News & Insights

Risk Alert: Review Advisory Fee Calculations for the 2021 Audit Season (before the SEC does)

The U.S. Securities and Exchange Commission (SEC) has publicly stated that advisory fees and how fees are assessed, calculated, and disclosed to potential investors in the offering memorandums or financial statements will be an area of focus for 2022. In November 2021, the SEC Division of Examination issued a Risk Alert dealing with deficiencies noted in the examination of several hundred retail advisors. The SEC Staff believe that the issue arose because of poor policies and procedures over the advisory fee calculation and billing area. Numerous errors in the calculation, and disclosure-related issues, were discovered in the advisory fee area. In…

Introducing: TaxCaddy

For years, you’ve trusted BKM Sowan Horan to provide tax and accounting services and expert guidance. As in previous years, we are providing you with a software solution that simplifies tax time and reduces your tax season stress. The solution is called TaxCaddy. TaxCaddy makes it easier for you to gather and submit your 1040 tax documents securely, communicate with your tax professional, answer your electronic questionnaire, and electronically sign documents such as your e-file authorization.   Here’s what you can expect (starting now): Electronic submission of tax documents by taking pictures with the TaxCaddy mobile app, uploading files, or manually…

2022 IRS Inflation Adjustments Brackets & Rates

The Internal Revenue Service (IRS) adjusts many tax provisions for inflation annually to prevent taxpayers from being pushed into higher income tax brackets or to have a reduced value from credits and deductions due to inflation instead of any increase in real income. As of the passing of the Tax Cuts and Jobs Act of 2017 (TCJA), the IRS uses the Chained Consumer Price Index (C-CPI) to adjust income thresholds, deduction amounts, and credit values accordingly. The new inflation adjustments are for tax year 2022, for which taxpayers will file tax returns in early 2023. 2022 Federal Income Tax Brackets…

Employee Retention Credit Early End – but it’s not too late!

The Infrastructure Investment and Jobs Act was passed by Congress and signed into law today. One of the provisions of the law is that the Employee Retention Credit (ERC) concluded as of September 30, 2021. The good news is that it’s not too late for qualifying businesses to take advantage of the substantial ERC credits available on wages paid through Q3. And if you qualify as a recovery startup business, the ERC runs through the end of the year. If you haven't applied for ERC, the most important thing to note is that it's a credit the taxpayer receives in…

Good News! An Extended PPP Deadline & Simplified RRF Application

Hope you're having a great Wednesday! We’ve received some good news over the last couple of days. First, President Biden signed an extension for the deadline to file for the Paycheck Protection Program. The deadline to apply for a loan under the program was set to expire today, March 31, but the new law extends the application deadline to May 31. It gives the Small Business Administration (SBA) until June 30 to process the applications. In addition, the SBA announced on Tuesday that restaurants applying for grants under the Restaurant Revitalization Fund (RRF) do not need to register for a DUNS number,…

End of content

No more pages to load