The 2022 tax filing season is officially underway. With it comes several important pieces of information for taxpayers to consider. Below is a summary of what can be expected by filers come tax time. Filing Deadlines The last two years have brought unprecedented changes to all aspects of life, and tax season is no different. While we have seen extended filing deadlines for the 2020 and 2021 seasons, the IRS currently has no plans to extend the due date for 2022. This year, the filing deadline is Monday, April 18, 2022 for individual taxpayers. While Tax Day typically falls on the 15th, it is ..read more

Many married taxpayers choose to file a joint tax return because of certain benefits this filing allows them. When filing jointly, both taxpayers are jointly and severally liable for the tax and any additions to tax, interest, or penalties that arise from the joint return, even if they later divorce. Joint and several liability means that each taxpayer is legally responsible for the entire liability. Thus, both spouses on a married filing joint return are generally held responsible for all the tax due even if one spouse earned all the income or claimed improper deductions or credits. This is ..read more

Quite often, we obtain a new client relationship because the users (e.g. owner, lender, potential investor) of that company’s historical financial statements continue to have unanswered questions, which ultimately leads to a lack of confidence in those financials. In that scenario, there could be many causes ranging from their internal accounting department’s basic lack of experience to the other extreme which involves intentional deceit, and possible fraud/theft. To try and avoid this situation, here are some bases you need to cover: Presentation Proper presentation of financial statements a ..read more

  . The first inclination when picking up a valuation report is to turn to the page expressing the value. This shortcuts the benefit of the report and creates an assumption of value to the user without an explanation of how or why the valuator arrived at such an amount. Besides a conclusion of value, a valuation report should provide the purpose, standard(s) followed, assumptions utilized, approaches considered, and methods incorporated. Valuation reports are used in buying and selling businesses, planning for transitions, settling disputes, estate planning, divorce (business or domesti ..read more

  Would remote accounting services benefit your company? The answer might seem to be a simple “yes,” but the variety and complexity of options might make finding the best answer a little more challenging. Over the past several years as technology and software has improved more small businesses are shifting to a more virtual environment.  As most people experienced over the last year and a half with the pandemic, more people than ever have worked from home. Whether it was due to small businesses working remotely or not allowing guests into their office, the need to provide remote acc ..read more

This blog series will cover certain aspects of Tennessee’s Franchise and Excise tax and give particular focus to the more common exemptions available under the taxing statute. The state of Tennessee imposes Franchise and Excise (“F&E”) tax on certain types of legal entities. Entities subject to tax include “C” corporations, “S” corporations, and the Limited Liability Company (“LLC”). General partnerships are not subject to F&E tax. The franchise tax is based on the greater of the entity’s net worth or the book value of certain fixed assets, plus an imputed value of rented property. Th ..read more

Cryptocurrency – think Bitcoin – is constantly in the news. In addition to Bitcoin, there are over 5,900 other cryptocurrencies (source: www.coinlore.com). Cryptocurrency is also referred to as virtual currency. The website for the U.S. Federal Trade Commission has an easy to understand description and discussion of cryptocurrency (source www.ftc.gov) – selected excerpts are below: “Cryptocurrency is a type of digital currency that generally only exists electronically. There is no physical coin or bill unless you use a service that allows you to cash in cryptocurrency for a physical token. Yo ..read more

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