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Checklist for Small Business Startups

SMBAccountant

Per the Small Entity Compliance Guide published by the Financial Crimes Enforcement Network, companies created or registered to do business before January 1, 2024, will have until January 1, 2025 to file their initial BOI reports. Establish a system for collecting and remitting sales tax if required.

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Friday Footnotes: If There’s AI in Your Job, There May Be More Money; Audits Make Clients Anxious; Who You Calling an Unsexy Sector!? | 5.24.24

Going Concern

[link] pic.twitter.com/yegGRtXHFN — Going Concern (@going_concern) May 23, 2024 News PwC faces crisis in China over audit of failed property giant Evergrande [ Financial Times ] The Ls just don’t stop for PwC. However, it was announced to partners at a meeting on Tuesday that Shaw had triumphed in a five-candidate race.

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Making the Most of Fixed Asset Purchases – Expensing Options

Dent Moses

If you have an applicable financial statement (AFS) which one qualifying option is audited financial statements, any item(s) below $5,000 per invoice or item may be expensed. Without an AFS, say you have a tax return or compilation, the limit is $2,500. 2022 is the last year for a 100% bonus.

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2023 Year-End Tax Planning Strategies for Businesses

Cherry Bekaert

The IRA incentives can provide financial advantages for businesses investing in clean energy solutions. Preliminary tax reporting and issue identification can be initiated before the financial statement audit is completed. and foreign taxes should review their strategies annually.

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Friday Footnotes: Working 100 Hours a Week (For Real); 99% of Firms Short on Staff; The EY Power Struggle | 8.4.23

Going Concern

Audit Fireside Chat with PCAOB Chair Erica Y. While the US Securities and Exchange Commission doesn’t technically approve SPAC deals, it requires audited, accurate financial statements to declare such tie-ups effective. Its total headcount was around 600, up more than 40% from the year prior.

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AICPA Dealership Conference – Updates and Takeaways

Withum

LIFO The Last-In First-Out inventory method is a common inventory valuation method used by many dealerships that can help taxpayers lower their income tax for a period of time. In order to use the LIFO method, a taxpayer must file Form 970 with their tax return to make the election. NADA is optimistic that the bill will Pass.