CPA Practice

NOVEMBER 26, 2024

Online shopping sites, such as Etsy and eBay, and payment network PayPal, among other companies, had urged lawmakers to change the new $600 reporting threshold for Form 1099-K, which was enacted by the American Rescue Plan Act in 2021. But legislation to repeal the new reporting threshold hasn’t yet been passed in Congress.

E-commerce

Withum

JULY 4, 2025

Election for Retroactive Application By Certain Small Businesses: Small Business Taxpayers can elect to apply the ability to immediately expense Section 174 expenditures starting for taxable years after December 31, 2021, no later than 1 year after the date of enactment. This would provide that an amended return be filed for 2022, and 2023.

income tax

ThomsonReuters

OCTOBER 31, 2024

The CTA, which was passed in 2021 and became effective on January 1, 2024 , is designed to reveal the actual ownership of companies operating in or accessing the American market. law enacted in 2021, aimed at enhancing transparency in business ownership. What are the benefits of the CTA for small businesses?

Tax

CPA Practice

NOVEMBER 25, 2024

The SEC alleges UPS misrepresented its earnings because of improper valuation of its UPS Freight unit, which it agreed to sell in 2021. In January 2021, UPS announced it was selling UPS Freight to Canadian trucking company TFI International for $800 million, subject to adjustments.

accounting principles

Accounting Insight

OCTOBER 24, 2024

The launch of the user-friendly Payment Portal in 2021, followed by Chaser Pay in 2023 provides debtors with an easy portal to settle invoices with multiple payment options.

Technology

Accounting Insight

NOVEMBER 19, 2024

Founded in 2021, Nook has built one of Europe’s most comprehensive AP products, earning Xero’s Emerging App of the Year award. Security and efficiency remain central to both platforms, with features such as Confirmation of Payee (CoP) to validate account details in real-time, helping prevent fraud across payment processes.

Accounts Payable Automation

Shay CPA

JULY 16, 2025

That’s exactly what happened to one of our clients—a VC-backed New Jersey tech firm—when a former California-based remote employee applied for unemployment benefits in 2021. million in 2021. Suddenly, the State of California decided to audit and claimed almost $480,000 was due. In reality, revenue was closer to $300,000.

Delaware

Going Concern

JULY 3, 2025

EY audited SWSF from the financial year ended December 31, 2009 until its resignation as auditor in April of 2021. Said FRC Deputy Executive Counsel Jamie Symington about that one: “Mandatory firm rotation is a clear requirement for auditors underpinned by company law and the FRC’s Revised Ethical Standard.

audit

CPA Practice

OCTOBER 29, 2024

In 2021, PwC committed to creating more than 100,000 net new jobs over a five-year period, with an emphasis on hiring specialists in areas such as cybersecurity, cloud, climate, transformation, and supply chain. PwC’s assurance business had 4% revenue growth in U.S. Information provided by PwC.

Legal

CTP

APRIL 21, 2025

In 2021, student athletes were granted licensing rights for the first time, allowing them to earn income on the use of their name, image, and likeness (or NIL). Since the court decision in 2021, most Power Four schools (the most prominent NCAA Division I football conferences) have launched NIL collectives.

Tax

Anders CPA

DECEMBER 24, 2024

Internet and Website-Based Activities In 2021, the Multistate Tax Commission (MTC) issued its fourth revision to P.L. Having even one employee working in a state creates nexus, as can independent contractors or agents acting on your behalf. 86-272; this focused on internet and website-based activities as they relate to economic nexus.

South Dakota

Going Concern

NOVEMBER 22, 2024

Charlotte repairmen plead guilty to $1.5M+ in tax fraud: DOJ [ Queen City News ] Court records stated that from 2018 through 2021 both men worked as home repairmen and provided car repair services to elderly customers. The two men received over $1.5 million from customers and failed to report the income on tax returns.

auditor

Withum

DECEMBER 24, 2024

The Corporate Transparency Act (CTA) , enacted in 2021, requires more than 33 million small businesses to register with FinCEN between January 1, 2024 and December 31, 2024. There are separate filing deadlines for entities created in 2024 (90 days after formation) and in 2025 (30 days after formation).

