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Recordkeeping DOs and DON’Ts for Business Meal and Vehicle Expenses
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. Tax auditors are adept at rooting out inconsistencies, omissions and errors in taxpayers’ records, as illustrated by one recent U.S. Tax Court case.
Advance Child Tax Credit Payments
The IRS has released more details about advance child tax credit (CTC) payments. The American Rescue Plan Act expanded the CTC, which is payable in advance for 2021 to eligible families.
Biden Administration’s 2022 Tax Proposals
The U.S. Department of the Treasury has issued detailed information about the Biden administration’s tax proposals for fiscal year 2022 for the American Jobs Plan and the American Families Plan. Traditionally, the tax community has referred to this annual publication as the “Green Book.”
How To Strengthen Your Internal Controls
Internal controls are a system of policies and procedures organizations put in place to protect assets and improve operating efficiency. Effective internal controls are critical to accurate financial reporting. A solid system of controls can help prevent, detect and correct financial misstatements due to errors and fraud.
The Biden Administration Proposes Far-Reaching Tax Overhaul
President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs Plan and the Made in America Tax Plan.
Avoid Withholding Tax Surprises
To avoid a surprise when you file your tax return, review your federal withholding each year to make sure you’re not having too little (or too much) tax withheld from your paychecks.
Using Your Financial Statements To Evaluate Capital Budgeting Decisions
Strategic investments can add long-term value. But management shouldn’t base these decisions on gut instinct. A comprehensive, formal analysis can help minimize the guesswork and maximize your return on investment.
Help Retirement Plan Participants Limit Leakage
Should employers be concerned if their retirement plan participants withdraw money from their accounts for non-retirement purposes? A recent report from the Joint Committee on Taxation (JCT) says yes and explains why.
Inflation Adjusted Health Savings Account Thresholds
The inflation-adjusted Health Savings Account (HSA) thresholds for next year have been announced by the IRS. For calendar year 2022, a high deductible health plan is ...
The Employee Classification Rule That Never Really Was
On January 6, 2021, the U.S. Department of Labor (DOL) announced a final rule regarding the employee-versus-independent-contractor standard under the Fair Labor Standards Act (FLSA). The effective date of the final rule was March 8. However, its future was uncertain at the time given that a new presidential administration was incoming.
4 Reasons To Revisit Your Powers Of Attorney
Although much of estate planning deals with what happens after you die, it’s equally important to have a plan for making critical financial or medical decisions if you’re unable to make them for yourself.
Child Tax Credit Guidance
A new IRS webpage provides guidance to taxpayers on advance child tax credit (CTC) payments in 2021. The credit was temporarily expanded and made refundable for 2021 by the American Rescue Plan Act.

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