Cherry Bekaert

OCTOBER 25, 2023

For the industrial manufacturing industry, two energy tax credits that stand to provide incredible advantages are the Advanced Manufacturing Production Credit: Section 45X and Advanced Energy Project Credit: Section 48C. Contact Us The post Sustainable Manufacturing: Harnessing Energy Tax Credits appeared first on Cherry Bekaert.

Manufacturing 111

Manufacturing Tax audit 111

CPA Practice

MAY 2, 2023

There is a brand-new section that debuted today in PCAOB inspection reports of audit firms, and it is devoted to auditor independence. “We The auditor independence section will appear in reports for PCAOB inspections completed in 2022, beginning with eight reports that were released on Tuesday.

audit 111

audit auditor financial statements 111

CPA Practice

MARCH 7, 2023

There will be a new infrastructure, new discipline sections, and a greater emphasis on technology throughout. A fourth core section, Business Environment and Concepts (BEC), will be reallocated across the three remaining core sections and the three new discipline sections.

Technology 137

Technology CPA cpas audit 137

Going Concern

OCTOBER 25, 2023

As you may already know the 2023 AICPA Trends report is out , here’s our earlier write-up on how many accounting degrees were completed for the 2021-22 period covered in the new report (saving you a click: it’s 65,035). decrease in 4th sections passed. decrease in 4th sections passed. About that jump in 2010.

CPA 121

CPA accounting degree cpas Start-ups 121

Reckon

MARCH 20, 2024

Continuous learning is key to successful financial decision makingContinuous learning is key to successful financial decision making What’s a cash flow statement? In the realm of finance and accounting, the cash flow statement stands as a critical document for assessing the financial health and performance of your business.

accounting software 52

accounting software accounting and finance Finance Maine 52

Going Concern

MARCH 15, 2024

The whole point of hiring a big four audit firm such as PwC is to attach your financial results to a brand whose reputation is beyond question. Audit The auditor’s role in supply chain due diligence [ Compliance Week ] A recent New York Times report detailed alleged examples of migrant children working for U.S.

auditor 107

auditor audit cpas Iowa 107

Withum

DECEMBER 7, 2023

This structure allows them to take the position that their distributive share of income from the investment funds is not subject to self-employment tax because of the exception in section 1402(a)(13), even though they are actively involved in managing the investment fund. The practical effect of this position is to eliminate the 3.8%

Tax 121

Tax Delaware tax services audit 121

CPA Practice

JUNE 8, 2023

The CAMT applies to certain corporations reporting more than $1 billion in annual adjusted book income averaged over a three-year period. The new CAMT applies a 15% tax to a company’s  adjusted financial statement income  (AFSI).

income tax 105

income tax tax return financial statements Tax 105

CPA Practice

OCTOBER 20, 2023

Here’s the crux of the matter: If a worker is classified as an employee, the employer must pay its share of payroll taxes, withhold the employee’s share of payroll taxes and required income taxes and report those amounts to the IRS.

payroll tax 116

payroll tax payroll income tax Tax 116

CPA Practice

JUNE 12, 2023

The CAMT applies to certain corporations reporting more than $1 billion in annual adjusted book income averaged over a three-year period. The new CAMT applies a 15% tax to a company’s  adjusted financial statement income  (AFSI).

income tax 98

income tax tax return financial statements Tax 98

Cherry Bekaert

NOVEMBER 6, 2023

Company Background An award-winning residential real estate home builder with projects in Georgia and South Carolina was able to take advantage of the Section 45L Energy Efficient Home Credit (Section 45L) to save more than $350,000. The Company has five operating locations and 19 employees.

Real Estate 75

Real Estate Construction South Carolina Tax 75

Going Concern

JULY 7, 2023

If you have passing credit for BEC before 2024 hits then you don’t have to worry about choosing one of the new disciplines assuming you pass the other sections before that credit expires. There will be one panel per exam section, and each panel will meet for up to two days. So get on that.

cpas 95

cpas CPA New Jersey audit 95

Acterys

FEBRUARY 22, 2023

To deal with economic and market turbulence, businesses must create well-rounded financial plans and monitor business performance against targets regularly. FP&A teams play a key role in ensuring the financial stability of a business. Here are some examples of financial statements: 1.

financial statements 130

financial statements accounting and finance Sales Finance 130

ThomsonReuters

MARCH 30, 2023

Report to Congress: Annual Report on Self-Insured Group Health Plans (Mar. 2023); Appendix A, Group Health Plans Report: Abstract of 2020 Form 5500 Annual Reports Reflecting Statistical Year Filings (Oct. Report to Congress: Annual Report on Self-Insured Group Health Plans (Mar.

