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Here are your articles for Tuesday, August 17, 2021
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What To Know About the New Lease Accounting Standard

The effective date for private companies to comply with Accounting Standards Codification 842 is on the horizon. The new standard clarifies definitions and businesses will need to make sure they're familiar with the terms. Click through to make sure you're familiar with the basics.

S Corporations and PPP Loan Forgiveness

S corporations are passthrough entities created for tax purposes. However, their status raises some problems around how the relief packages passed in response to the COVID-19 pandemic are taxed. Click through for a review of the key provisions that apply to this special situation.

Employee Retention Credit Changes for Q3 and Q4 2021

The Treasury Department and the Internal Revenue Service issued further guidance on the Employee Retention Credit. Click through for more details on the updates.

Construction Companies: Recognizing Revenue Under ASC 606

Before ASC 606 was adopted, there was no formal standard for the recognition of revenue across industries. Click through to learn how this important standard has affected the construction industry.

The Tax Gap and Efforts to Raise Compliance

The Commissioner of the Internal Revenue Service addressed the implementation of the American Rescue Plan Act of 2021 and discussed the challenges the IRS is facing in 2021.  Click through for more information.

IRS Adjusts HSA Limits for 2022

The government has announced inflation-adjusted changes for health savings accounts. The new limits are a small increase over 2021. Click through for the details to remain in compliance next year.

Retirement Plan Startup Costs Tax Credit

You may be able to claim a tax credit of up to $5,000 when you set up a SEP IRA, a SIMPLE IRA or a 401(k) plan. Click through to see how the tax credit reduces the amount of taxes you owe.

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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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