…the reasonable application of a reasonable valuation method. This aligns GAAP with the current valuation requirements prescribed by Internal Revenue Code Section 409A and related Tax Regulations. The practical expedient…
…their employees. Internal Revenue Code 512(a)(7) is repealed to the time of enactment, paving the way for charitable organizations to recover taxes paid previously. Guidance from the IRS is expected…
…captured through analysis of IPA’s annual practice management survey and net revenue ranking. The IPA list categorizes the top 500 firms, with revenue figures for the Top 200 lists firms…
…however, the states have been slow to adopt conformity to the Act given the substantial costs of such conformity. Virginia currently conforms to the Internal Revenue Code in effective December…
…form of tax fraud that affects thousands of taxpayers every year. According to the Internal Revenue Service (IRS), in the first five months of 2017, approximately 107,000 taxpayers were victims…
…of Virginia tax conformity In Virginia, a fixed-date Internal Revenue Code (IRC) conformity approach had been in place since 2003. Every year, passing federal tax conformity legislation in the General…
…is no limit on the number of employees a business can hire. Employers file Form 5884 to claim the tax credit. 2022 New Hire Prescreening Process Update The Internal Revenue…
Accounting Opportunities to Position Your Non-Profit for Change Non-profit industry revenue is forecasted to grow an annualized 3.4% over the next several years to 2026, totaling $175.6 billion. As these…
…System, criteria for which include a minimum number of years in operation and minimum revenue thresholds. Addition of the ERS has increased the number of charities rated by Charity Navigator…
…should receive these rebates this month. Increase in Standard Deduction For Taxable Years 2022 and 2023, assuming certain revenue growth targets are met by the state, the standard deduction for…
With recent reductions in Internal Revenue Service (IRS) personnel, reaching a representative by phone may be more challenging. Now is an excellent time to leverage the enhanced functionality of IRS…
…the Internal Revenue Service by February 2, 2026. Attorney’s fees for services of $600 or more paid in the course of a trade or business are reported in box 1…