HM&M Accounting, Audit and Assurance, & Tax Blog

Sales Tax Issues With Cryptocurrency Transactions

If you’re involved with virtual currency – whether as an investor, a miner or as a merchant accepting cryptocurrency as payment – you are likely to face tax issues. On the federal income tax front, ...

Best Practices For Monitoring Retirement Plan Service Providers

Originally published by BDO USA By Beth Garner | National Practice Leader, EBP and ERISA Services Luanne Macnicol | Assurance Partner, Central Region Practice Leader As a plan sponsor it is good practice to formalize ...

Accounting Alternative for Private Entities in Evaluating Triggering Events for Goodwill Impairment

Summary The FASB issued ASU 2021-03[1] (“ASU”) to provide private companies and not-for-profit entities (“NFPs”) with an accounting alternative to evaluate triggering events for goodwill impairment only as of the end of each reporting period, ...

FASB Simplifies How Private Company Franchisors

Summary The FASB issued ASU 2021-02[1] (“ASU”) to provide franchisors that are not public business entities with a practical expedient to account for certain pre-opening services as distinct from the franchise license when identifying performance ...

FASB Offers A Practical Expedient On The Issuances of Equity-Classified Awards For Private Companies

Originally published by BDO USA By Jin KooProfessional | Practice Partner, Accounting | BDO USA Angela NewellProfessional  | Practice Partner, Accounting | BDO USA Summary The FASB issued ASU 2021-07 (1) (“Update”) to address the concerns ...

2021 Fireworks

Seven 2021 Year End Tax Planning Considerations

2021 has flown by and before you know it 2022 will be here! Before the year comes to a close, there are a few simple tax planning items to consider to potentially help reduce your ...

New Digital Asset Information Reporting

The Infrastructure Investment and Jobs Act of 2021 (“IIJA”) was signed into law on November 15, 2021. The IIJA includes IRS information reporting requirements that will require cryptocurrency exchanges to perform intermediary Form 1099 reporting ...

Work Opportunity Tax Credit Can Help Employers Hire Workers

With many businesses facing a tight job market, the Internal Revenue Service recently reminded employers to check out the work opportunity tax credit (“WOTC”) Recent legislation extended this credit through the end of 2025. Employers ...

U.S. Lawmakers Have Taken Another Step Toward Closing a Perceived Loophole

U.S. lawmakers have taken another step toward closing a perceived loophole that allows certain income earned by investment fund managers to be taxed at favorable rates. Managers of investment funds, e.g., private equity, venture capital, ...

People Meeting

Your Deadline: July 2022 – 401(K) PLAN RESTATEMENTS

Every six years, the Internal Revenue Service (IRS) requires employers with qualified, pre-approved plans to restate their plan documents – reflecting changes that have occurred since the plan documents were created or last restated. For ...

Bitcoin with a background of gold

Bitcoin, Altcoin, Dogecoin! Oh My. – Part 2

Blog Part 2 of 2 – Read Part 1 by clicking here How does the IRS treat cryptocurrency? Cryptocurrency is considered property, but when traded it is treated similar to stock. Anytime cryptocurrency is converted ...

Bitcoin, Altcoin, Dogecoin! Oh My.

Blog Part 1 of 2 This seems to be the subject of the hour. In every news outlet and financial news platform there is a mention of Bitcoin (BTC), Altcoin (Ethereum, Stellar, Etc.) or even ...

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