One area of taxation that has seen significant change in the last few years is sales and use tax. Wegmann Dazet’s Allison Civello, CPA explains that due to changes to sales tax nexus, some businesses might not be paying required use taxes,...
Read MoreIRS Urges Caution with Schemes Promising ERC Help
The IRS on October 19 issued IR-2022-183, warning employers to be wary of promotions for the employee retention credit (ERC) that sound too good to be true
Read MoreMANDATORY CAPITALIZATION OF R&E EXPENSES – THE IMPACT ON LIFE SCIENCES COMPANIES
Our friends at BDO explain that Research & Experimental (R&E) expenditures after December 31, 2021 will no longer be immediately tax deductible. Instead, businesses are subject to mandatory capitalization of R&E expenses – now they must capitalize and amortize these...
Read MoreIt’s Busy Season Again – Hurricane Busy Season!
Wegmann Dazet Senior Manager Anita Zimmer, CPA, ABV, CFF gives some advice to business owners to be prepared: a hurricane busy season may lead to a business interruption claim. In the public accounting world, we refer to the period...
Read MorePLANNING FOR THE SOLAR ENERGY INVESTMENT TAX CREDIT: IRS Construction deadlines and qualifying percentages
Solar energy Investment Tax Credit aside, solar energy is a popular choice for businesses looking to reduce their carbon footprint through alternative energy sources. In addition to supporting a company’s environmental, social, and governance (ESG) strategy, converting to solar...
Read MoreTech is Bringing Efficiencies to Back of House – Restaurant Update
From the drive-through speaker to QR code menus, restaurant patrons are familiar with technology that streamlines front of house restaurant operations. Recent years have seen increased focus on innovation at the back of house. Though not necessarily visible to the...
Read MoreLegislative Update! Louisiana Partnership Requirements
During the 2021 regular Louisiana Legislative Session, Act 287 was passed for new Louisiana partnership requirements, and Richard Tullier, CPA and Allison Civello, CPA provide this summary. This Act requires all partnerships doing business in Louisiana to file the...
Read MoreW-2 Employees or 1099-NEC Contractors? What are the Pitfalls if you Misclassify?
It is important for business owners to be familiar with the differences between a W-2 and a 1099-NEC, between an employee and an independent contractor. Understanding these differences can help prevent significant penalties, interest, back taxes, legal fees, and even...
Read MoreBREAKING DOWN THE CHIP SHORTAGE – Q&A with BDO
What does the chip shortage mean, and how can we plan for it? The Wegmann Dazet friends at BDO offer a Q&A breaking down the chip shortage. Whether you’re the CEO of a manufacturing firm struggling to gain access...
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