We’ve published a lot of news in 2024, but a few posts seem to be exceptionally popular! Here’s a review of our top blog posts that received the most attention this year.
Please note that some of these posts may be outdated.
1: The “nanny tax” must be paid for nannies and other household workers
You may have heard of the “nanny tax.” But if you don’t employ a nanny, you may think it doesn’t apply to you. Check again. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations.
2: Navigating Required Minimum Distributions for Inherited IRAs: A Guide for Beneficiaries
Navigating the complexities of Required Minimum Distributions (RMDs) from inherited retirement accounts demands an informed approach. This article provides essential guidance for beneficiaries managing inherited IRAs and workplace retirement accounts, incorporating the latest regulations to ensure compliance and tax optimization.
3: Judge Blocks New Overtime Rule: What It Means for Workers and Employers
Judge Jordan concluded that the DOL exceeded its authority by basing overtime eligibility primarily on salary levels rather than job duties, as outlined in the Fair Labor Standards Act (FLSA). This decision reinstates the previous salary threshold of about $35,500, established in 2019. The ruling affects a wide range of industries and has significant implications for both employers and employees regarding overtime compensation.
4: Change order management: Best practices for construction businesses
As you know, change orders are an inherent part of the construction industry. Alterations to the original design, specifications, execution methods or scope of a job can impact the budget and timeline. And when not discussed and documented properly, they can lead to nonpayment for additional work and legal disputes.
5: Understanding the DC Ballpark Fee: Essential Information for Eligible Businesses
As a business operating in Washington, D.C. with significant revenue, it’s important to stay informed about local tax obligations, including the DC Ballpark Fee. This fee impacts businesses that meet specific gross receipts thresholds and contributes to the funding of professional baseball facilities in the area.
6: How to report contingent liabilities in your company’s financial statements
It’s critical for business owners and managers to understand how to present contingent liabilities accurately in the financial statements. Under U.S. Generally Accepted Accounting Principles (GAAP), some contingent losses may be reported on the balance sheet and income statement, while others are only disclosed in the footnotes. Here’s an overview of the rules for properly identifying, measuring and reporting contingencies to provide a fair and complete picture of your company’s financial position.
7: QuickBooks Desktop Versions Are Being Discontinued – We Can Help!
As of September 30, 2024, Intuit will discontinue the sale of new QuickBooks Desktop subscriptions in the US. This change marks an important transition for many QuickBooks Desktop users as Intuit focuses more on its cloud-based solutions. While current subscribers of QuickBooks Desktop Pro Plus, Premier Plus, Mac Plus, and Enhanced Payroll can still renew their subscriptions, this may be the perfect time to consider moving to QuickBooks Online (QBO).
8: YHB’s Owings Mills and Baltimore Are Offices Moving
The freshly designed office space has been thoughtfully crafted to comfortably house a team of over 60 YHB professionals, with a keen eye on future growth. This strategic move empowers us to readily support the burgeoning needs of our valued clients and our dedicated team.
9: YHB Announces Headquarters Relocation to New Facility in Winchester, VA
YHB, a Top 100 accounting firm, is excited to announce its upcoming relocation to a new, modern facility in Winchester, Virginia, starting December 2, 2024. This move marks a significant milestone in YHB’s history, reflecting over seventy-five years of sustained growth and success within the community and beyond.
10: Auditing revenue recognition
The top line of an income statement for a for-profit business is revenue (or sales). Reporting this line item correctly is critical to producing accurate financial statements. Under U.S. Generally Accepted Accounting Principles (GAAP), revenue is recognized when it’s earned. With accrual-basis accounting, that typically happens when goods or services are delivered to the customer, not necessarily when cash is collected from the customer.
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