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Small business owners need to take note: the Financial Crimes Enforcement Network has set March 21 as the new deadline for filing Beneficial Ownership Information reports under the Corporate Transparency Act. This article explores how these rules impact small businesses, details the recent legal developments affecting deadlines, and outlines essential steps for compliance to avoid significant penalties.

Whether managing personal finances or running a business, this article provides essential questions to ask your CPA for informed decision-making. Discuss everything from tax planning to retirement and succession planning. Stay on top of your financial game by making your CPA meetings count.

The Internal Revenue Service (IRS) has recently issued a statement warning businesses about the common mistakes made when claiming the Employee Retention Credit (ERC). Unqualified claims are often due to misinformation from aggressive promoters, leading to a rise in ineligible applicants.

Selling private company stock can be challenging for non-controlling shareholders. This article explores the critical considerations, from understanding company restrictions to finding the right buyers and planning for taxes.

Dustin Stamper, a managing director at Grant Thornton, has warned that the IRS, having received $60 billion over 10 years in addition to its annual appropriation, is now able to hire more experienced workers to conduct audits on both companies and individuals. The IRS is currently offering higher pay to attract midcareer professionals who can immediately contribute to the audit team. Stamper anticipates a surge in audit activity in the near future, and anticipates that high-income individuals, partnerships, and C corporations will see the most significant increase in examinations. The IRS will also focus on issues such as research and development credits, partner capital accounts, energy credits, and digital assets in its audits.

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The primary line item on a for-profit business’s income statement is revenue (or sales), making accurate reporting crucial for producing reliable financial statements. According to U.S. Generally Accepted Accounting Principles (GAAP), revenue is recognized when

Technology is transforming the accounting profession. When businesses moved from paper ledgers to spreadsheets, it improved the timeliness, accuracy and integrity of accounting-related data. Likewise, cloud computing and the ability to remotely access real-time data