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Installment Sales Can Be a Win-Win for Buyers and Sellers
For federal income tax purposes, an installment sale is when at least one payment of proceeds from an eligible sale is deferred until after the end of the tax year in which the sale occurs. This setup can be beneficial for a buyer that doesn’t have enough available cash to immediately pay the full purchase…
Do You Qualify for Head of Household Status?
The head of household (HOH) federal tax filing status is often misunderstood by taxpayers who might qualify, including single, divorced or legally separated parents, and taxpayers who support adult family members. However, it’s worth exploring, because you could reap substantial savings at tax time. Benefits of HOH Status The IRS enumerates several advantages from qualifying…
6 Factors to Classify Workers as Employees or Independent Contractors
In January 2024, the U.S. Department of Labor (DOL) issued its long-awaited final rule related to employment status under the Fair Labor Standards Act (FLSA). The new rule carves out six key factors to be analyzed in determining whether a particular worker should be treated as an independent contractor or an employee. Background For instance,…
Key Rules for Home Office Deductions
Do you work from home all or part of the time? If you’re self-employed and meet certain requirements, you can write off a portion of your home office expenses, even if you perform work at other locations. The deduction may be based on the actual expenses you’re able to substantiate — or it may be…
Greenhouse Gas Emissions: Understanding and Reporting on Scopes 1, 2, and 3
Many organizations are actively working to diminish their greenhouse gas (GHG) emissions. When tracking and reporting progress, the terms ‘Scopes 1, 2, and 3 emissions’ are frequently used. But what do these designations mean? Scopes 1, 2, and 3 Defined The ‘scopes’ for reporting come from the Greenhouse Gas Protocol (GHG Protocol), an international organization…
Key Takeaways from the 2024 Sage Transform Conference
By Elinor Litwack, CPA, Partner, Outsourced Accounting and Advisory Services Introducing Sage Copilot One of the highlights of this year’s conference was the unveiling of Sage Copilot, an AI assistant integrated into Sage Intacct, designed to proactively assist users with tasks across the platform. Sage Copilot will allow users to ask questions like, “Who’s timesheet…
Qualified Business Income (QBI) Deduction: Use It or Lose It
The qualified business income (QBI) deduction is available to eligible individuals through 2025. After that, it’s scheduled to disappear, unless Congress passes legislation to extend it. With 2024 underway, it’s now use-it-or-lose-it time for the write-off. Here’s what you need to know to cash in on the QBI deduction. The Basics The QBI deduction can…
Dos and Don’ts for Business Expense Deductions
As tax season heats up, companies of all kinds and sizes will be on the hunt for ways to reduce their tax bills. One of the most common ways is through business expense deductions, but not every such expense is deductible. Here’s what to know about the expenses that you can — and can’t —…
Can You Claim Your Parent as a Dependent?
If you pay over half the cost of supporting a parent, your parent is considered your dependent for federal income tax purposes. This treatment potentially entitles you to some significant tax breaks. Here are four potential benefits to consider when you file your 2023 federal income tax return. 1. Head of Household Filing Status For…
Sage Q1 2024 Release: Leveraging AI and Automation
Available as of Friday, February 16, Sage Intacct’s first release of 2024 includes new features and functionality that elevate the work of humans with AI and automation. The updates highlighted below include enhancements across three major themes: 1. Seamless data integration, 2. Automation advancements, and 3. Industry insights, to boost organizational efficiency and enhance decision-making insights.
2024 Yellow Book Updates: What You Need to Know
By Tricia Katebini, CPA, MBA, Partner, Audit The long anticipated 2024 Yellow Book, which supersedes the 2018 Yellow Book, was released Thursday, February 1, 2024, by the United States Government Accountability Office (GAO). The revisions to the Yellow Book reflect major developments in the auditing and accountability professions and emphasize specific considerations applicable to the…