Category: Business Practices

QuickBooks will discontinue QB Desktop version in Sept. 2024

Intuit, the maker of QuickBooks, will discontinue selling and supporting most QuickBooks desktop products after September 30, 2024.   Only the Enterprise version, hosted online, will be available after that date. We recommend that any QuickBooks desktop users with a version...

2024 Standard Mileage Rates announced

Beginning January 1, 2024, the standard mileage rates for cars, vans, pickups, and panel trucks will be 67 cents per mile for business purposes, 21 cents per mile for medical or moving purposes for qualified active-duty members of the Armed...

Reasonable Compensation for Determinations of Business Valuations

Closely held businesses commonly require valuations for many different reasons.  They can be required for borrowings from banks, estate and gift planning, buying and selling businesses, and strategic planning.  One of the key components in calculating the value of a...

New CTA reporting requirements affecting millions coming January 1, 2024

As we shared in June, the new federal Corporate Transparency Act (CTA), intended to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity, takes effect on January 1, 2024.  This new Act will affect most...

Lower Form 1099-K threshold delayed again

The IRS again delayed the effective date of the $600 threshold for Form 1099-K reporting for third-party settlement organizations and will treat 2023 as another transition year, the Service said Tuesday in Notice 2023-74. When the IRS starts implementing the...

Using the “Cohan Rule” to take record-less deductions

Most taxpayers realize they must keep adequate records in order to substantiate tax deductions and credits. Adequate business records can also be critical for a host of other situations, i.e., insurance losses, wage and hour claims, and civil litigation, to...

Understanding and minimizing the chance of employee fraud

Do you ever wonder if any of your employees are capable of committing fraud? Trusted persons can become trust violators if three factors are present, often referred to as the “Fraud Triangle”: A secret need for cash. Whether it’s excessive...

ERC withdrawal process initiatied for those who may have been scammed

Internal Revenue Service is allowing small businesses who believe they may have entered the ERC process fraudulently or under incorrect guidance to withdraw without penalty. This new withdrawal option allows certain employers who filed an ERRC claim but have not...

IRS pauses the processing of new Employee Retention Credit (ERC) claims

Internal Revenue Service has placed an immediate moratorium on processing new Employee Retention Credit (ERC) claims following growing concerns that a substantial share of these claims are ineligible and putting businesses at financial risk by being scammed by aggressive promoters....

Do you have a hobby or a business? The IRS will want to know…

From collecting stamps and woodworking to crafting and quilting, people have all kinds of hobbies – and most of these hobbies will never turn a profit. For hobbies that do earn income, people should know that they must report it...