PWCPA Blog
Small Business Tax Changes: Is It Time for Your Business?
Small businesses often face changing tax landscapes that require careful consideration and proactive planning. As we navigate through economic shifts and legislative updates, staying informed about potential tax changes is crucial for maintaining financial health and...
Understand The Time Value Of Money
When making financial decisions, do you consider the time value of money? If you have a basic understanding of time-value concepts, you’ll be able to make better choices in many business and personal financial situations. * Here’s an example. Say you want to sell a...
How To Be Smart With Your Tax Refund Money
Are you receiving a tax refund this year? No doubt you’ve already heard the standard admonishment about why you should not be giving the government an interest-free loan. Maybe you’ve decided to “do better” during 2012 by revising your withholding or estimated tax...
IRS “Fresh Start” Initiative Offers Penalty Relief
IRS Expands “Fresh Start” Initiative for Tax Relief Overview of the Fresh Start Initiative Taxpayers struggling to pay their taxes may find relief through the IRS’s expanded “Fresh Start” initiative, a program originally launched in 2008. The new provisions under the...
Business Alert: Bartering Has Tax Consequences
Did you know there is a method to acquire goods and services for your business without depleting your company's cash reserves? Increasingly, businesses are adopting the barter system to complement their traditional purchasing activities. Bartering involves exchanging...
IRS Tax Scam Warning About College Education Tax Credit Scams
IRS Issues Tax Scam Warning for American Opportunity Tax Credit Overview of the Scam The IRS has recently issued a warning about a tax scam involving the American Opportunity Tax Credit. This fraudulent scheme is targeting senior citizens, low-income individuals, and...
Health Savings Account (HSA) Limits Increase For 2012
Health Savings Account (HSA) Limits Increase for 2012 New Contribution Limits In 2012, the contribution limits for Health Savings Accounts (HSAs) were increased. For individuals, the maximum amount that can be set aside in an HSA was raised to $3,100. For families,...
DCAA budget Increase Government Auditing Staff
Increased DCAA Budget in 2013 In 2013, a 14% increase in the DCAA budget was implemented, focusing on audit staff spending. This decision was made amidst a broader 5% reduction in the U.S. Military budget. Consequently, the Pentagon proposed that the budget for...
NIH Grantee Audit and Accounting Requirements
Compliance Requirements for NIH Grantee Audit As you are likely aware, conducting business with the NIH involves rigorous compliance in accounting, which extends beyond the usual annual income tax returns. As an NIH grantee, you are required to prepare an annual...