Tax 94

Tax Account accountant accounted 94

CPA Practice

JUNE 8, 2023

Thomas Austin Scholarship, Personal Financial Planning Distinguished Service Award, Sid Kess Award and Standing Ovation awards for both Personal Financial Planning and Technology Advisory. Personal Financial Planning (PFP) Division Distinguished Service Award Richard (Dick) J. Awards presented include the P.

cpas 98

cpas CPA forensic accounting Education 98

ThomsonReuters

NOVEMBER 15, 2023

What to know about Section 501 What is Form 990? How to file taxes for nonprofits What are the 501(c)(3) reporting requirements? Charity tax exemptions are granted based on the organization’s compliance with specific regulations and its designation under Section 501(c) of the Internal Revenue Code. What is Form 990?

Tax 52

Tax Non-Profits tax return accounting and finance 52

VJM Global

OCTOBER 11, 2022

Due date of claiming ITC extended and Only eligible ITC can be claimed- Amendment in Section 16 (Section 100 of the Finance Act, 2022). Restriction on claiming ITC: Section 16(2) of the CGST Act specifies conditions subject to which ITC can be claimed such as unlying goods or services must have been received. Earlier Section 38.

Finance 96

Finance Tax Government 96

CPA Practice

APRIL 22, 2024

Gomez, CPA | Global Chief Financial Officer and Partner, Mischief USA and No Fixed Address Inc. Tony Boras, CPA – Crowe LLP | Governmental Report Review Committee Elizabeth D. Buffardi, CPA, CFP(R) – Crescendo Financial Planners | Media Expert Amy M. Yetter, CPA | President and Founder, Yetter Consulting Services Inc.

Illinois 116

Illinois CPA Indiana audit 116

Withum

JANUARY 18, 2023

Agents who are part of CID investigate far more than tax crimes; they also investigate money laundering, narcotics, and a vast array of other financial crimes. The most common tax associated with this section is withholding taxes. False Reporting IRC 7204 The final section we’re discussing is 7204.

Tax 107

Tax Government tax return Healthcare 107

CPA Practice

MAY 30, 2023

The number of CPA candidates who took the Uniform CPA Examination in 2022 was about 7% lower than the previous year, the Financial Times reported on May 28. FT reported that was the lowest amount of CPA exam takers in at least 17 years. candidates fell more than 10 percent year on year,” FT reported.

CPA 116

CPA cpas accounting degree audit 116

SMBAccountant

JUNE 21, 2023

When it comes to financial statements, two key documents play a vital role in providing insights into a company's financial health: the income statement and the balance sheet. While both are important in understanding a company's financial position, they serve different purposes and provide distinct information.

Non-Profits 130

Non-Profits accounting equation financial statements accounts payable 130

inDinero Accounting

MAY 1, 2024

You’ve put effort into managing your small business, but are you truly aware of your company’s financial pulse? Consistent financial reporting can be the difference between merely surviving and thriving in the competitive business landscape. The essentials of financial reporting, easy and simple.

Non-Profits 98

Non-Profits accounting and finance accrual accounting Account 98

MyIRSRelief

OCTOBER 30, 2023

Income Tax Return for Estates and Trusts, is a complex tax form that is used to report the income and expenses of estates and trusts. Form 1041 is used by fiduciaries to report the income and deductions of estates and trusts. Part IV: Tax Computation: This section calculates the trust’s tax liability. Form 1041, U.S.

tax preparation 130

tax preparation Tax tax return income tax 130

Withum

OCTOBER 13, 2023

Capital Accounts Beginning in tax year 2020, the IRS required partnerships to report their capital accounts on Schedule K-1, Item L, partners’ capital account analysis using the tax basis. A partner’s outside (carried over historical) basis in its partnership interest is separate and distinct from the partnership’s inside basis in its assets.

