As the 2022 year is concluding, it is time to begin once again thinking about the upcoming tax filing season. This process doesn’t have to be daunting; our tax advisors are here to assist every step of the way. While there are constant changes to tax laws and filing thresholds, especially due to the pandemic, we want to alert you to some of the larger ones occurring for the 2022 tax year. This is by no means an exhaustive list, but some key items to consider for end of year tax planning.
The FASB and IASB have provided standards for properly recognizing revenue in your financials. Using a five step process, companies recognize revenue based on the value and timing of when control of the goods and services are transferred to the customer. Learn about the standards and how to properly recognize revenue for your company.
The Federal Reserve increased its policy rate by 75 basis points on Wednesday to a range between 3.75% and 4% as it hinted at slowing the pace of its hikes.
On Oct. 19, 2022 the IRS issued a news release warning employers to be wary of third parties who have ramped up campaigns to try and get employers to claim the CARES Act Employee Retention Tax Credit (ERTC) when they may not actually qualify.
Business owners often struggle with determining the optimal legal structure and tax treatment for their business. This video will explain an S-Corp tax election and how it may benefit you and your business.
The Inflation Reduction Act includes the Clean Vehicle Tax Credit program which provides tax credits for purchasing electric vehicles. Learn about the tax credits and limits on qualifications.
The Inflation Reduction Act of 2022 provides significant funding for the IRS over the next 10 years. The IRS is expected to use over half the funds for enforcement. Taxpayers can also expect to see an increase in taxpayer services.
While most companies expense the cost of research and development activities, most fail to take advantage of the R&D tax credit. Learn how the tax credit works and what expenses qualify for it.
A stock option plan can be used to align the interests of employees and shareholders, and attract and retain talented workers. This video will cover the basics of a stock option plan and how your company may benefit from having one.
A recession can be challenging for any business. However, business owners can take steps to prepare for a recession and position their companies for growth as the economy recovers. In this video, we'll provide six tips to help you and your business prepare for a recession.
A new law suspends Russia’s preferential trade status, and a separate proposal would deny foreign tax credits and certain deductions for U.S. companies earning income in Russia.
A great way to reduce taxable income while saving for the future is by contributing to an Individual Retirement Account. Learn about IRAs including the deadline to contribute, limits and tax deductibility.
When it comes to running any organization, proper financial management is critical. One of the most important decisions you'll make is if and when to hire a Chief Financial Officer. While many organizations may not be ready for a full-time CFO, they may significantly benefit from hiring an outsourced CFO.
