Financial accounting and cost accounting with preparation of SSARS No. 21 financial statements
US tax compliance
Foreign tax compliance
Mergers and acquisitions
Tax planning and payroll
Consulting
∞Assessment of bookkeeping compared to generally accepted accounting principles
∞Transition support from bookkeeping to generally accepted accounting principles
NEW!
Pass-through entity elective tax
Pass-through entity elective tax services have been discontinued except for those already having made the election as of June 17, 2024 due to the complexity of the rules of compliance and the time requirement for complying with the rules. Only advisory services related to the pass-through entity elective tax will be provided to new clients as part of overall planning for the sunsetting of the Tax Cuts and Jobs Act on December 31, 2025.
Chief among the rules increasing the level of tax compliance difficulty is the inability to electronically file certain tax returns for those making the election resulting in little or no ability to confirm whether paper returns have been filed. Additionally, the complex computational aspect of the pass-through elective tax combined with the strict deadlines for filing and paying the elective tax increases the likelihood of errors.
State tax authorities have struggled to keep apace with managing the pass-through elective tax since the inception of the $10,000 state and local deduction limitation ushered in by the Tax Cuts and Jobs Act. With a potential sunset of the $10,000 state and local tax deduction limit looming on the horizon on December 31, 2025, it is likely changes will have to be made with respect to taxpayers already having made the election.
Topics of general interest...
SECURE Act basics for inherited IRAs:
Post 12/31/19 inherited IRAs are required to distributed within 10 years of the date of death.
Exceptions apply for beneficiaries who are not eligible designated beneficiaries:
Surviving spouses
Individuals not more than 10 years younger than the account owner
Chronically ill individuals
Disabled individuals
Minor children
An exception applies to designated beneficiaries, meaning one who is not an eligible designated
beneficiary. Designated beneficiaries can "stretch" inherited IRA RMD (required minimum distributions)
over their lifetime if they are not more than 10 years younger than the account owner
Beneficial Ownership Information:
The Financial Crimes Enforcement Network [FinCEN] has initiated filing requirements for US companies to report information about the individuals who ultimately own or control them. For companies created prior to January 1, 2024, the first Beneficial Ownership Information [BOI] report is due no later than January 1, 2025. Go here to learn more about filing the BOI report: https://fincen.gov/boi