IRS delays caused employers to wait on needed COVID tax credit relief
(authored by RSM US LLP) Congress passed multiple pieces of legislation aimed at providing relief to employers struggling due to the pandemic. A new Treasury Inspector General for Tax Administration (TIGTA) report finds that ongoing IRS processing delays are causing businesses to wait on COVID-related credits claimed on Forms 941-X. The report states that as of Feb. 1, 2022, there were 447,435 Forms 941-X waiting to be processed.
Given the High Gas Prices, Minimum Wage is Not Even a Working Wage
The average commute in the United States is about 27 minutes. This is about one gallon of gas to and one gallon of gas from
Basic Cyber Hygiene
Cybersecurity has been a chief concern among small business owners for some time, but protecting data from bad actors has become even more important since
What’s In the 2022 Inflation Reduction Act?
On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022. This bill, which was initially written as a successor to
90-Day Pre-Exam Compliance Program for Retirement Plans
In June, the IRS began piloting a new compliance program for benefit plan sponsors. This program gives benefit plans 90-days’ notice of an upcoming examination,
FOMC policy decision preview: Fed to hike lending rate .75% next week
(authored by RSM US LLP) A 100-basis-point increase in the federal funds rate will be on the table during the Federal Open Market Committee meeting next week, but we expect the central bank will hike the policy rate by 75 basis points.
IRS 90-day pre-examination compliance pilot for retirement plans
(authored by RSM US LLP) The IRS is piloting a pre-examination compliance program for retirement plans, which provides plan sponsors with 90-day window to review plan operations and make corrections prior to examination.
Changes in Fed policy and their impact on the economy
(authored by RSM US LLP) The Federal Reserve’s changes to short-term interest rates will affect the stock of money, which directly determines the direction of the real economy…
Initial jobless claims exceed pre-pandemic level for second straight week
(authored by RSM US LLP) There were 229,000 new jobless claims for the week ending June 11, down slightly from an upwardly revised 232,000 in the prior week.
Accounting for Leases in 2022
In early 2016, the Financial Accounting Standards Board (FASB) released new guidance on how businesses should account for leases. That new standard went into effect
A Cash Flow Analysis Can Save Your Business
Financial experts claim that 82 – 90% of small business failures are caused by poor cash flow. Many profitable companies find that they are insolvent
The Many Benefits of Outsourcing the CFO Function
As a small to medium-size business owner, you wear many hats and may be responsible for everything from new product development, to operations, human resources,