For our past analyses and updates on the CTA, please visit our blog. As a quick summary, the Corporate Transparency Act (CTA) requires most corporations, limited liability companies and similar entities formed or registered to do business in the United States to report beneficial ownership information (BOI) reports…
Estimated tax payments can be a confusing aspect of managing personal or business finances, but they’re a crucial part of staying compliant with tax regulations and avoiding penalties. Here’s a concise overview to help you manage estimated tax payments effectively. What are Estimated Tax Payments? Estimated tax payments are periodic…
According to the South Dakota Reemployment Department, contract labor is the most misused category of workers. It can be confusing for many employers to determine if a worker is an employee or an independent contractor. In this article, I will explain the distinctions between employees and independent contractors. How…
The kids have been out of school for almost a month now. You may have put them to work for the summer on the family farm or ranch. Sometimes kids work for free, work for cash, or maybe calf shares. Did you know you can pay them a wage and…
What is an AUP? An Agreed Upon Procedures (AUP) engagement is designed for a practitioner to perform specific procedures over a specified subject matter. For employee benefit plans, this would encompass us testing select transactions, processes, and procedures over the employer sponsored employee benefit plan. Once the procedures are…
In the world of finance, the 10-year rule on inherited IRAs has become a significant point of discussion, particularly for those planning their estates or beneficiaries inheriting retirement accounts. An inherited IRA is a retirement account that a beneficiary receives after the original owner’s passing. Traditionally, beneficiaries had the option…
Do your employees receive tips? As tips are becoming more common in businesses other than just restaurants, business owners need to make sure not only is the employee doing their part in recording their tips properly, but the employer as well. Tips come in a couple of different forms and…
As technology continues to advance at a rapid pace, artificial intelligence (AI) has become an increasingly popular tool in various industries, including finance and accounting. In a February 2024 survey, approximately 20% of Americans used AI software to review their tax returns. While AI software offers benefits like speed and…
As a construction company leader, you’re aware of the intricacies involved in managing construction finances. From budgeting and forecasting to bidding projects, your expertise plays a pivotal role in project success and your company’s financial success. One area that often confuses construction leaders is overhead because of the judgement…
Tax Partner Greg Miner’s experience with Leadership Spearfish As a recent graduate of the Spearfish Chamber of Commerce’s Leadership Spearfish (LS) program, I have taken time to reflect on my experiences and lessons learned over the past nine months. This program has been an eye-opening experience for me, learning…
