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Accounting News
Get ready to take the guesswork out of paycheck withholding
The tax filing season is quickly approaching. With that in mind, taxpayers should remember there’s still time to make an estimated or additional tax payment to ensure their tax withholding is still accurate. Those who need to make an estimated tax payment for 2019...
Taxpayers should be aware of gift card scams this holiday season
Taxpayers should always be on the lookout for scams. Thieves want to trick people in order to steal their personal information, scam them out of money, or talk them into engaging in questionable behavior with their taxes. Scam attempts can peak during tax season, but...
Taxpayers should be on the lookout for new version of SSN scam
Taxpayers should be on the lookout for new variations of tax-related scams. In the latest twist on a scam related to Social Security numbers, scammers claim to be able to suspend or cancel the victim’s SSN. It’s yet another attempt by con artists to frighten people...
IRS Reminds Small Businesses About EFTPS Benefits
The IRS has reminded small business owners that the Electronic Federal Tax Payment System (EFTPS) has features that can help in meeting their tax obligations. The EFTPS is secure, accurate, easy to use, and provides an immediate confirmation for each transaction....
Four common tax errors that can be costly for small businesses
A small business owner often wears many different hats. They might have to wear their boss hat one day, and the employee hat the next. When tax season comes around, it might be their tax hat. They may think of doing their taxes as just another item to quickly cross...
FASB Approves Proposed Effective Date Delays
FASB Approves Proposed Effective Date Delays Earlier this month the Financial Accounting Standards Board (FASB) approved its August 2019 proposal to delay the effective dates on key standards for private companies, not-for-profits, and certain small public companies....
ASC 606 Revenue Recognition: Am I an agent or a principal and why does it matter?
The new revenue guidance ASC 606 that was first introduced by Accounting Standards Update (ASU) 2014-09 are in effect for the 2019 calendar year for private companies. A question often asked by clients is whether certain transactions should be recorded as Gross vs....
IRS OFFERS SETTLEMENT FOR TAXPAYERS ENGAGED IN MICRO-CAPTIVE INSURANCE TRANSACTIONS
The IRS has announced that it is mailing a time-limited settlement offer to certain taxpayers under audit who participated in abusive micro-captive insurance transactions. Background. Broadly speaking, a micro-captive transaction is a transaction in which a taxpayer...