Effective January 1, 2024 – MANDATORY REPORTING The Corporate Transparency Act (“CTA”) enacted in 2021 requires many companies doing business in the United States to report...
Beneficial Ownership Information Reporting Requirement
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Accounting Updates
Supreme Court Finds No Standing to Challenge a Provision of the ACA
A number of states and individual taxpayers sought to challenge the constitutionality of a provision in the Affordable Care Act (ACA). In a 7-2 decision, the U.S. Supreme Court...
Digital Banking is Revolutionizing the Banking Industry
The percentage of retail bank customers who access banking services daily via desktop apps has nearly doubled during the COVID-19 pandemic, according to BAI, a banking...
Is EEOC Enforcement Reform Coming?
Although the Equal Opportunity Employment Commission (EEOC) is intended to be nonpartisan, run by a five-member Commission, a president can appoint a new chairman and...
Consider Another Way to Calculate Overtime Pay
After decades in limbo, regulations that clarify certain overtime pay practices have been released by the U.S. Department of Labor (DOL). The newly finalized rules explain how to...
CARES Act Provides 4 Possible Reasons to File an Amended Return
The $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act delivers good news to individuals and businesses, including valuable tax-relief measures. Some of...
New Law Retroactively Fixes QIP Drafting Mistake
At long last, Congress passed legislation to correct a drafting error related to real estate qualified improvement property (QIP). The correction is part of the Coronavirus Aid,...
COVID-19 Relief: New Rules for Deducting Charitable Contributions
The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes several changes that encourage charitable giving during the coronavirus (COVID-19) crisis. This is welcome...
Nonprofits Turn Focus to Major Donors
The nonprofit sector is facing a severe departure from the boom of the last decade. Predictions place numerous risks at the feet of fundraisers. From the increased privatization...
Prepare to Receive a Social Security Administration No-Match Letter
The SSA explains that it's seeking to reconcile discrepancies between the names and Social Security Numbers (SSNs) it has on file with the names and SSNs that employers report....