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tax
Once you file your tax return, consider these 3 issues
4/12/2022
The tax filing deadline for 2021 tax returns is April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations: 1. You can throw some tax...
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tax
Tax issues to assess when converting from a C corporation to an S corporation
4/11/2022
Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S corporations may provide tax advantages over C corporations, there are some potentially costly tax issues that you...
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fair value
FAQs about fair value in accounting
4/8/2022
In recent years, accounting rule makers have issued guidance that requires certain items on the balance sheet to be reported at “fair value.” Here are some answers to frequently asked questions about this standard of value and how...
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mutual funds
Selling mutual fund shares: What are the tax implications?
4/5/2022
If you’re an investor in mutual funds or you’re interested in putting some money into them, you’re not alone. According to the Investment Company Institute, a survey found 58.7 million households owned mutual funds in mid-2020. But...
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meals
Fully deduct business meals this year
4/4/2022
The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals is doubled to 100% for food and...
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methods
Deciding between cash and accrual accounting methods
4/1/2022
Small businesses may start off using the cash-basis method of accounting. But many eventually convert to accrual-basis reporting to conform with U.S. Generally Accepted Accounting Principles (GAAP). Which method is right for you? Cash method Under...
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deadline
It’s almost that time of year again! If you’re not ready, file for an extension
3/29/2022
The clock is ticking down to the April 18 tax filing deadline. Sometimes, it’s not possible to gather your tax information and file by the due date. If you need more time, you should file for an extension on Form 4868. An extension will give...
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deadline
2022 Q2 tax calendar: Key deadlines for businesses and other employers
3/28/2022
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us...
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timing
Timing counts: Reporting subsequent events
3/25/2022
Major events or transactions — such as a natural disaster, a cyberattack, a regulatory change or the loss of a large business contract — may happen after the reporting period ends but before financial statements are finalized. The...
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property
The tax rules of renting out a vacation property
3/22/2022
Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for part of the year. The tax treatment depends on how many days it’s rented and your level...
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defer
Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions
3/21/2022
Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it prudent to do the opposite? And why would you want to? One reason might be tax law changes that...
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eye
Eyes on related parties
3/18/2022
Business transactions with related parties — such as friends, relatives, parent companies, subsidiaries and affiliated entities — may sometimes happen at above- or below-market rates. This can be misleading to people who rely on your...
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inherit
When inheriting money, be aware of “income in respect of a decedent” issues
3/15/2022
Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain types of property, such as IRAs or other retirement plans. Fortunately, there may be ways to...
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plan
Establish a tax-favored retirement plan
3/14/2022
If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, if you’re self-employed and set up a...
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private
Going private
3/11/2022
Recently, the news media has given a lot of attention to initial public offerings using special purpose acquisition companies (SPACs). But there’s another major transaction that’s gaining momentum amid the economic chaos caused by the...
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termination
Lost your job? Here are the tax aspects of an employee termination
3/8/2022
Despite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. However, there are tax implications due to your changed personal...
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barter
Does your business barter? Here are some facts you should know
3/7/2022
In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering is the oldest form of trade and the internet has made it easier...
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audit
New audit committee survey reveals trends on risks, ESG reporting and more
3/4/2022
In late January, a survey entitled “Audit Committee Practices Report: Common Threads Across Audit Committees” was published by Deloitte and the Center for Audit Quality, an affiliate of the American Institute of Certified Public...
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tax
The IRS again eases Schedules K-2 and K-3 filing requirements for 2021
3/2/2022
The IRS has announced additional relief for pass-through entities required to file two new tax forms — Schedules K-2 and K-3 — for the 2021 tax year. Certain domestic partnerships and S corporations won’t be required to...
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IRA
There still may be time to cut your tax bill with an IRA
3/1/2022
If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until...
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