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Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or Section 199A deduction.

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules.

We are excited to be recognized as one of Accounting Today’s Top 100 CPA firms in the nation. Kemper CPA Group is committed to the long-term success and wellbeing of our clients, and this accomplishment would not have been possible without our outstanding clients.

Timing counts in financial reporting. Under the accrual method of accounting, the end of the accounting period serves as a strict “cutoff” for recognizing revenue and expenses.

To use their ill-gotten cash, criminals must make it appear legitimate. That’s the job performed by money launderers, who increasingly use cryptocurrencies. According to digital currency analytics company Elliptic, crooks use them to launder $3 to $4 billion per year. With over 4,000 digital currencies to choose from, they gain access to a liquid asset that’s cost effective and usually untraceable.

It takes more than dedication and enthusiasm for your not-for-profit’s cause and programs to make a good board member. The most critical duty for all board members is being a fiduciary. This means, among other things, that they can be trusted to always act in their nonprofit’s best interests, avoid unnecessary risk, make decisions thoughtfully and execute them efficiently.

The American Rescue Plan, signed in March 2021, made changes to the Child Tax Credit for 2021. For 2021, the credit amounts increase, are refundable, and include children who turn age 17 in 2021. Further, the American Rescue Plan directs the IRS to advance half of the estimated 2021 credit beginning in July.

The IRS has released a series of FAQs regarding the American Rescue Plan Act’s (ARPA’s) sick and family leave credit. The ARPA extended and changed payroll tax credits for qualifying sick leave and family leave wages.

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. Tax auditors are adept at rooting out inconsistencies, omissions and errors in taxpayers’ records, as illustrated by one recent U.S. Tax Court case.

The IRS has released more details about advance child tax credit (CTC) payments. The American Rescue Plan Act expanded the CTC, which is payable in advance for 2021 to eligible families.

The U.S. Department of the Treasury has issued detailed information about the Biden administration’s tax proposals for fiscal year 2022 for the American Jobs Plan and the American Families Plan. Traditionally, the tax community has referred to this annual publication as the “Green Book.”

Internal controls are a system of policies and procedures organizations put in place to protect assets and improve operating efficiency. Effective internal controls are critical to accurate financial reporting. A solid system of controls can help prevent, detect and correct financial misstatements due to errors and fraud.