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  • Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information which can be used in making business decisions.

  • Making Sure All Your Charges are Correct---Most people like to know how much money they currently have, which means they check it on a regular basis to verify charges. Think about it: when is the last time you logged into your bank account? What were you there for?
  • Accountants also are consistently working to maintain and expand the financial health of businesses. They do it several ways—just like you do. Investments, savings goals, analyzing, debt control and profitability are just a few key concepts in financial planning. Every time you sit down and think about how you’ll have the money to do important things you are  using accounting skills
  • If you're the type of small-business owner who prefers to spend your time cooking food or making pottery to working, you may resent the time and effort you have to put into accounting. However, without basic bookkeeping and accounting, your company will flounder. You need to keep books so you can understand what's going on with the company financially, and so you can pay your taxes and remain in the good graces of the government agencies that regulate your business activities
  • Accounting also tells you when your operations tend to be busiest and when you spend the most money on expenses such as taxes and licenses. If your books are current and accurate, you are able to use the information they contain to make better choices and earn a better living.

 

 

 

 

 

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Below News Spondored by Diamond & Platinum Members

Senate passes CHIPS Act with semiconductor tax credit

The U.S. Senate on Wednesday passed a bill to encourage greater domestic production of microchips and other semiconductor materials and devices, in part through a new investment tax credit. The Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Act of 2022 (Senate Substitute Amendment 5135 to H.R......Read More

How purpose can play a bigger role in business`

Harvard Business School professor and author Ranjay Gulati says that sentiment is growing among business leaders that companies have a larger role to play than simply providing shareholder value.This episode is a rebroadcast of Gulati's appearance on the FM podcast to discuss that topic and others highlighted in his recent book, Deep Purpose: The Heart and Soul of High-Performance Companies.......Read More

Certain tax services do not violate US ban on provision of accounting services in relation to Russia sanctions

U.S. accounting firm is not prohibited by a White House executive order regarding U.S. sanctions against Russia from providing tax advisory and preparation services to the U.S. subsidiary of a Russian company in certain scenarios, according to guidance issued Thursday by Treasury's Office of Foreign Assets Control (OFAC).......Read More

No step-up in basis for private foundation’s assets

Heirs can generally benefit from a step-up in basis of inherited assets to their fair market value (FMV) as of the date of the decedent's death. A recent program manager technical advice (PMTA) makes clear that, for purposes of an excise tax, a private foundation resulting from a charitable organization's ceasing to qualify as a public charity cannot claim a step-up upon the conversion......Read More

Individual taxpayers must answer cryptoasset question, IRS notes

The IRS highlighted in a news release that all filers of Forms 1040, U.S. Individual Income Tax Return, 1040-SR, U.S. Tax Return for Seniors, and 1040-NR, U.S. Nonresident Alien Income Tax Return, must answer the forms' question regarding virtual currency. The question, which on Form 1040 is just below the address block, asks, "At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?"......Read More

Proposed regulations update RMDs for SECURE Act changes

The IRS and Treasury released proposed regulations Wednesday (REG-105954-20) that would update existing rules for required minimum distributions (RMDs) from qualified retirement plans and annuity contracts and related matters, largely to conform with a number of statutory changes........Read More

Lenders should not report student loans discharged under ARPA

Lenders and servicers of most student loans should not file Form 1099-C, Cancellation of Debt, for loans discharged in 2021 through 2025, since borrowers do not have to include these forgiven amounts as income for tax purposes, the IRS stated Tuesday........Read More

Early sunset of the employee retention credit gets penalty relief

Employers that received an advance payment of the employee retention credit (ERC) or reduced their employment tax deposits in anticipation of receiving the ERC for the fourth calendar quarter of 2021 may repay or deposit the taxes without penalty under guidance issued Monday by the IRS.........Read More

Meal portion of per diem allowance can be treated as attributed to a restaurant

The 100% deduction allowable as a business expense in 2021 and 2022 for food or beverages provided by a restaurant applies to the meal portion of a per diem rate or allowance, the IRS clarified Tuesday in Notice. Under Sec. 274(n)(1) and Regs. Sec. 1.274-12, a deduction of any expense for food or beverages generally is limited to 50% of the amount otherwise deductible.....Read More

