We’ve published a lot of news in 2023, 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Please note that some of these posts may be outdated.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: New Beneficial Owner Rules Will Impact Most Businesses Starting in 2024
In an effort to combat money laundering, Congress passed the Corporate Transparency Act in early 2021, and the Department of Treasury issued regulations on September 29, 2022. Beginning in 2024, this Act and supporting Regulations require most businesses to report the beneficial owners of any entities formed with under state laws. This report will be filed with the Department of Treasury’s FinCEN. Under the current rules, YHB CPAs may not file these reports with the Department of Treasury, but we feel it is important that every business be aware of these new requirements.
2: West Virginia Implements Income Tax Rate Cut and Property Tax Rebate in 2023
West Virginia residents have reason to celebrate as the state government has passed significant income tax reforms affecting the 2023 and 2024 tax years and beyond. The newly implemented income tax rate cut and property tax rebates are aimed at providing financial relief to individuals and families. Additionally, taxpayers have the opportunity to maximize their tax credits by utilizing strategic payment considerations.
3: 2023 Tax Calendar for Individuals
To help you make sure you don’t miss any important 2023 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.
4: Navigating the Impending Changes: Federal Estate and Gift Tax Exemption Provisions to Sunset in 2025
The landscape of federal estate and gift taxes is poised for a significant change that could have major implications for individuals with substantial estates. The federal estate and gift tax exemption provision, a cornerstone of estate planning, is set to sunset after 2025 to its pre 2018 amount adjusted for inflation.
5: The 2022 gift tax return deadline is coming up soon
Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2022 gift tax return. And in some cases, even if it’s not required to file one, you may want to do so anyway.
6: YHB Elects Tom Milburn as Next CEO
“As part of our new strategic plan, the YHB Board recognized that there is value to identifying the next CEO ahead of the end of my term,” said Scott Moulden, CEO of YHB. “This would provide time for necessary client transitions, overlap in key projects, involvement in the updated strategic plan, and to pursue executive leadership training. Therefore, following a recent shareholder vote, I am pleased to announce that Tom Milburn is our CEO-elect.”
7: Coming soon: 5 accounting rules that take effect in 2023
It can be challenging to keep track of which accounting rules are changing, when the changes kick in and for which types of entities. Plus, implementing the necessary revisions to your organization’s procedures and systems often takes time and resources. Here are five updates that go live for certain entities this year.
8: YHB Ranks Among the Nation’s Elite: Named a Top 100 & Fastest-Growing Firm
YHB proudly announces its prestigious inclusion in the 2023 INSIDE Public Accounting (IPA) Survey’s Top 100 Firms, marking a major milestone in the company’s journey. Notably, YHB has secured a place not only on the Top 100 list but has also been honored as one of the IPA 100 Fastest-Growing firms in the United States.
9: Virginia Approves Budget: Key Highlights for Taxpayers & Businesses
The Virginia General Assembly has successfully passed a budget that promises significant benefits for taxpayers and businesses alike. As a public accounting firm serving clients in Virginia, we’re here to provide you with the essential information you need to know about these financial developments.
10: Navigating the Corporate Transparency Act (CTA): What You Need to Know
The Corporate Transparency Act (CTA) is a game-changing piece of legislation that was signed into law in 2021 as part of the National Defense Act for Fiscal Year 2021. This law introduces new rules compelling certain entities to reveal their Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN).
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