New Chemical Excise Taxes Affect Multiple Industries
By Alex Smith, CPA Certain chemical excise taxes that last saw the light of day back in the mid-1990s, are back and could apply to many more companies than just…
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What You Need to Know About the IRS Mileage Rate Increase
By Alex Smith, CPA In an unusual step, the IRS increased the standard mileage rate to 62.5 cents per mile for the second half of 2022, effective July 1, 2022…
New Auditing Standard for Employee Benefit Plans – One Year Later
In 2019, the American Institute of Certified Public Accountants (AICPA) Auditing Standards Board issued Statement on Auditing Standards (SAS) No. 136, which is effective for audits of financial statements for…
Recovery Rebate Credit – How Much Can I Claim for 2021?
By Alex Smith, CPA Some taxpayers received letters from the White House in December 2021 or January 2022 telling them they may be eligible for an additional direct payment from…
What you Need to Know About Unemployment Compensation
By Alex Smith, CPA If you received unemployment compensation in 2021, you are not alone. It is estimated that over 20 million Americans collected unemployment compensation during 2021 and the…
Build Back Better Act: In-Progress
By Alex Smith, CPA More tax changes that could affect you and your business are on the way. Over the last four years we have had a major overhaul of…
2022 IRS Pension Plan Limits
The Internal Revenue Service (IRS) published its cost-of-living adjustments for the 2022 tax year that will affect dollar limits for pension plans and other retirement-related taxes. For a detailed list…
Does Your Employee Benefit Plan Need an Audit?
The Employee Retirement Income Security Act of 1974 (“ERISA”) contains a requirement for annual audits of plan financial statements by an independent qualified public accountant. Determining if your plan is…
The Effect of ASC 842 on Oil and Gas Production Entities
The Financial Accounting Standards Board (FASB) has issued new accounting standards for leases and created a new section in the Accounting Standards Codification (ASC) – 842 Leases. This new accounting…
What You Need to Know About the Infrastructure Investment and Jobs Act
By: Alex Smith, CPA On November 5th, Congress passed the $1 trillion Infrastructure Investment and Jobs Act, a key piece of the President’s agenda. So, what tax changes does the…