Dec 29, 2022 | Business Planning, Closely Held Business, Tax News
The jokes about being audited by the IRS are endless. But if it happens to you, it’s no joke. Do you want to protect yourself? First, understand why businesses may be audited. Businesses are selected for audit based on many factors. The following are examples of...
Dec 27, 2022 | Private Equity-SBICs and Venture Capital, Tax News
S corporations are entities that can pass corporate income, losses, deductions and credits through to shareholders for federal tax purposes. Shareholders report the flow-through of income and losses on their personal tax returns and are assessed a tax at their...
Dec 22, 2022 | Accounting & Audit Updates, Tax News
ERISA was developed to set minimum standards for pension plans, specifically for the private industry sector. It gives employers the rules they must follow for providing these retirement benefits to their staff, including when they qualify and how the benefits are...
Dec 15, 2022 | Personal Financial Planning, Tax News
Individual retirement arrangements, or IRAs, provide tax incentives for investments that most employees can use to provide for their financial security in retirement. Accounts can be set up with banks or other financial institutions, such as life insurance companies,...
Dec 13, 2022 | Accounting & Audit Updates, Tax News
The Financial Accounting Standards Board created ASC 606, which is essentially a standard that clarifies how businesses must go about recognizing their revenue. The ASC 606 revenue recognition standard provides a consistent, principles-based framework for all...