The TG Blog
Resources and articles to empower you and keep you up to date.
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Note:…
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Savvy investors know that taxes can have a big impact on their returns. And while tax considerations should generally take a back seat to sound investment strategies, as you review your investment options think about moves that can slash your tax bill. Here are a few ideas to consider as we approach the end of…
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Now is a good time to check your FSA balance If your employer provides you with a flexible spending account (FSA) for health care expenses, it’s a good idea to check your account balance. Also, familiarize yourself with the terms of your employer’s plan to see if it allows you to carry over some of…
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For most businesses, year-end tax planning involves a delicate balancing act, and the more flexibility that is built into the plan, the better. That’s because the tax code is in a constant state of flux, which makes it challenging to identify the most effective strategies. For example, a general rule of tax planning says that…
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Your CPA offers a wide menu of services. One flexible offering, known as an “agreed-upon procedures” engagement, provides limited assurance on a specific aspect of an organization’s financial or nonfinancial information. What’s covered? Agreed-upon procedures can cover various items. For example, a CPA could provide a statement about the reliability of a company’s accounts receivable,…
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What is the Inflation Reduction Act? On August 16, 2022, President Joe Biden signed the Inflation Reduction Act (hereafter the Act) into law. The bill introduced a number of measures to decrease household costs for the average American, while additionally making efforts to lower prescription drug prices for Medicare recipients and cut down domestic greenhouse…
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Auditing standards require financial statement auditors to identify and assess the risks of material misstatement due to fraud — and to determine overall and specific responses to those risks. Here’s why face-to-face meetings are essential when assessing these risks. Audit inquiries Fraud-related questions are a critical part of the audit process. The AICPA requires auditors…
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High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Here’s an overview of the taxes and what they may mean for you. 3.8% NIIT This tax applies, in addition to income tax, on your net investment income. The NIIT…
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There is no denying COVID-19 has changed the corporate landscape when it comes to where employees perform work. Before COVID-19, most office employees worked at a central location and performed services in the state in which the employer resided. However, COVID-19 forced most employees to work from home. Often, home for employees may have been…
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Risks abound in today’s uncertain marketplace. Nearly two-thirds of senior finance leaders said that the volume and complexity of corporate risks have changed “mostly” or “extensively” in the past five years, according to a new report published by the American Institute of Certified Public Accountants (AICPA) and North Carolina State University. Surprisingly, this report, 2022…
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