Employee Retention Credit Voluntary Disclosure Program
On December 21, 2023, the IRS announced a new program for taxpayers who want to pay back money they received filing for the ERC refunds for 2020 and 2021 but feel that they claimed these
New York Follows FinCEN Enacting Beneficial Ownership Information Reporting
On December 22, 2023, New York’s governor signed Senate Bill 995B/Assembly Bill 3484A, enacting the New York LLC Transparency Act (NYLTA). The NYLTA is modeled after the beneficial ownership information (BOI) reporting requirements under the
How To Review A SOC 2 Report
In a previous article we stressed the importance of proper Vendor Risk Management. But how do you actually review a SOC 2 report, especially if its 85 pages long? This article will help you identify
Ohio Pass-Through Entity Tax
Starting in 2022, many states came out with a Pass-Through Entity Tax. A pass-through entity tax is an entity-level income tax that partnerships, S corporation, and Limited Liability Companies (LLCs) may elect to pay. Many
Related-Party Loans and Advances: Considerations for Operations and Reporting in the Healthcare Industry
Related-party financing and advances to and from affiliates are commonplace in the health care industry, especially within the skilled nursing industry as well as other for-profit, fee-for-service healthcare providers. These advances allow operators to manage
Business Combinations: The Acquisition Method Under U.S. GAAP
Businesses enter into acquisitions for a multitude of reasons. For example, a company may be looking to grow, expand product offerings, or open distribution channels in new markets. In a market that has seen immense
2024 Ohio Commercial Activity Tax (CAT) Changes
Important Changes to Ohio’s Commercial Activity Tax: Ohio’s Commercial Activity Tax (CAT) changed significantly effective January 1, 2024, and requires due diligence for future filing purposes. Ohio’s Budget Bill (H.B. 33) eliminated the annual minimum
The State House Always Wins: Sports Gambling Treatment in Ohio
With the first year of legalized sports gambling in Ohio in the books, many Ohioans may face higher-than-expected tax bills because of their sports gambling winnings. In the coming weeks, gamblers who won more than
After the Hollywood Strike: Production Accounting Impact
2023 saw the longest strike for SAG-AFTRA (Screen Actors Guild – American Federation of Television and Radio Artists), beginning July 14 and ending November 9, a period of 118 days. It followed the beginning of
Corporate Transparency Act
One of the biggest legislative changes affecting small business in 2024 and future years is the Corporate Transparency Act (CTA). Here is a list of answers to questions that business owners might have about the
Unveiling the Dark Side: How Bad Actors Harness the Power of AI
Artificial Intelligence (AI), with its transformative potential, has become a double-edged sword, empowering both positive advancements and, unfortunately, nefarious activities by bad actors. As AI technologies continue to evolve, so do the methods employed by
Stock or Asset Purchase: Which is Right for You?
When determining the type of transaction, factors such as tax implications and potential liabilities are the foremost considerations. An asset sale involves acquiring specific assets and liabilities, whereas a stock sale entails purchasing the shares