Running a business can be a lot! Each day can bring a new problem to solve and stress can be common. For small business owners, navigating stress isn’t just about personal well being – it’s a crucial aspect of sustainable business growth. Let’s explore the intricate relationship between business success and the management of stress; […]
Brazil Supreme Court justice opens inquiry into Elon Musk, escalating dispute over misinformation
Judge Alexandre de Moraes is a staunch supporter of regulations designed to rein in misinformation online in Brazil.
Turning Numbers into Financial Insights
Any successful business owner will tell you that the backbone of a thriving business is its ability to understand and use its financial insights wisely. However, the raw numbers on your Balance Sheet or Profit and Loss statement are just the starting point. The key is to turn those numbers into actionable insights that improve […]
Latest federal budget includes $20 billion rescission for IRS
The appropriations act enacted over the weekend that kept the federal government from shutting down included $12.3 billion for the IRS, but also codified an agreed-upon $20 billion cut in money allocated by the Inflation Reduction Act.
Navigating the Employee Retention Credit: Avoiding Common Pitfalls
In the wake of the COVID-19 pandemic, the Employee Retention Credit (ERC) emerged as a lifeline for many businesses, offering financial support to retain employees during challenging times. However, as the IRS deadline approaches, small businesses must tread carefully and ensure their ERC claims are accurate and compliant. Here, we’ll explore common pitfalls and guide […]
AI in Accounting: What’s Coming for Small Businesses
We know artificial intelligence is making strides in many industries, from content creation to software development. But what is the status of AI in accounting and bookkeeping? Well, it turns out it’s not much further removed from where AI leads many other arenas. Yet, with profits at stake, many small business owners want to know […]
Enforcement, voluntary programs yield over $1 billion from ERC claims
On the deadline for businesses to offer to repay erroneous employee retention credit claims under the voluntary disclosure program (VDP), the IRS said assessments account for $572 million of the revenue, with the VDP and the claim withdrawal process accounting for the rest.
Taxpayer notice of third-party contact shortened under proposed regs.
The IRS would reduce the notice of third-party contact with respect to the determination or collection of the taxpayer’s tax liability to 10 days from 45 days in several circumstances involving statutory periods for assessments and collections that expire in one year or less.
Decision holding Corporate Transparency Act unconstitutional appealed
The U.S. Justice Department filed an appeal Monday challenging the district court’s decision that the law, which requires businesses to report beneficial ownership information, is unconstitutional.
Federal court holds Corporate Transparency Act unconstitutional
While acknowledging that the law is well intentioned, the opinion from a U.S. district court in Alabama said Congress lacked authority to enact the business ownership information reporting requirement.