Posts by Katie Renelt
Navigating the Corporate Transparency Act: What Business Owners Need to Know
The imminent enforcement of the Corporate Transparency Act (CTA) is a critical turning point that demands immediate attention from business owners to avoid severe penalties. Ultimately, business owners need to understand that it’s the business owner’s responsibility to ensure you are following and meeting all reporting requirements for your business. This article will review some…
Read MoreEmployee Retention Credit (ERC) Claims: Important Update for Business Owners
As of Sept. 14, 2023, the Internal Revenue Service (IRS) announced an immediate halt to the processing of new claims for the Employee Retention Credit (ERC) program. This decision is effective until at least the end of the current year. It comes in response to a significant influx of questionable ERC claims. Why the IRS…
Read MoreDigital Asset Reporting for Business Owners: Navigating the Proposed IRS Guidelines
The Internal Revenue Service (IRS) unveiled proposed guidelines on Digital Asset Reporting, highlighting the mandatory reporting requirements for digital assets, from cryptocurrencies to non-fungible tokens (NFTs). This move comes in tandem with the exponential growth and mainstream acceptance of digital assets. In this article, we’ll review the reasons behind the proposed guidelines, what they mean…
Read MoreDemystifying Inherited IRAs and Navigating the RMD Maze
Inheritance brings its own set of challenges. Within the vast world of financial legacies, inherited Individual Retirement Accounts (IRAs) stand out thanks to their annual withdrawal requirements, also known as Required Minimum Distributions (RMDs). With these RMDs comes the caveat of taxation. However, when the Secure Act of 2019 was introduced, it brought clarity and…
Read MoreNavigating the Tax Implications of Remote Work: An Essential Guide for Business Owners
As we increasingly embrace the post-pandemic era, the world of work has undergone a significant shift. Many companies have opted for remote work models, dispersing employees across various states and countries. However, while beneficial in many respects, this transition carries complex tax implications for businesses. Understanding these implications and adapting accordingly has become vital to…
Read MoreNavigating Changes in Bonus Depreciation: Maximizing Tax Savings for Small Business Owners
As a small business owner, staying informed about the ever-evolving tax landscape is crucial to optimize your financial strategies. In particular, understanding the changes in bonus depreciation can significantly impact your tax savings. This article will explore the recent shifts in bonus depreciation and provide practical insights to help small business owners adapt and maximize…
Read MoreClaiming the Employee Retention Credit: A Comprehensive Guide to Deadlines, Scams, and the Importance of Qualified Advisors
As businesses continue to grapple with the financial aftershocks of the COVID-19 pandemic, one beacon of relief remains within reach: the Employee Retention Credit (ERC). This tax credit, designed to support businesses that have kept their workforce intact despite considerable pandemic-related challenges, is still up for grabs. However, claimants must heed specific deadlines, exercise vigilance…
Read More3 Strategies for 2023 to Reduce Your Tax Burden
As we approach the halfway point of 2023, it’s the perfect opportunity to evaluate your business tax planning and determine ways to decrease your tax burden. Employing the right strategies can reduce your taxes, optimize your cash flow, and enhance your long-term financial success. In this article, we’ll introduce three tax strategies for 2023: Roth…
Read MoreCommon Control Entities and Lease Accounting Methods
The new lease accounting methods have been an important topic for businesses over the last few years. Determining if an enforceable lease exists is an integral part of Topic 842 that affects how and what gets reported under these lease accounting methods. Compliance for certain leases is being simplified for organizations that fall under common…
Read MoreThe Top 12 Tax Scams to Avoid According to the IRS
Fraud. Scam. Phishing. Regardless of what you call these illicit activities, it’s important to protect yourself against the bad players that take advantage of weaknesses for their gain. Not only is it inconvenient, but there’s often a financial cost when you’re a victim of fraud. The IRS releases an annual ‘Dirty Dozen’ list featuring the…
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