Although the Infrastructure Bill was signed into law on November 15, 2021, there's still time for eligible businesses to claim the Employee Retention Tax Credit (ERTC) credit. The ERTC (Employee Retention Tax Credit) is a one-time Federal refundable tax credit which was designed to reward and encourage businesses to keep their employees on payroll. It has [...]
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So far SLK CPAs has created 11 blog entries.
Public companies have had to comply with Accounting Standards Codification (ASC) 842, Leases, since the beginning of 2019, and now that deadline is quickly approaching for private companies. After several delays, the Financial Accounting Standards Board (FASB) has confirmed that ASC 842 is set to be effective for periods beginning after December 15, 2021 for [...]
According to Gartner, Third Party Risk Management (TPRM) was identified as the top threat by compliance leaders in 2019. The focus has been magnified in 2020 and 2021 with the impact of the COVID-19 pandemic, the Great Resignation, and the ever-increasing reliance on third parties to deliver on commitments. As CPAs and Risk Advisory professionals, we [...]
After the President declared a federal disaster area in North Carolina, the IRS announced that it will provide tax relief for victims impacted by Tropical Storm Fred. Residents affected by Tropical Storm Fred that reside in and/or have a business in Avery, Buncombe, Haywood, Madison, Transylvania, Watauga, or Yancey quality for tax relief as issued [...]
A Service Organization Control Report, or SOC, is intended to assist organizations that provide services to other entities. Acquiring a SOC report can be a valuable investment for an organization. While it is not legally required to share a SOC report with a client, if they ask you to provide one, it can be a [...]
Sarbey, Lexow & Kaufman (SLK) is very excited to announce the addition of Derrick Domingos, CPA as a managing director in our audit and advisory practice. Prior to joining Sarbey, Lexow & Kaufman LLC, Derrick was an Assurance Manager with the US Trust Solutions audit practice of PricewaterhouseCoopers LLP, based out of Miami/Fort Lauderdale, Florida, [...]
How individuals can repay their deferred taxes The Coronavirus Aid, Relief, and Economic Security Act allowed self-employed individuals and household employers to defer the payment of certain Social Security taxes on their Form 1040 for tax year 2020 over the next two years. Half of the deferred Social Security tax is due by December 31, [...]
President Biden, in the recently released Department of the Treasury Green Book, has proposed far-reaching changes to the taxation of capital gains and the treatment of property that is gifted or transferred at death, including calling for the taxing of capital gains at ordinary income rates, and treating the receipt of assets upon death as [...]
On Saturday, May 5, 2021, the Group of Seven (G7) countries (which include some of the world’s richest countries) agreed to a global minimum corporate tax rate of at least 15%. This plan could pave the way for a worldwide deal on a minimum corporate tax rate, which would have far-reaching implications for multinational firms. [...]
On May 28, 2021, the Biden Administration introduced its proposed $6 trillion fiscal year 2022 budget, which focuses heavily on infrastructure investments, clean energy initiatives, and potential tax changes affecting both corporations and individuals. The Journal of Accountancy recently published a comprehensive overview on how this proposed budget would affect taxes. These tax items include [...]