CPA Practice

OCTOBER 17, 2024

State and local governments are being squeezed by a shortage of accounting professionals, making it difficult at times to find staff CPAs who can prepare critical financial information or outside firms to conduct audits. But accountants who do government work face unique challenges that require more specialized solutions.

cpas 115

cpas Government auditor Account 115

Accounting Today

MAY 28, 2024

The Governmental Accounting Standards Board released an updated standard to improve some of the main components of the financial reporting model for state and local governments.

Government 124

Government accounting standards Maine accounted 124

Accounting Today

JUNE 25, 2024

A coalition of accounting educators and tech leaders released a generative AI governance framework as a starting point for organizations.

Government 119

Government Education Technology accounted 119

SMBAccountant

OCTOBER 7, 2020

For small businesses working to attain contracts through the Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) programs, the first phase of the project is typically a firm fixed price (FFP) contract.

Account 246

Account accounted accountant accrual accounting 246

CPA Practice

DECEMBER 21, 2024

The Senate cleared a stopgap funding extension early Saturday shortly after a midnight deadline, staving off a partial government shutdown and ending days of gridlock over a package whose contents seemed to change by the hour.

Government 102

Government business tax Tax 102

SMBAccountant

APRIL 2, 2024

Understanding these regulations early on is crucial for small businesses to secure and manage government funds effectively. Adhering to these rules ensures transparency, accountability, and responsible use of taxpayer dollars. Seeking guidance from experts can further enhance success rates in navigating grant-related challenges.

Government 130

Government Account accounted accountant 130

CPA Practice

NOVEMBER 19, 2024

A new proposal that would establish authoritative guidance on the accounting for government grants received by businesses was issued by the Financial Accounting Standards Board (FASB) on Nov. rules instead of analogizing to IAS 20 or other guidance, thus narrowing the variability in accounting for government grants, the FASB said.

Government 107

Government accountant Account accounted 107

Accounting Today

JUNE 4, 2024

The report highlights the International Ethics Standards Board for Accountants' yearly accomplishments and outlines future plans, like focusing on sustainability.

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Government accounted Account accountant 128

RogerRossmeisl

SEPTEMBER 9, 2024

Governing documents A partnership is governed by a partnership agreement, which specifies the rights and obligations of the entity and its partners. Similarly, an LLC is governed by an operating agreement, which specifies the rights and obligations of the entity and its members. Partnership tax basics The tax numbers of a.

income tax 238

income tax Government CPA Tax 238

SMBAccountant

SEPTEMBER 9, 2022

by Chris Poponak – SMB Government Compliance Analyst. In order to enhance the competitiveness of women-owned small businesses (WOSB,) the federal government has enacted the Women-Owned Small Business Federal Contracting Program. These three sectors account for 47% of total industry employment by women-owned businesses.”

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Government accounted Account accountant 49

RogerRossmeisl

SEPTEMBER 4, 2023

government. The government can often trace money from these illegal activities through payments reported on Forms 8300 that are timely filed, complete and accurate. Businesses that receive more than $10,000 in cash must report transactions to the U.S.

CPA 278

CPA Government Finance Tax 278

RogerRossmeisl

JULY 13, 2022

Some people who begin claiming Social Security benefits are surprised to find out they’re taxed by the federal government on the amounts they receive. This doesn’t mean you pay 85% of your benefits back to the federal government in taxes. The taxation of Social Security benefits depends on your other income.

Tax 243

Tax CPA Government 243

TaxConnex

JANUARY 2, 2024

Sales and use taxes collected on behalf of the government are considered government funds upon collection. You could be at risk for heavy penalty and fees depending on your sales tax exposure. How do you estimate your exposure, how do you rectify it and move forward to compliance?

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Sales Tax financial statements audit 264

RogerRossmeisl

JANUARY 14, 2024

Starting in 2024 newly formed, corporations, limited liability companies (LLCs), limited partnerships, and other entities that file formation papers with a state’s Secretary of State’s office (or similar government agency) must file a report with the U.S.

CPA 262

CPA Start-ups Government Tax 262

RogerRossmeisl

APRIL 30, 2024

According to the Treasury, the US government has provided auto dealers with >$580 million in advance payments for consumer electric vehicle (EV) tax credits since 1/1/2024.

Tax 257

Tax tax return CPA Government 257

TaxConnex

JULY 20, 2021

Home rule jurisdictions are granted the authority by certain states’ constitutions to pass laws to self-govern. Alabama on the other hand, has a unified tax base, meaning localities cannot make their own choices about what to tax and what to exempt, but many local governments handle their own tax administration.

Sales 245

Sales Alaska Louisiana Tax 245

RogerRossmeisl

OCTOBER 24, 2023

If you have family members with disabilities, there may be a tax-advantaged way to save for their needs — without having them lose eligibility for the government benefits to which they’re entitled.

