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We’ve published a lot of news in 2022, 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Please note that some of these posts may be outdated and further updates are linked in the article.
The first page of audited financial statements is the auditor’s report. This is an important part of the financials that shouldn’t be overlooked. It contains the audit opinion, which indicates whether the financial statements are fairly presented in all material respects, compliant with Generally Accepted Accounting Principles (GAAP) and free from material misstatement.
Many employees — from retail workers to sales staffers involved in complex business-to-business transactions — receive part of their compensation from sales-related commissions. To attract and retain top talent, some companies even allow employees to earn unlimited commissions.
To help you make sure you don’t miss any important 2022 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them.
The IRS recently issued its 2023 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, many amounts increased considerably over 2022 amounts. As you implement 2022 year-end tax planning strategies, be sure to take these 2023 adjustments into account.
If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation.
In general, it depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly and severally” liable for the tax on your combined income. And you’re both equally liable for any additional tax the IRS assesses, plus interest and most penalties. That means that the IRS can come after either of you to collect the full amount.
Virginia’s state minimum wage has increased to $11.00 per hour effective on January 1, 2022, which is $3.75 more than the Federal $7.25 minimum wage. Virginia last saw an increase in minimum wage in May of 2021 when Governor Ralph Northam raised the wage to $9.50.
Virginia released the draft guidance on their pass-through entity tax for 2022 and beyond. The tax allows pass-through entity owners to pay tax at the entity level instead of their individual return, which can effectively work around the state and local tax deduction limitation. Virginia allows this work around for 2021, but the guidance has not yet been released. Virginia is allowing public comment on these rules, so they may be subject to change.
To help you make sure you don’t miss any important 2022 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them.
Fixed-date tax conformity in Virginia will move forward for 2022 after Governor Glenn Youngkin signed an emergency conformity legislation on February 23rd, 2022. This bill (HB 971) will ensure most aid granted through pandemic-related loans and grants will not be treated as taxable income by the state of Virginia. It advances Virginia’s date of conformity with the Internal Revenue Code (IRC) from December 31, 2020, to December 31, 2021, and is effective immediately.
Welcome to the revolution, the digital revolution that is. Today’s global marketplace means that the competition to sell goods and services is higher than ever. Sticking to your market niche, or just going about your business the same way you always have is not enough anymore.
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