Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions. Filing Requirements Each person engaged in a trade or business who, in the course of operating, receives more than $10,000 in cash...
Because the average investment account boasts a much larger balance than a typical checking or savings account, cybercriminals are particularly interested in hacking them. Financial institutions are largely responsible for ensuring the security of these accounts, but business customers and consumers also should adopt defensive...
Starting in 2019, auditors’ reports for certain public companies must contain a new element: critical audit matters (CAMs). The requirement was in effect for audits of large accelerated filers (with market values of $700 million or more) in fiscal years ending on or after June...
In response to the COVID-19 crisis, the IRS recently issued Notice 2020-52. It offers sponsors of safe harbor 401(k) plans with temporary relief from certain requirements applicable to midyear reductions or suspensions of contributions. The guidance also clarifies the requirements for midyear contribution reductions (during...
You have probably seen it in the movies or on television: A close-knit family gathers to find out what is contained in the will of a wealthy patriarch or matriarch. When the terms are revealed, a niece, for example, benefits at the expense her uncle,...
Non-profits sometimes team up with other entities to boost efficiency, save money, and better serve both organizations’ constituencies. This can be a smart move — so long as your accounting staff knows how to report the activities of the two organizations. How you handle reporting...
When the COVID-19 crisis exploded in March, among the many concerns was the state of the nation’s supply chains. Business owners are no strangers to such worry. It has long been known that, if too much of a company’s supply chain is concentrated (that is,...
COVID-19 is changing the landscape for many schools this fall. While many children and young adults are going back, even if it is just for online learning, some parents will be facing tuition bills. If your child has been awarded a scholarship, that is cause...
If you are a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you are a partner. Why...
When Congress authorized an additional $600 in monthly unemployment benefits as part of the Coronavirus Aid, Relief, & Economic Security Act, out-of-work Americans were not the only ones it helped. Criminals have descended like locusts on state unemployment insurance agencies, using stolen identities to fraudulently...