The survey results demonstrate the significance of the holidays for small businesses, particularly this year. Many small businesses in the United States are preparing for the 2022 holiday season by putting their holiday cash flow first, thinking of ways to
Here are some reasons why in-kind donations may be one way to increase these clients’ bottom lines if product philanthropy hasn’t been on your radar as a year-end strategy. For retailers and manufacturers, the fourth quarter theme is uncertainty. To
The IRS typically has three years from the earlier of the time your tax return was filed or its due date to examine the return and determine the amount of tax owed. If you agree to an extension, the IRS
Financial uncertainty leads to longer and more frequent calls to accountants and financial consultants, placing additional strain on already overworked staff resources. Financial uncertainty is causing an increase in the volume and length of calls to accountants and financial consultants,
The Social Security Administration recently increased benefit checks by 8.7%, one of many changes. The Social Security Administration (SSA) is increasing its cost of living adjustment (COLA) for benefit checks in 2023, which is good news given the recent spike
Mortgage rates in the United States decreased last week by the most since the end of July, falling below 7% and causing an uptick in purchase applications, which had previously been declining. According to data from the Mortgage Bankers Association,
Notably, you can use a loss to lower the amount of a gain you had earlier in the year that would have been subject to a high ordinary income tax rate if you hadn’t realized it. Taxpayers can use their
An appeals court decision issued on Monday prohibits qualified borrowers from being forgiven up to $20,000 in debt. President Joe Biden’s expansive debt forgiveness program is indefinitely suspended by a federal appeals court, so the United States cannot discharge any
On 21 new and persistent issues in tax administration, the report makes recommendations to the IRS. On Nov. 15, the Internal Revenue Service Advisory Council (IRSAC) released its annual report for 2022, which includes suggestions for the IRS on current
Adding value for your clients is essential if you want a successful, long career and expanding business. An accountant’s job description is “preparing and examining financial records,” according to the Bureau of Labor and Statistics. The duties of accountants have