The IRS is reminding owners of foreign bank and financial accounts that the deadline for filing a 2021 Report of Foreign Bank and Financial Accounts (FBAR) is April 18, 2022. The IRS has also issued a fact sheet containing information to help U.S. individuals file their FBARs. Who needs to file an FBAR? The Bank […]
Your business needs financial statements so management can monitor performance, attract investment capital and borrow money from a bank or other lender. However, not all financial statements are created equal. Audited statements are considered the “gold standard” in financial reporting. While public companies are required to issue audited statements, smaller, privately held organizations have options. […]
If you are married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing status results in the lowest tax. However keep in mind that, if you and your spouse file a joint return, each of you is […]
If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. However, what happens if you have not received such a letter — can you still claim a deduction for the gift on your 2021 income tax return? It depends. The requirements To prove a […]
Ineffective inventory management and reporting can result in bloated working capital and impaired business profits. In industries that rely on overseas suppliers, best practices for managing inventory may have recently changed. In today’s uncertain marketplace, it is clearly a good idea to review your current approach and make adjustments as needed. What is the right […]
Ever since the Affordable Care Act was signed into law, business owners have had to keep a close eye on how many employees they have had on the payroll. This is because a company with 50 or more full-time employees or full-time equivalents on average during the previous year is considered an applicable large employer […]
You may pay out a bundle in out-of-pocket medical costs each year. However, can you deduct them on your tax return? It is possible but not easy. Medical expenses can be claimed as a deduction only to the extent your unreimbursed costs exceed 7.5% of your adjusted gross income. Furthermore, medical expenses are deductible only […]
Federal Tax The IRS has announced a special new page on IRS.gov to provide the latest information affecting the 2022 filing season. The IRS has created this special web page to help taxpayers who may face numerous issues due to pandemic-related challenges and critical law changes that took place in 2021. This page: – Raises […]
While Congress did not pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That is because some tax figures are adjusted annually for inflation. If you are like most people, you are probably more concerned about your 2021 tax bill right now […]
The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don not file until much closer to the April deadline (or you file for an extension until October), consider filing earlier this year. Why? You can potentially protect […]