Tax 116

Tax Account accountant accounted 116

Cherry Bekaert

MAY 15, 2023

As such, it has become critical for users of these services to understand the controls implemented to safeguard their data and to ensure their financial statements are free of material misstatement. Who Needs a SOC Report and What Are Its Advantages? What Is SOC Reporting?

auditor 98

auditor public accounting payroll financial statements 98

Going Concern

OCTOBER 10, 2023

Shout-out Stephen Foley at FT for writing up the most important part of Deloitte’s recently released transparency report : PAY. The 2023 Transparency Report talks quite a bit about governance, ethics, audit quality, leadership, blah blah. According to the non-GAAP financial information they’ve shared, that is.

audit 108

audit Start-ups Government Account 108

Withum

FEBRUARY 23, 2022

136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, as amended, primarily addresses certain performance and reporting requirements for audits of retirement plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) and changes the form and content of the auditor’s report.

audit 84

audit auditor financial statements public accounting 84

Cherry Bekaert

NOVEMBER 28, 2023

Section 174 Research and Experimentation Cost Capitalization The tax landscape for specified research and experimentation (SRE) activities is evolving with Section 174 changes effective from January 1, 2022. Investment tax credits are available under several Section 48 Energy Credit designations.

tax planning 64

tax planning Tax income tax tax return 64

Cherry Bekaert

MARCH 27, 2024

It is imperative that real estate owners, developers and investors understand the structural intricacies and financial implications of DSTs so that they can reap tax benefits and properly account for the investment. DSTs are becoming more popular as an alternative for Section 1031 exchanges. 1031 exchange.

Delaware 110

Delaware Real Estate accounting standards Legal 110

CPA Practice

FEBRUARY 7, 2024

The American Institute of CPAs has submitted a letter to the Financial Crimes Enforcement Network and Internal Revenue Service (IRS) providing recommendations for the Report of Foreign Bank and Financial Accounts to taxpayers impacted by major disasters.

tax return 64

tax return cpas Tax financial accounting 64

Going Concern

JANUARY 31, 2024

In an audit quality report released last week [ PDF ], the once flawless PwC admits its next PCAOB inspection report will be twice as bad as the last one. When people say “deficiencies” in relation to PCAOB reports, that’s what they mean. New to 2022 inspection reports is the Part I.C It could be worse.

audit 110

audit auditor financial statements 110

Cherry Bekaert

SEPTEMBER 28, 2023

One of the most interesting sections addressed operational risk as it relates to the Institution’s Bank Secrecy Act/Anti-Money Laundering BSA /AML Program. financial system is more susceptible to money laundering, terrorist financing and other illicit financial activity risks. economy and financial system.

accounting and finance 96

accounting and finance Legal Texas Finance 96

inDinero Tax Tips

NOVEMBER 7, 2023

If you make that investment before the end of the tax year, you’re now reporting a loss of $100,000. In year zero, our hypothetical business reported a net negative profit. This is called a Section 382 NOL limitation—or, simply, a 382 limitation. However, you’ve been considering expanding and need to invest $200,000 to do so.

accrual accounting 105

accrual accounting Tax accounting and finance tax services 105

Cherry Bekaert

MARCH 27, 2024

It is imperative that real estate owners, developers and investors understand the structural intricacies and financial implications of DSTs so that they can reap tax benefits and properly account for the investment. DSTs are becoming more popular as an alternative for Section 1031 exchanges. 1031 exchange.

Delaware 98

Delaware Real Estate accounting standards Legal 98

VJM Global

SEPTEMBER 25, 2023

The respondent disllowerd the ITC claimed in GSTR-3B due to condition given under Section 16(4) of CGST Act, i.e., ITC can’t be claimed beyond the due date of filing of return for the month of September of following year. Section 16(4) prescribes one of the conditions to make a registered person entitled to take ITC.

Tax 52

Tax Legal Construction Government 52

Going Concern

APRIL 24, 2024

Because Going Concern is a publication for accounting professionals, allow us to call special attention to this section. Mental health is a top three concern for women globally (48%), falling behind only their financial security (51%) and rights (50%). This is a situation that must change—and employers must enable this.”

Account 110

Account accountant accounted 110

Anders CPA

APRIL 17, 2023

Join us for a webinar on Wednesday, March 24 at 10:00 am CDT discussing what the Consumer Financial Protection Bureau (CFPB) ruling on Section 1071 of the Dodd-Frank Act means and how your organization should prepare in the coming months. What types of loans must be reported? What data will I need to collect and report?

Education 52

Education CPA 52