Tax Brief: The IRS Audit, How do they know?
Ever wonder how IRS examiners know about different industries so they can audit various businesses? They generally do research about […]
Tax Brief: The Social Security wage base increase for…
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for […]
Audit Brief: PCAOB highlights common areas of audit deficiencies…
In July 2023, the Public Company Accounting Oversight Board (PCAOB) published a report that highlights common areas of audit deficiencies […]
Tax Brief: Updated business tax deductions based on inflation
The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due […]
Accounting & Audit Brief: 5 Steps to Mileage in…
Your organization may need to track business miles to maximize its tax deductions, reimburse employees for personal vehicle use, and […]
Audit Brief: Financial Reporting for Uncertain Tax Positions
It can be difficult for business owners to navigate the tax code and monitor tax law developments. One area of […]
Tax Brief: 529 Plan to Roth IRA under the…
Rollover from 529 Plan to Roth IRA Under SECURE 2.0 A significant change is on the horizon with the introduction […]
Tax Brief: Start Up Business: How to Treat Expenses…
Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. […]
Audit Brief: Some Small Businesses Switching to tax-basis reporting
Accrual-basis financial statements are considered by many to be the gold standard in financial reporting. But with the increasing cost […]