Category: Business Owners

Business Owners

IRS Updates Tax Reporting Requirements for Carried Interest by Angie Adames, CPA


Posted on April 05, 2022 by Angie Adames

At the end of 2021, the IRS issued new guidance for certain passthrough entities and other taxpayers to use for purposes of reporting applicable partnership interests (API) held in connection with the performance of services, also referred to as “carried interest.” The guidance, provided in the form of frequently asked questions (FAQs), updates final regulations […]

Last-Minute Tips to Cut Your Tax Bill by Jason Morely, CPA/PFS


Posted on March 18, 2022 by Jason Morley

Before filing your 2021 individual tax returns, consider if there is anything else you can do to reduce the taxes you owe Uncle Sam. While your annual tax liability is based primarily on the income you earned and the actions you took before December 31, 2021, you may qualify for a last-minute opportunity to cut […]

New Law Requires Reporting of Certain Transactions Involving Venmo, PayPal and Other Payment Apps by Savannah Snow, CPA


Posted on February 17, 2022 by Savannah Snow

Mobile-payment-processing apps, such as PayPal, Venmo, Cash App and Square, have made it easy for friends and family to send and receive payments as gifts or reimbursements for shared expenses. The use of these platforms has also spread to the commercial sector, where a growing number of businesses accept them as forms of payment for […]

Is it Time for your Business to Purchase Lease Accounting Software? by Whitney K. Schiffer, CPA


Posted on February 02, 2022 by Whitney Schiffer

Time is up for private companies to comply with the new lease accounting standards (ASC 842), which require businesses to begin recording the assets and liabilities of all leases, including operating leases, on their balance sheets. For calendar-year companies, the new lease accounting standard is effective on January 1, 2022. Private companies that have already […]

Lease Accounting Standards Effective for Private Businesses in 2022 by Hector E. Aguililla, CPA


Posted on January 24, 2022 by Hector Aguililla

After numerous false starts, the time has finally come for private companies to begin reporting leases on their balance sheets and comply with the lease-accounting standards first introduced by the Financial Accounting Standards Board (FASB) in late 2015. While most public companies adopted Accounting Standards Update (ASU) Topic 842 in 2019, privately held business were […]

IRS Allows Employers to Rehire Retirees, Retain Existing Employees Beyond Retirement Age by Adam Cohen, CPA


Posted on January 20, 2022 by Adam Cohen

Businesses struggling to keep up with consumer demand during the current labor shortage can find relief in some of the retirement plan provisions included in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted in 2020. According to the U.S. Department of Labor, despite strong economic recovery since the start of the pandemic, […]

IRS Increases Some Standard Mileage Rates for 2022 by Kevin McNally, JD


Posted on January 19, 2022 by Kevin McNally

For the first time in two years, the IRS has raised some of the optional standard mileage rate that taxpayers may use to calculate deductible costs of operating cars, vans or trucks for business, charitable, medical or moving purposes in 2022. Taxpayers also have the option to calculate these expenses based on the actual costs […]