The Inflation Reduction Act (IRA) and what it means

The Inflation Reduction Act includes wide-ranging tax provisions The U.S. Senate and House of Representatives passed the Inflation Reduction Act (IRA). President Biden is expected to sign the bill into law. The IRA includes significant provisions related to climate change, health care, and, of course, taxes. The IRA also addresses the federal budget deficit. According … Continued

Checking in on your accounts payable processes

Checking in on your accounts payable processes   Accounts payable is a critical area of concern for every business. However, as a back-office function, it doesn’t always get the attention it deserves. Once in place, accounts payable processes tend to get taken for granted. Following are some tips and best practices for improving your company’s … Continued

2022 Tax and Financial Deadlines

2022 Deadlines  HTB strives to prepare our clients for deadlines and important dates regarding tax filing and other financial deadlines. As always, please reach out to your HTB professional regarding your specific accounts or to learn more about the services we can provide to you and/or your business. January January 31 Individuals: Filing a 2021 income … Continued

PPP forgiveness and repayment: What businesses need to know now

A critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. If these borrowers do not take action before the deadline expires, their loans will become standard loans, and the borrowers could be responsible for repaying … Continued

Here come the child tax credit payments: What you need to know

The first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million households in mid-July 2021. Taxpayers do have the option to opt out of the advance payments. Most eligible families won’t need to do anything to receive the payments, but you need to understand the implications … Continued

The Biden administration proposes far-reaching tax overhaul

President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs Plan and the Made in America Tax Plan. These plans propose major investments in various domestic initiatives, such as expanded tax credits for … Continued

President Biden details his tax proposals for individuals

President Biden’s proposals for individual taxpayers were outlined in an April 28 address to Congress and in an 18-page fact sheet released by the White House. The “American Families Plan” contains tax breaks for low- and middle-income taxpayers and tax increases on those “making over $400,000 per year.” Here’s a summary of some of the … Continued

Start Preparing Now for SAS 136

In 2019, the AICPA issued Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Report on Financial Statements of Employee Benefit Plans Subject to ERISA. SAS 136 prescribes certain new performance requirements for financial statement audits of ERISA employee benefit plans. In addition, SAS 136 changes the form and content of the related … Continued

2021 Tax Calendar

2021 Tax Calendar To help you make sure you don’t miss any important 2021 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. February 1 … Continued