The Internal Revenue Service issued a filing season reminder this week that those taxpayers who pay expenses for the care of a qualifying person while working or looking for work may qualify for an important tax credit.

Remember back to when you received your first paycheck. You were so excited. You knew how much you were earning per hour and how many hours you worked, and you couldn’t wait to go out and splurge on something you’ve been dying to get. You were handed your paycheck envelope and tore into it with great anticipation and … wait a minute … that’s not even close to what you expected.

In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering is the oldest form of trade and the internet has made it easier to engage with other businesses. But if your business gets involved in bartering, be aware that the fair market value of goods that you receive in bartering is taxable income. And if you exchange services with another business, the transaction results in taxable income for both parties.

Hanging onto old tax records can save you time and energy if you’re ever audited or need to file an amended return. Past years’ tax returns can also help you document your income when you apply for a loan, like a mortgage. In this article, we’ll cover how long to keep tax returns and how to organize your records in case you need them later on.

In 2021, amid the ongoing pandemic and “Great Resignation,” Americans filed a record 5.4 million applications for new businesses, according to data from the U.S. Census Bureau.

In late January, a survey entitled “Audit Committee Practices Report: Common Threads Across Audit Committees” was published by Deloitte and the Center for Audit Quality, an affiliate of the American Institute of Certified Public Accountants. The survey analyzed 246 responses, including 86% of respondents who served on audit committees of public companies. Here are some key findings from that survey.

Succession is inevitable in a business. When it comes to thinking about retiring or transferring ownership, it is essential to understand common issues related to the process. When a closely-held business owner is asked about their succession plan, it is often a topic that receives little thought due to the amount of time consumed with day-to-day operations. Every business owner has an emotional and financial investment in their company and often relies on the proceeds from their investment to fund retirement. The earlier an owner can design a succession plan in their career, the smoother it will make the transition and maximize the financial rewards.

The U.S. Small Business Administration (SBA) did not meet the 90-day statutory requirement to remit Paycheck Protection Program (PPP) forgiveness payments to lenders for loans totaling $66.4 billion, according to a report released Monday by the Office of the Inspector General (OIG).

The IRS has announced additional relief for pass-through entities required to file two new tax forms — Schedules K-2 and K-3 — for the 2021 tax year. Certain domestic partnerships and S corporations won’t be required to file the schedules, which are intended to make it easier for partners and shareholders to find information related to “items of international tax relevance” that they need to file their own returns.