Top IRS Audit Issues
IRS audits are on the uptick, as IRS employees are returning to a more normal schedule, post pandemic. What are the top 10 areas on which auditors are focusing? Unreported income: Auditors have many techniques to search for unreported income, but among the more commonly used is the bank deposit analysis. Bank statements are often […]
Importance of Bank Reconciliations
Cash is the most vulnerable asset in a business. Performing bank reconciliations is an internal control mechanism that can help identify unusual transactions that might be caused by simple accounting errors or worse yet, fraudulent activity. It’s extremely important to perform such reconciliations on a monthly basis to properly identify and stop nefarious or questionable activity. […]
2021 Child Tax Credit and Advance Payments: A Deeper Dive #2
The American Rescue Plan not only expanded the amount of the Child Tax Credit, but also created a newly advanceable monthly payment that commenced on July 15th and is expected to continue monthly for the remainder of the 2021 tax year. The advance monthly payments are new and were rolled out rather quickly, so additional […]
Considerations for a Remote Workforce
As the current work environment continues to evolve, employers are seeking out additional information on the ability to work remotely and what tax impact that has on the business and its employees. Employers should begin by considering a few questions: In which state(s) do we have employees doing work at a company facility or in […]
NEW – Summer 2021 Small Business Newsletter
New – NYS Passthrough Entity Tax, a Workaround for the SALT Cap: Is it Right For Your Business?
The 2021-22 New York State budget legislation includes a Passthrough Entity (PTE) tax as a workaround for the $10,000 state and local tax (SALT) cap, which was enacted as part of the 2017 Tax Cuts and Jobs Act (TCJA), to limit the amount of state and local tax an individual could deduct on their federal […]
August Cross-Border News #2
Links to our August Cross-Border News: Webinar: Relocation Planning for U.S. Immigrants – Registration (gotowebinar.com) Doing Business in the U.S., Sales Tax Update and Other Tax Matters – Doing Business in the U.S.: Sales Tax Update and Other Tax Matters (tronconisegarra.com) And: Doing Business in the US Sales Tax Update and State Mandates – YouTube […]
New York Restaurant Return-to-Work Tax Credit
On Thursday, August 5, 2021, New York State announced the launch of the New York Restaurant Return-to-Work Tax Credit. This $35 million tax credit program provides an incentive to COVID-impacted restaurants to bring restaurant staff back-to-work, and to increase hiring at restaurants across the state. Qualifying businesses are eligible for a tax credit of $5,000 […]
Doing Business in the U.S.: Sales Tax Update and Other Tax Matters
It’s been just over three years since the US Supreme Court issued its landmark decision in South Dakota vs. Wayfair, Inc.; and now is a perfect time to provide an update as almost every state has new laws on sales tax and have defined their economic thresholds for remote sellers. Recently, two of our state […]
Single Audit: Covid-19 Relief Funds Received May Trigger Federal Single Audit
As a result of the Covid-19 pandemic, the U.S. government has implemented a number of programs to provide economic support to businesses. The most notable has been the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provided $2.2 trillion of funding for individuals, Paycheck Protection Program (PPP) loans, unemployment benefits and direct aid to […]