business Top 10 Blogs of 2022 January 10, 2023 COVID related distributions, deferred compensation reporting and accounting for foreign subsidiaries interested our readers most in 2022. Check out our top ten most read blogs of last year. Repaying COVID-Related Distributions: What’s Right for You?- The CARES Act, enacted in the early days of the COVID-19 pandemic, waived the 10% early distribution penalty for so-called “coronavirus-related distributions” from eligible retirement plans in 2020. The distributions are subject to income tax if you don’t repay them. How do You Report Deferred Compensation When an Employee Dies?- In the unfortunate event of an employee's passing, the tax reporting and withholding requirements are a bit confusing, and it’s not always clear whether income tax and FICA tax withholdings are due from such payments. This blog answers these tricky questions. Foreign Subsidiaries: Accounting Basics 101- If your company reports on a US GAAP basis and has control over a foreign subsidiary, the foreign subsidiary must be consolidated into the U.S. parent for financial reporting purposes. If the foreign subsidiary doesn’t maintain its records in U.S. dollars, the financial statements must be converted into U.S. dollars. This blog dives into this and other important accounting rules. What You Should Know Before Restructuring Your Business- Rising inflation, the ongoing pandemic, supply chain woes and changing market dynamics have left many companies struggling and perhaps even contemplating bankruptcy. If your company is among them, you may have informal restructuring options that could put you back on the path to profitability. What are the Tax Benefits of Donor Advised Funds? Donor advised funds (DAFs) continue to pack a solid punch when it comes to both reducing taxes and maximizing the impact of charitable contributions. In the right situation, your charitable contributions could even help you completely offset your taxable income. Form 990 Refresher: How do I Report Gross Receipts? Reporting gross receipts remains an area of confusion for many nonprofit organizations. This blog helps you navigate this confusing territory—read for a refresher on reporting gross receipts on your IRS Form 990/990-EZ/990N. IRS Updates “ID.me” Identify Verification Process for Americans Living Abroad The IRS uses a service called ID.me, which is a trusted technology provider of identity verification and sign-in services, to allow taxpayers to securely access IRS tools when living and working abroad. This is part of the IRS’ increased effort to combat identity theft. If you’re an American living outside the U.S., you will want to read this. Can an Employee Receive Both a 1099 and W-2 in the Same Year? Do you employ both salaried workers and freelance workers? Filing taxes can be a bit complicated. Here’s what you should know about giving employees form 1099s and W-2s in the same calendar year. What is Form 8858 and Who is Required to File? Are you a Schedule C or Schedule F filer? You may be required to file Form 8858. There are penalties associated with not filing.. New and Improved Rules for Section 529 Plans The Tax Cuts and Jobs Act (TCJA) made three notable changes to Section 529 plans, including a new provision allowing you to withdraw (tax-free) up to $10,000 per year to pay for elementary and high school tuition. The SECURE Act further expanded the benefits of these plans. Read our blog for more. Keep following our blog for the latest information on tax changes, SECURE 2.0 updates, charitable giving tips, retirement advice and more. Note that some of the information reflected in these 2022 blogs may have changed. Questions? Contact us.
