When it comes to managing essential responsibilities, every month has its challenges, but the fall and winter months are incredibly demanding.  October through January can bring in a wave of extra projects.  Yes, it may be spring or summer – but we CPAs are “planners.” So let’s plan ahead for tax season 2024 and 2025! In the late Fall, people are hosting celebrations, attending holiday events, and gift shopping.  If you have children, add on the winter school recitals and kids’ holiday parties.  The time seems to fly by quickly.  To keep up with the fun and chaos of t ..read more

Financial challenges faced by startups in San Francisco often differ from those encountered by established businesses due to their unique circumstances and stage of development. Here are some common challenges startups face in San Francisco: High Cost of Living and Operating: San Francisco is notorious for its high cost of living and operating expenses. Startups may struggle to afford office space, salaries for employees, and other overhead costs. Access to Funding: While San Francisco has a vibrant venture capital ecosystem, competition for funding can be fierce. Startups often face challen ..read more

As part of the ongoing efforts to improve tax compliance in high income categories, the IRS will begin dozens of audits on business aircraft involving personal use. The audits will be focused on large corporations, large partnerships and other high income taxpayers, and will scrutinize whether the use of jets is being properly allocated between business and personal reasons. “During tax season, millions of people are doing the right thing by filing and paying their taxes, and they should have confidence that e ..read more

The Financial Crimes Enforcement Network (FinCEN) has published a Small Entity Compliance Guide (Guide) to provide an overview of the Beneficial Ownership Information Access and Safeguards Rule (Access Rule) requirements for small entities that obtain beneficial ownership information (BOI) from FinCEN. Under the Access Rule, issued in December 2023, BOI reported to FinCEN is confidential, must be protected and may be disclosed only to certain authorized federal agencies; state, local, tribal and ..read more

The American Institute of CPAs offered a series of guidance recommendations to the Department of the Treasury and the Internal Revenue Service to help provide clarity on a notice issued by the IRS on changes to the regulation for Roth IRA catch-up contributions made by SECURE 2.0. In a January 17, 2024, letter to the agencies, AICPA recommend that guidance be issued across areas. First, the organization recommended that Treasury and the IRS “ssue guidance stated that federal income tax withholding with respect ..read more

The IRS has issued the luxury car depreciation limits for business vehicles placed in service in 2024 and the lease inclusion amounts for business vehicles first leased in 2024. Luxury Passenger Car Depreciation Caps The luxury car depreciation caps for a passenger car placed in service in 2024 limit annual depreciation deductions to: $12,400 for the first year without bonus depreciation $20,400 for the first year with bonus depreciation $19,800 for ..read more

The IRS, with its Criminal Investigation (CI) arm, has urged businesses to review eligibility for the Employee Retention Credit (ERC). To combat fraud, they intensified compliance efforts related to this pandemic-era credit. Businesses wrongly claiming the ERC are advised to consider applying for the Voluntary Disclosure Program before the March 22 deadline. A special withdrawal program is also available for those with eligibility concerns on pending claims. Both programs aimed to help employers to avoid penalties and interest on ..read more

Following what was described as a successful launch of beneficial ownership information reporting requirements, officials from the Department of the Treasury found themselves before the House Financial Services Committee defending the regulations. “The beneficial ownership registry successfully launched on January 1 this year,” Andrea Gacki, director of the Financial Crimes Enforcement Network, said during a February 14 oversight hearing of the committee. “In the first week alone, more than 100,000 companies successfully filed their b ..read more

The IRS has issued a warning to small businesses regarding potential issues with Employee Retention Credit (ERC) claims as the March 22, 2024 deadline for the ERC Voluntary Disclosure Program approaches. Seven suspicious warning signs have been identified based on feedback from tax professionals and compliance personnel. These signs may indicate erroneous claims and could lead to IRS scrutiny. The ERC Voluntary Disclosure Program allows businesses to rectify incorrect cl ..read more

As part of the ongoing efforts to improve tax compliance in high income categories, the IRS will begin dozens of audits on business aircraft involving personal use. The audits will be focused on large corporations, large partnerships and other high income taxpayers, and will scrutinize whether the use of jets is being properly allocated between business and personal reasons. “During tax season, millions of people are doing the right thing by filing and paying their taxes, and they should have confidence that e ..read more