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    S Corp

    A New Audit Report for Nonpublic Companies

    January 25, 2022

    In May 2019, the AICPA issued Statement on Auditing Standards (SAS) No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements. Read More

    Penalty Relief For Employers Mired In Early End To Employee Retention Credit

    January 17, 2022

    Employers that took steps to get the employee retention credit for the 4th quarter of 2021 got a rude awakening when Congress retroactively took it away. Read More

    retirement plans

    Patchwork Of New Rules Govern Required Distributions From Retirement Plans

    January 17, 2022

    Retirement plan participants and IRA owners who have reached age 72 must take payments, called required minimum distributions, out of their plan accounts each year. Read More

    third-party payment

    Network Payment Reporting Threshold Of $600 Goes Into Effect

    January 17, 2022

    Third-party payment networks will be required to send business users Form 1099-K for transactions that equal $600 or more in the aggregate. Read More

    build back better

    House-Passed Build Back Better Act Drops Tax Rate Changes But Still Includes New Taxes

    December 16, 2021

    The House passed the $1.75 trillion Build Back Better Act on November 19, 2021, and the legislation is now under Senate consideration. Known as H.R. 5376, the legislation is the second prong of President Biden’s social and economic policy program.... Read More

    Tax Provisions in the Infrastructure Investment and Jobs Act

    November 15, 2021

    On November 5, the House passed the bipartisan Infrastructure Investment and Jobs Act, H.R. 3684, by a vote of 228-206, with the support of 13 Republicans. Read More

    income tax

    Finance Chairman Seeks ‘Billionaires Income Tax’

    November 15, 2021

    Finance Committee Chairman Ron Wyden, D-Ore., has released a proposal for a special new tax on high-net-worth individuals. Read More

    bank account reporting

    Treasury Offers Facts v. Fiction Points On Bank Account Reporting

    November 15, 2021

    Because of the controversy surrounding bank account reporting and the “widespread mischaracterization” of the plan, the Treasury Department has taken the unusual step of releasing a fact sheet in advance of bill passage. Read More

    S Corp

    Treasury Tells IRS To Turn Up Heat On S Corp Underreporting Of Owner Compensation

    October 18, 2021

    Single-shareholder S Corporation owners have incentives to minimize the wages they receive in order to avoid employment taxes. Read More

    Act Now: Expanded Charitable Deductions End In 2021

    October 18, 2021

    Expanded tax benefits for charitable contributions expire at the end of 2021, so it is important to consider additional giving now. Read More

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