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
General Business
Contractor vs. Employee: What Are the Differences?
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?
Document Retention Policies for Businesses
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
Charitable Deductions: Use Low Interest Rates to Your Tax Advantage
Certain planning techniques involve the use of interest rates to value interests being transferred to a charity or to private beneficiaries. While the use of these techniques does not necessarily depend on the interest rate, low interest rates may increase their value. Taxpayers can obtain a … [Read more...] about Charitable Deductions: Use Low Interest Rates to Your Tax Advantage
Delayed COVID-19 Relief
Many businesses are asking why the relief requested during the COVID-19 outbreak has still not arrived and wondering if there are issues with their request. According to the U.S. Treasury Inspector General for Tax Administration (TIGTA), they confirm that some businesses are waiting for relief amid … [Read more...] about Delayed COVID-19 Relief
Energy Credits and the Inflation Reduction Act
The Inflation Reduction Act was signed into law on August 16, 2022. It includes several expanded or extended tax credits, and it also includes additional funding for the IRS. Many provisions within this Act relate to tax incentives available to taxpayers and their families. Tax credits you may have … [Read more...] about Energy Credits and the Inflation Reduction Act