Texas

Going Concern

JULY 15, 2025

By 2021, that number had increased to 42.7%. Unfortunately we aren’t able to say if that trend continued as the AICPA stated in its 2023 report that they were unable to accurately project the number of graduates hired into public accounting in 2021 “due to a limited response rate from public accounting firms.”

cpa firm

Withum

AUGUST 5, 2025

The Property cannot be purchased from a related party The property must not have been used in a qualified production activity by any person between January 1, 2021 , and ending on May 12, 2025. The taxpayer must not have used the property at any time prior to such acquisition.

tax planning

Xero

FEBRUARY 12, 2025

” My Two Cents founder Haley Reyners and her firm were winners of the 2021 Bookkeeping Business of the Year, and 2021 Certified Bookkeeper of the Year ICNZB awards. Being able to create different whitelists for different clients so they’re not caught up in workflows is really awesome.”

bookkeeping

Withum

FEBRUARY 3, 2025

A dealership never performed a cost segregation study on a property they purchased for $15 million back in 2021. By identifying $3.5 million of assets to shorter depreciable tax lives, the dealership realized over $2.3 By identifying over $4.4 million of depreciation deductions (with the help of bonus depreciation) and over $1.2

tax planning

Accounting Insight

NOVEMBER 15, 2024

iplicit grew 742% during this period, from the year ending March 31 2021 to the year ending March 31 2024. The industry disruptor secured 40th place in the annual Deloitte UK Technology Fast 50 list. Rankings are based on percentage revenue growth over the last three years.

accounting software

CTP

APRIL 21, 2025

A groundbreaking court case in 2021 gives these students licensing rights, challenging the previous policy set by the NCAA. NIL collectives began to spring up after that pivotal court case in 2021, and by 2023 most of the Power Four schools (the most prominent NCAA Division I football conferences) had NIL collectives.

tax planning

CTP

FEBRUARY 24, 2025

The Bureau of Labor Statistics found that between 2019 and 2021 the percentage of remote workers rose from less than 17% to over 39% among professional, scientific, and technical servicesincluding tax professionals. The rise of remote work has impacted the majority of industries across the U.S.

Tax

CPA Practice

OCTOBER 14, 2024

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tax preparation

Withum

MARCH 17, 2025

One popular solution is a surcharge applied on each order, similar to the approach businesses took with the freight surcharges popular from 2021-2023. While manufacturers have a less direct path between tariff impact and ending price to customers, they too are concerned about this issue.

financial statements

Going Concern

MARCH 13, 2025

At the same time, monetary penalties reached their highest level since 2021. “In contrast, the SEC imposed more than $770 million in monetary penalties in FY 2024, a 32% increase from FY 2023 and the highest total since 2021.” respondents declined by 56% in FY 2024, while those initiated against non-U.S.

audit

Withum

MAY 12, 2025

When first enacted in 2021, this higher tax rate for millionaires was set to expire in 2027. Previously, there was a $500,000 per-person limit for such costs. Millionaires tax: The budget extends the higher personal income tax rate on individuals who make over $1.1 million annually through 2032.

New York

Withum

JANUARY 21, 2025

This section is effective for disasters occurring on or after January 26, 2021. Such distributions are not subject to the 10% additional tax and are considered as gross income over 3 years. Section 333 Eliminates the additional 10% tax on corrective distributions of excess contributions.

income tax

Withum

JUNE 24, 2025

This above-the-line deduction, which had briefly existed in 2020–2021, would allow filers taking the standard deduction to additionally deduct up to $150 of cash donations to charity (or $300 for joint filers) each year. Donations to donor-advised funds and supporting organizations are excluded from this benefit, in line with prior rules.

Tax

CPA Practice

JULY 14, 2025

Greg Daily, AIF® joined the firm in 2021, following over 20 years in the finance industry providing personal and institutional financial services. and India, contributing to the company’s 10x growth and supporting its successful IPO in 2021. She holds a B.S. Thanks for reading CPA Practice Advisor!

West Virginia

TaxConnex

JANUARY 9, 2025

Your duty to register generally depends on if your threshold amount of applicable revenues exceeds $30,000 CAD over any 12-month period beginning on or after July 2021. Normal GST/HST is available for supply of qualifying goods.

Sales

Going Concern

MAY 12, 2025

From June 2020 to September 2021, hes accused of submitting false PPP loan applications on behalf of the companies, overstating employee numbers and average monthly payroll, and making other fraudulent representations. Yasir Hamed, 60, waived his right to be indicted on May 9 in front of a judge in Bridgeport.

Kansas

Withum

DECEMBER 4, 2024

The ERC amount is a maximum of up to $5,000 per employee for the 2020 taxable year and up to $7,000 per employee per quarter in the first three calendar quarters of 2021. The statute of limitations to file 2020 ERC claims expired this past April, but claims for the 2021 ERC can be filed until April 15, 2025.

Tax