Author: admin

Important Desktop Product Line-up and Price Changes

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Intuit is making important changes to QuickBooks Desktop subscriptions during 2024.  Below we have summarized those changes and listed possible actions to prepare for the upcoming changes. After July 31, 2024, Intuit will no longer sell new subscriptions to new purchasers of the following Desktop products in the US: What is not changing: What actions […]

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Corporate Transparency Act and Beneficial Ownership Information Reporting

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The Corporate Transparency Act (CTA) was enacted to create more transparency in the ownership of entities as a way to reduce tax fraud, money laundering and other illegal activities. As part of the CTA, a new reporting form was created for certain entities to file to report the owners or individuals with substantial control over […]

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Indiana 529 Credit Updates

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Effective 2023, Indiana has increased the state tax credit available for contributions to an Indiana CollegeChoice 529 account.  The credit has increased from $1,000 ($500 for married filing separately) to $1,500 ($750 for married filing separately). The credit is equal to 20% of the contributions into a CollegeChoice 529 for the year up to the […]

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Indiana Sales Tax Update for Nonprofit Organizations

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There have been new developments in Indiana regarding nonprofit organizations and sales tax. First, effective for 2023, the form NP-1 is replacing form ST-105 for requesting sales tax exemptions. Existing ST-105s on file will remain valid through December 31, 2023. Form NP-1 will now be used to request sales tax exemptions for new vendors. Additionally, […]

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Managing Fraud Risk in a Remote Environment

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Covid has brought about a significant shift in the workplace. Many companies switched to fully remote work during the pandemic and while some have returned to the office full time, many employees are still fully remote or working a mix of in-office and remote. As we have already seen, this dramatic shift towards a more […]

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Five Indiana Counties Increase Tax Rates as of October 1, 2022

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The Indiana Department of Revenue updated Departmental Notice #1 which assists withholding agents in determining the correct amount of Indiana county income tax to withhold from an employee’s wages by providing the tax rate for each county. Five counties have increased their rates effective October 1, 2022. The changes are highlighted below. For a complete […]

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Indiana Department of Revenue Issues Changes to Nonprofit Income and Sales Tax Filing Requirements

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Recently, the Indiana Department of Revenue rolled out changes that will affect nonprofit organizations throughout the state. These changes were released through Information Bulletin #17 and Information Bulletin #10.  We are providing a summary of these 2 information bulletins and how they may impact your organization.  We anticipate these changes will generate a lot of […]

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New Schedule K-2 and K-3 Guidance / Potential Filing Delays

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The IRS issued updated instructions in mid-January 2022 for new tax forms K-2 and K-3 applicable to tax year 2021 for S-Corporations and partnerships/LLCs. The Schedule K-2 and K-3 forms expand on the IRS’s objective of more transparency related to a business or individual’s foreign (non-U.S.) income or foreign investments. The updated instructions indicate that […]

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2022 Tax Season

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The 2022 Tax Season kicked off on Monday, January 24, 2022. Continue reading to find out what to expect regarding this tax season and what you should do in advance of the looming tax deadline.

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