By Miranda Aavatsmark Who has not frantically awoken from a bad dream in the middle of the night and been relieved to realize that it was not real? I have a reoccurring dream (nightmare) that I either have to go back to college and retake classes or sit for the CPA exam again. I used […]
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In September 2019, the IRS released a draft 2019 Form 1065 and Schedule K-1 with their respective instructions, suggesting that partnership capital accounts would have to report on the tax basis vs. GAAP or any other method of reporting. This change in capital account reporting meant that many partnerships would have to spend considerable amounts […]
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Even though the New Year is just upon us, and we are working diligently to get our taxes filed for 2019, it is also time to start looking ahead to the 2020 tax year. As it happens, just before the holidays, two important pieces of tax legislation were passed as part of a year-end appropriations […]
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Many self-employed taxpayers may be looking for strategies that could help jumpstart future tax years. Here are a few strategies that self-employed taxpayers can take advantage of to help minimize their tax burden. SEP IRA SEP IRA is a great way for the self-employed to be able to provide a retirement option to their employees […]
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Income taxes can be a major driving force in key business decisions on a daily basis. Income taxes have significant impact on cash flow, can influence decisions on how to price jobs, and can impact how much employees are paid. Taking advantage of tax credits can help strengthen cash flow and increase the ability to […]
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The federal government spending package titled the Further Consolidated Appropriations Act, 2020, does more than just fund the government. It extends certain income tax provisions that had already expired or that were due to expire at the end of 2019. The agreement on the spending package also includes the Setting Every Community Up for Retirement […]
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The IRS recently issued guidance on how businesses, self-employed individuals and qualified employees can use the per diem rules to substantiate their business travel expenses for tax purposes. The guidance in Revenue Procedure 2019-48 modifies 2011 guidance to reflect changes made by the Tax Cuts and Jobs Act (TCJA). In a nutshell, the per diem […]
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Congress reached an agreement on a massive government-wide spending package titled the Further Consolidated Appropriations Act, 2020. The legislation extends certain income tax provisions that had expired, as well as some that were due to expire at the end of 2019. Congress traditionally passes so-called “extenders” annually, but it neglected to do so for 2018. […]
Read MoreBy Miranda Aavatsmark As I sit down to write this, it is a couple of days post-Halloween and I changed out my spring door wreath for my fall one. This year has been the first full year to realize most of the tax reform changes and needless to say, accounting professionals have been quite busy. But […]
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When your favorite time of year rolls around (completing your organization’s Form 990, of course!), it can be difficult to know what you should be providing to your tax return preparer when they ask for “compensation” to complete Form 990, Part VII as well as Schedule J, Part II, if applicable. Form 990 requires an […]
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By Cory Schunemann, CPA, Manager at Blue & Co. Indiana’s 2023 Senate Enrolled Act (SEA) 417 made another change to the sales tax collection requirements for not-for-profits after 2022’s SEA 382. Not-for-profits with taxable retail sales in excess of $100,000 in the current or prior year are now required to collect and remit sales tax. […]
By Amy Sandlin, CPA, Tax Senior Manager at Blue & Co. On Thursday, Sept. 14, the IRS announced a moratorium on processing of new Employee Retention Credit (“ERC”) claims through at least December 31, 2023. This decision is in response to a flood of questionable claims and trusted tax advisors expressing a slew of concerns […]
The new Medicare Bad Debt template (Exhibit 2A) and S-10 template (Exhibit 3B and 3C) have been finalized by Medicare and are now required for cost reporting periods ending on or after September 30, 2023. This deadline is quickly approaching, and Blue & Co. wants to be sure you are prepared. If you are feeling […]
