IRS Issues Additional Guidance for Inherited IRAs
On July 19, 2024, the IRS issued new regulations clarifying the rules surrounding inherited IRAs, providing essential guidance for beneficiaries and financial planners. These updates primarily focus on implementing the SECURE Act’s provisions and the adjustments beneficiaries must make to comply with the new requirements. Key Clarifications on the 10-Year Rule The SECURE Act’s 10-year…
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New City of Birmingham Business Tax and License System – Action Required by September 6th
The City of Birmingham recently announced a software change in the Tax and License Division, requiring users to migrate to a new system. City of Birmingham Press Release Birmingham, AL – As the City of Birmingham continues to strengthen its systems of engagement with local businesses, the Tax and License Division is introducing a new,…
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National Public Data Breach – What Happened and What Should You Do?
The background check company National Public Data recently had a data breach that could have exposed billions of personal financial records. The news of this data breach has left many Americans worried, questioning if they were affected and searching for the best response. The linked article explains more about the breach and what actions you…
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IRS Advances Employee Retention Credit Claims: More Payments Move to Processing
On August 8th, 2024, the Internal Revenue Service announced it is accelerating more payments and continuing compliance work on outstanding ERC claims. It’s estimated between that 10% and 20% of the unprocessed ERC claims show a low risk of noncompliance. For those with no eligibility warning signs that were received prior to last fall’s moratorium,…
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CrowdStrike – What Happened?
On Monday, CPA Practice Advisor shared a great overview of the CrowdStrike glitch that shutdown airlines and many companies. According to CrowdStrike’s website, it has 29,000 customers around the world, including some of the biggest companies in the US. Microsoft has estimated that the incident, which is being described as one of the worst IT…
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Navigating Expense Reimbursement Challenges: A Tech-Savvy Approach
Expense reimbursement remains a significant challenge for many businesses in the accounting landscape. Manual processes often lead to errors, delays, and employee dissatisfaction. To address these issues, businesses are increasingly turning to software solutions that streamline the reimbursement process and enhance accuracy and efficiency. Expense reimbursement problems are commonly rooted in paper-based systems, which result…
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Alabama Business Privilege Tax Changes for 2024
Alabama House Bill 391 reduced the minimum state business privilege tax in 2023 from $100 to $50. Beginning in 2024, businesses that are subject to the minimum tax ($100 or less) are completely exempt from paying the tax and filing a Business Privilege Tax Return (BPTIN/CPT/PPT). This means many single-member entities will no longer be…
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Interpreting Financial Statements: The Story Behind the Numbers
Financial statements serve as a window into the health and performance of a business, offering valuable insights for investors, analysts, and stakeholders. The statements, including the income statement, balance sheet, and cash flow statement, provide a comprehensive view of a company’s financial position (and health). Let’s dive into what these statements can reveal: Income Statement:…
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Update on the CPA Profession
When talking with clients, I always like to know how their business is going. I love to hear about everything: their team, sales, challenges, etc. When asked the same question, I usually respond, “Business is great, and we’re looking for more.” However, one of the accounting profession’s biggest challenges is the need for more people…
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Beneficial Ownership Reporting in 2024
The Corporate Transparency Act (“CTA”) was a significant piece of U.S. legislation signed into law in January 2021. The CTA was created to address issues related to money laundering, fraud, and other financial crimes, including those committed by anonymous shell companies. Shell companies are set up without revealing their true owners and can be exploited…
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