal […]
Read the full article
Debt! Sometimes it’s good; sometimes it’s bad….and it can definitely contribute to stressful situations and relationships. Although most of us don’t love the thought of owing money to others, debt can sometimes be helpful: for example, student loans (when planned for and used properly) can help you earn a college degree that will allow you […]
Read the full article