In late June, the IRS issued final regulations requiring custodial brokers to report sales and exchanges of digital assets, including cryptocurrency. The regs require brokers to report certain sales that take place beginning in calendar year 2025. This will be done on Form 1099-DA, Digital Asset Proceeds From Broker Transactions. The IRS has now issued […]
Read More Digital Asset sales now reported on Form 1099-DAEmployers seeking to attract new recruits and retain talent should consider offering educational assistance programs to their employees. The plans aren’t new, but they temporarily offer greater flexibility in how they work. Through Dec. 31, 2025, the funds can be used to help employees pay their federal student loan debts. According to the U.S. Dept. […]
Read More Educational Assistance ProgramsWhile many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If this is your situation, we can help you, including taking care of various tax responsibilities. To start with, a business must file a final federal income tax […]
Read More Closing a business involves a number of tax responsibilitiesIf you incur daycare expenses for children or other dependents, you may qualify for a tax credit. The Child and Dependent Care Credit is available for expenses that allow you or your spouse to work or actively seek work. If eligible, you may be able to claim up to 35% of your expenses. The credit […]
Read More Do I qualify for the Dependent Care Credit?If you withdraw money from a traditional IRA before age 59½, you’ll generally owe income tax plus a 10% penalty on the amount. But there are exceptions, including if you withdraw the money to cover certain higher education costs or to buy a home (first-time homebuyer expenses up to $10,000). You can usually make penalty-free […]
Read More Exceptions to the IRA Early Withdrawal PenaltyAccurate financial statements are essential to making informed business decisions. So, managers and other stakeholders may express concern when a company restates its financial results. Before jumping to premature conclusions, however, it’s important to dig deeper to evaluate what happened. Uptick in restatements In June 2024, the Center for Audit Quality (CAQ) reported a recent […]
Read More Public policy organization reports increase in restatementsMany small U.S. business owners must report beneficial ownership information (BOI) to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) by Jan. 1, 2025. With this deadline fast approaching, FinCEN is increasing its educational efforts with events around the country where it explains who must report and how to do so. Instituted by the […]
Read More BOI reporting due January 1, 2025IRS reopens Voluntary Disclosure Program to help businesses with problematic Employee Retention Credit claims – IRS https://bit.ly/3X6MUVu
Read More IRS reopens Voluntary Disclosure Program to help businesses with problematic Employee Retention Credit claimsWhich employer-provided meals are 100% deductible?
Read More Which employer-provided meals are 100% deductible?With age comes retirement savings catch-up benefits
Read More With age comes retirement savings catch-up benefits
Our Blog 