Final regulations establish a user fee for estate tax closing letters

An estate tax closing letter informs its authorized recipient of the IRS's acceptance of the estate tax return (generally, Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return) and provides some return information, such as the amounts of the net estate tax, any state death tax credit or deduction, and any generation-skipping transfer tax for which the estate is liable.......Read More

Why single-audit demand is rising; an update on tax preparer legislation

The number of organizations needing single audits has risen dramatically in the past year. Why? Deetra Watson, CPA, CGMA, an accounting firm principal, explains some of the intricacies of single audits and why demand is increasing for such specialized services. Also, Ed Karl, CPA, CGMA, the AICPA’s vice president–Tax Policy & Advocacy,...Read More

With Florida law, almost all states require online sales tax collection

Under the bill, remote sellers and marketplace facilitators will be required to collect Florida sales taxes on sales to purchasers in Florida if the seller or facilitator makes a substantial number of sales into the state. “Substantial” is defined as conducting any number of taxable remote sales into Florida exceeding $100,000 during the previous calendar year. ....Read More

Deadline for certain single audits delayed because of pandemic

The due date for certain single audits to be submitted to the Federal Audit Clearinghouse has been delayed six months as a result of challenges related to the coronavirus pandemic. The Office of Management and Budget (OMB) announced the extension in a memorandum for the heads of executive departments and agencies issued this week.......Read More

AICPA urges delay in tax deadline until June 15

The American Institute of CPAs is asking the Treasury Department and the Internal Revenue Service to push back the tax filing and payment deadline for two months. The AICPA sent a letter Thursday to officials at the Treasury and the IRS asking for an extension until June 15, pointing to the challenges created by the COVID-19 pandemic and the existing backlog at the IRS on tax returns filed last year........Read More

New PPP changes attempt to ease smallest businesses' access

The administration of President Joe Biden announced Monday that it would institute a two-week period starting Wednesday during which only businesses with fewer than 20 employees will be able to apply for Paycheck Protection Program (PPP) loans......Read More

Maryland’s Tom Hood joins the Association of International Certified Professional Accountants

Tom Hood, the longtime CEO of the Maryland Association of CPAs, has joined the leadership team of the Association of International Certified Professional Accountants (the Association). As executive vice president of business growth and engagement, Hood will report to Barry Melancon, CPA, CGMA, the Association’s CEO.....Read More

Partner capital account reporting gets transition penalty relief

The IRS provided transition penalty relief Tuesday to partnerships in complying with new rules for reporting partners’ capital account balances.

The relief in Notice 2021-13 follows up on Notice 2020-43, issued in June 2020, in which the IRS sought public comments to help inform its development of the r­ules......Read More

Some teleworkers could be hit with surprise tax bills

CPAs may find themselves spending a lot of time educating taxpayers about the state tax implications of working from home and other locations during the pandemic. A new survey conducted for the AICPA by The Harris Poll found that 55% of respondents who worked remotely this year aren’t aware of the potential tax consequences of not ....Read More

Taxpayers allowed choice of bonus depreciation rules

When the IRS issued final bonus depreciation regulations in September (T.D. 9916), it said it planned to issue procedures allowing taxpayers to choose to apply the final regulations in prior tax years or to rely on the proposed regulations issued in September 2019......Read More

Leading in times of crisis

The tumult of 2020 has amplified many issues that the accounting profession was already contending with, including future-readiness, diversity and inclusion, and technological investment.....Read More

How the CARES Act has affected business valuation

The coronavirus pandemic and the legi

slation designed to help employers during the crisis have added new challenges for professionals who perform business valuations. To help CPAs and other valuation experts meet those challenges, the AICPA on Tuesday issued a set of FAQs on how to adjust business valuations based on the Coronavirus Aid, Relief,.....Read More

   
   
 

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