Latest News
New regulation on Form 1099-K
On Dec. 23, 2022, the IRS announced that calendar year 2022 will be treated as a transition year for the reduced reporting threshold of more than $600. For calendar year 2022, third-party settlement organizations who issue Forms 1099-K are only required to report transactions where gross payments exceed $20,000 and there are more than 200 transactions
Expenses used for PPP loan forgiveness: Deductible or not?
The Paycheck Protection Program (PPP), created as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, authorized loans to certain businesses affected by the COVID-19 pandemic. If businesses use their PPP loans for certain qualified business expenses, then some or all of the loan may be forgiven, subject to certain tests. CARES Act Section 1106(i) explicitly excludes the forgiveness of PPP loans from gross income...
Before toasting and bringing in the new year remember to donate to charity
Taxpayers must make any donation to a tax-exempt organization they want to deduct on their 2022 return by December 31. Most charitable cash donations qualify for the deduction. However, there are some exceptions. Cash contributions include those made by check, credit card or debit card as well as unreimbursed out-of-pocket expenses in connection with volunteer services to a qualifying charitable organization.
Succession issues surge at accounting firms
Many CPA firms are now grappling with succession issues, according to the results of the 2020 Succession Planning Survey, released in a webinar held on Nov. 23. More than half of multi-owner firms (55%) said they are currently experiencing succession challenges, up from 26% in 2016, the last time the survey was conducted...
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