The New Credit Loss Model’s Effect on Small Business and Nonprofit Organizations
There is a new accounting standard effective during 2023 which will change how companies account for future losses on financial instruments. If this sounds abstract, then you are not alone.…
Changes in the Tax Laws: What to Know Before Filing Your 2024 Return
The IRS officially began accepting returns for the 2023 tax year at the end of January 2024. This gives taxpayers several months to complete their returns or submit an extension…
CPA Firm DMJPS PLLC Raises $12,825 for Special Olympics North Carolina
One of the region’s most unique fundraising events took place on Saturday, February 24 in Greensboro at Wet n’ Wild Emerald Point. The Triad Chill Polar Plunge for Special Olympics…
Revisions to the Form 5500 and New Provisions from Secure 2.0
There are new law changes by the United States Department of Labor (DOL), IRS, Pension Benefit Guaranty Corporation(PBGC) and Secure Act 2.0 as regards to employee benefit plans. Employee benefit…
Tax Reporting: 1099 Forms and Their Significance in Recording Financial Transactions
There are several types of 1099 forms, such as 1099-NEC (Nonemployee Compensation payments to independent contractors) and 1099-Misc (Miscellaneous Income payments), used for reporting transactions that occurred during the previous…
IRS Issues Penalty Relief
As part of our commitment to keeping you informed, we’re providing a few vital updates from the IRS that may positively impact your tax situation. Update: IRS Announces New Penalty…
What Plan Sponsors Need to Know to Prepare for the SECURE 2.0 Act
Congress passed the SECURE 2.0 Act as part of the Consolidated Appropriations Act (CAA) of 2023. It gets its name from the Setting Every Community Up for Retirement Enhancement (SECURE)…
Are You Ready for the Corporate Transparency Act?
Executive Summary A new federal law will require small business entities to submit their beneficial owners’ identification documents to a federal database in 2024. Aimed at combatting global financial crime,…
10 Essential Steps to Protect Your Nonprofit Organization from Fraud
Fraud can have troublesome effects on not-for-profit organizations (NFPs). For-profit businesses, generally speaking, exist for the primary purpose of making money. They may rely on the quality of their goods…
ERC – IRS Takes Dramatic Action, What Businesses Need to Know
On September 14, 2023, the IRS announced that it is halting new Employee Retention Credit (ERC) processing requests and will provide tougher review of the estimated 600,000 ERC applications currently…
New Bill Pending in Congress Could Improve the R&D Credit and Make Other Tax Code Changes
Businesses are able to take advantage of numerous tax credits that incentivize certain activities. The research and development (R&D) credit, for example, allows companies to claim a tax credit for…
DMJPS Earns Top 200 Firm Ranking by INSIDE Public Accounting
GREENSBORO, NC – North Carolina CPA + Advisory firm, DMJPS PLLC, is proud to announce that the firm has been recognized as a U.S. Top 200 Firm, according to INSIDE…