Our clients often ask us many wide-ranging questions, everything from guidance on new accounting standards to our favorite breweries. But the most common question we receive from audit clients is, how do we recommend they prepare for an upcoming financial statement audit? The best ways for a client … [Read more...] about Best Practices: How to Prepare for an Upcoming Audit
The FICA Tip Credit is a business tax credit for employer-paid Social Security and Medicare taxes on employee tips. What employers are eligible? If you had employees who are customarily tipped and were tipped for providing, delivering or serving food or beverages, and you paid Social Security … [Read more...] about What is the FICA Tip Credit?
The following information is from IRS.gov, Issue Number IR-2022-226: WASHINGTON — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. As a result of this delay, third-party … [Read more...] about IRS Announces Delay For Implementation of $600 Reporting Threshold For Third-party Payment Platforms’ Forms 1099-K
For a long time, there has been discussion and debate about whether an individual should be considered an employee or an independent contractor. The Internal Revenue Service and Department of Labor have a history of auditing this particular area as it has a distinction regarding payroll taxes, … [Read more...] about Contractor vs. Employee: What Are the Differences?
Setting a document retention policy for a business is no simple task because, generally, there are no specific rules. In many cases, retention policies are based on years of “best practices.” What does come into play is where there is an applicable statute of limitations, a legal requirement … [Read more...] about Document Retention Policies for Businesses
Applications for the Federal student loan forgiveness program were suspended by the Biden administration on Friday, November 12, 2022, one day after a Federal judge in Texas struck down the program as unconstitutional. The Biden administration is appealing this decision. We present the following … [Read more...] about Student Loan Forgiveness Plan – What You Need to Know