MRPR Blog

1099-K Updates Delayed Again

Posted by Jordan Grant on Dec 19, 2023 4:35:52 PM

Earlier this year, we discussed Form 1099-K and the IRS' plans to delay its updated reporting threshold until the calendar year 2024/tax year 2023.

In November, the IRS releasedNotice 2023-74, which details plans to continue this delay for another year, followed by a phased implementation.

A little confusing? Let's recap from the top.

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Topics: Tax Topics

EFTPS Now Requiring Multifactor Authentication

Posted by Maureen Strahan on Nov 15, 2023 5:32:12 PM

 

Beginning October 19, 2023, the Electronic Federal Tax Payment System (EFTPS) now requires multifactor authentication (MFA) for individuals and businesses to use the system.

MFA is a cybersecurity best practice and adds another layer of security to the EFTPS.

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Topics: Tax Topics

How the Build It in America Act May Affect Your Business

Posted by MRPR on Jul 27, 2023 9:10:14 AM

On June 13, the United States House Committee on Ways and Means, the chief tax-writing committee in the House of Representatives, passed the Build It in America Act (H.R. 3938). According to the Ways and Means Committee, this legislation would "counter China's growing global economic influence by restoring American business competitiveness, securing global supply chains, and prohibiting U.S. foreign land sales to companies from countries of concern."

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Topics: Tax Topics, Business Planning & Operations, Accounting Hot Topics, News

Secure 2.0 and More Tax and Retirement Changes of 2023

Posted by MRPR on Mar 15, 2023 6:15:08 PM

A new year means brand new changes to your retirement plans via legislation and annual updates from government agencies like the IRS and the Social Security Administration. A typical new year is usually filled with enough changes to keep the team at MRPR on our toes, but 2023 is seeing even more changes than usual, mostly stemming from higher-than-normal inflation and the newly written law, nicknamed SECURE 2.0 Act. Here's everything you need to know to make sure your retirement plans stay on track in 2023.

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Topics: Tax Topics, Accounting Hot Topics, News

Big Tax Savings Tips for Small Businesses, Startups, and Investors

Posted by Cooper Daniels, MRPR on Dec 27, 2022 8:00:00 AM

Making decisions in where and how to invest your money is critical for prospective investors. Thankfully, the IRS has several rules designed to incentivize investment in small businesses. Knowing the rules can help you in your portfolio planning; what to buy and when to sell. We’ll discuss three major provisions here: Section 1202, Section 1045, and Section 1244.

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Topics: Tax Topics, Startups & Entrepreneurship

What Does a Lame Duck Congress Mean for Year-End Taxes?

Posted by MRPR on Dec 21, 2022 8:15:00 AM

As 2022 winds down, the same goes for our Senators and Representatives in Congress. And after a midterms election where Republicans took control of the House of Representatives and Democrats maintained control of the Senate, the 117th Congress begins what is known as a lame-duck session, before the new congressional session begins on January 3rd, 2023.

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Topics: Tax Topics, News

‘Tis the Season to Give… And Get a Tax Break!

Posted by Jon-Luc Kralovich, MRPR on Dec 16, 2022 11:19:53 AM

As we approach the holiday season, employers everywhere are giving gifts to their employees to mark the festivities and show their appreciation for a job well done. If those gifts are in compliance with the Internal Revenue Code, the employers can get a gift of their own – in the form of a valuable tax deduction! Read on to find out how.

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Topics: Tax Topics

Answering Your Student Loan Forgiveness Questions

Posted by MRPR on Oct 24, 2022 9:35:06 AM

 

On August 24th, President Biden announced a plan to cancel thousands of dollars of student loan debt for millions of Americans. The plan included forgiving $10,000 in debt for those earning less than $125,000 per year and $20,000 for those that received Pell grants. 

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Topics: Tax Topics

ASC 842 and Why It Matters for Private Companies

Posted by MRPR on Jul 27, 2022 9:11:59 AM

The lease accounting standard ASC 842, which was postponed for non-public companies due to COVID-19, also known as Leases (Topic 842), is going into effect for many companies this year. So, what is ASC 842 and what does it mean for your company going forward if you plan on adopting the standard?

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Topics: Tax Topics, News

Employee Retention Credit Update

Posted by Elizabeth Walsh on Feb 18, 2022 11:22:56 AM

Folks in the Restaurant Industry will want to pay close attention to the IRS's latest update to the Employee Retention Credit. 

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Topics: Tax Topics, Accounting Hot Topics, News