Account 264

Account accounted accountant CPA 264

RogerRossmeisl

SEPTEMBER 18, 2023

permits a plan sponsor to amend its 401(k), 403(b) or government 457(b) plan to offer emergency savings accounts that are connected to the plan. This will be done through what the law calls “pension-linked emergency savings accounts.” Effective for plan years beginning January 1, 2024, SECURE 2.0

CPA 264

CPA Tax Government accounted 264

TaxConnex

AUGUST 20, 2024

In some states, the contractor may purchase tangible personal property exempt from sales and use tax when the contract is directly with a government agency or nonprofit exempt organization. This pass-through exemption typically flows down to subcontractors as well. The form of documentation varies by state.

Sales 264

Sales Tax Construction Education 264

SMBAccountant

AUGUST 30, 2021

When applying for government contracts, it’s important to understand the types of contract options that are available to you. Fixed-Price Contracts The majority of Small Business Innovation Research (SBIR) Phase I contracts issued by the government are Firm Fixed Price (FFP). The contractor bears all the cost risks in this scenario.

Government 246

Government audit accounted Account 246

RogerRossmeisl

JULY 13, 2021

Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021. How have child tax credits changed?

Tax 246

Tax CPA Government 246

RogerRossmeisl

AUGUST 3, 2021

In this scheme, a criminal calls, emails or texts potential victims and pretends to be working for the Veterans Administration or another government agency. Beware of imposters The greatest fraud threat to this group is “imposter” fraud.

CPA 246

CPA Government accounted Account 246

RogerRossmeisl

SEPTEMBER 19, 2022

Receiving a tax refund essentially means you’re giving the government an interest-free loan. You might want to change your withholding so that this doesn’t happen again next year. You might even want to adjust your withholding if you got a big refund. The IRS has a withholding calculator to assist you in conducting a paycheck checkup.

income tax 246

income tax Tax tax return CPA 246

RogerRossmeisl

NOVEMBER 12, 2021

Recently, intellectual property theft by foreign governments and organized crime gangs has grabbed headlines — for good reason. Corporate espionage has long been a threat for U.S. According to the U.S. Justice Department, 80% of its economic espionage prosecutions target schemes that would benefit China.

CPA 49

CPA Government 49

RogerRossmeisl

AUGUST 4, 2023

You may be attracted to a country by a plentiful labor supply, significant tax benefits or government incentives. It can also provide them with access to new markets and potentially higher profits. But, beware: Some foreign business environments present serious fraud risks.

CPA 245

CPA Government Tax 245

RogerRossmeisl

MAY 16, 2022

The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals is doubled to 100% for food and beverages provided by restaurants in 2022 (and 2021).

Entertainment 245

Entertainment CPA Tax Government 245

RogerRossmeisl

JANUARY 11, 2022

Examples of potentially relevant subsequent events are: An offer to purchase the business, A bankruptcy filing, The emergence of new technology or government regulations, A natural. The post When Subsequent Events Count appeared first on Roger Rossmeisl, CPA.

CPA 245

CPA Government Technology accounted 245

RogerRossmeisl

NOVEMBER 6, 2023

The self-employment (SE) tax problem The SE tax is how the government collects Social Security and Medicare taxes from self-employed individuals. In addition, you and your spouse must be issued separate Schedule K-1s, which allocate the partnership’s taxable income, deductions and credits between the two of you. Social Security tax.

Tax 245

Tax income tax CPA Government 245

RogerRossmeisl

AUGUST 5, 2021

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this by the number of businesses applying for an Employer Identification Number.

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Start-ups tax return Tax CPA 246

RogerRossmeisl

AUGUST 4, 2021

Because taxes are considered property of the government, the employer holds them in “trust” on the government’s behalf until they’re paid over. It’s called the “Trust Fund Recovery Penalty” and it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages.

income tax 246

income tax CPA Tax Government 246

RogerRossmeisl

JANUARY 6, 2021

The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA), which also includes other laws within it.

CPA 246

CPA Government Tax business tax 246

RogerRossmeisl

MAY 30, 2022

Government Accountability Office, the proportion of businesses adding cyber coverage increased from 26% in 2016 to 47% in 2020. These days, it’s common for businesses to purchase cyber insurance to help mitigate financial losses from network breaches. According to the U.S.

CPA 246

CPA Government accounted Account 246

RogerRossmeisl

AUGUST 28, 2022

Within a relatively short period, corporate environmental, social and governance (ESG) initiatives evolved from a disjointed and confusing set of goals to a more unified business imperative. This is largely because investors, employees, customers and other stakeholders have demanded it.

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CPA Government accounted Account 242

RogerRossmeisl

NOVEMBER 13, 2022

IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report, but that’s little consolation if your return is among those selected to be examined.

audit 238

audit tax return CPA Tax 238

TaxConnex

JULY 30, 2024

Exemption certificates are generally either entity-based (resellers, not-for-profits, federal and some state government agencies) or product-based. In New Mexico, the federal government exemption doesn’t always apply. It’s uncommon to have an exemption without a formal request and a formal document.

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South Dakota Alaska New Hampshire Montana 264

TaxConnex

APRIL 19, 2022

Crypto appears to offer a hedge when economies wobble and recently captured headlines as a monetary rescue for a war-battered Ukrainian government. There’s similar interest in California, Arizona, New York, Hawaii and Massachusetts – not to mention the federal government, which may soon explore digital currency for the U.S.

Sales 246

Sales Tax Colorado New Jersey 246