Insights & Resources

Insights

Driven by personal passions, Abdo professionals dive deep into their individual areas of expertise and distill their knowledge to keep you fully informed.

New Tax Reporting Requirements for Payment Apps

If you run a business and accept payments through third-party networks such as Zelle, Venmo, Square or PayPal, you could be affected by new tax reporting requirements that take effect for 2022. They don’t alter your tax liability, but they could add to your recordkeeping burden.

3 Things Business Owners Should Do by January 31

It happens every year: We celebrate the new year and then suddenly it’s mid-January. Thankfully, you still have time to complete a few must-do tasks—including the processing of Form 1099s by the January 31 deadline—before the month completely disappears.

The Coronavirus State & Local Fiscal Recovery Funds Final Rule

On January 6, 2022, the US Treasury released the Coronavirus State and Local Fiscal Recovery Funds Final Rule. The Final Rule is effective April 1, 2022, and provides much-anticipated clarification. The Interim Final Rule is still effective through March 31, 2022, but the Final Rule can be implemented prior to its effective date.

Could Your Food, Beverage, and Agriculture Business Qualify for the R&D Tax Credit?

Although the R&D credit is for any U.S.-based business that develops, designs, or improves products, processes, formulas, or software—something food, beverage, and agriculture businesses do each day—many have yet to apply for it. Most business owners assume it is only for research labs or large corporations. But this is far from the truth.

Current Status of OSHA’s ETS COVID-19 Vaccine Mandate

As we near the end of 2021, we are continuing to see a flurry of vaccine mandates, and it seems just as many litigation challenges to them. Our team has assembled a quick reminder of the current status of the recent legislations related to vaccines as we head into the new year.

Tax Provisions to Watch For in the Build Back Better Act

The Build Back Better Act is on its way to becoming law and includes several tax provisions you should know about to ensure your tax plan is accurate and thorough. Learn about the bill and the tax provisions our Abdo team are monitoring as it moves through the legislative process.

Don’t Forget to Factor 2022 Cost-of-living Adjustments into Your Year-end Tax Planning

The IRS recently issued its 2022 cost-of-living adjustments for more than 60 tax provisions. Let us help you develop tax planning strategies with these amounts in mind. Read the full update and get in touch with an Abdo advisor today to get started.

Businesses Must Navigate Year-end Tax Planning with New Tax Laws on the Horizon

Allocating year-end tax planning time now can prove beneficial come filing time next year. Learn more about the tax considerations your business should be taking into account and what you’ll want to discuss with our Abdo advisors.

Potential Tax Law Changes Hang Over Year-end Tax Planning for Individuals

After another year of uncertainties and upheaval, it’s important to plan ahead for your 2021 tax liabilities. Here are some year-end tax planning strategies to consider to reduce your 2021 tax liability.

The Infrastructure Investment and Jobs Act Includes Tax-related Provisions You’ll Want to Know About

President Biden has officially signed into law the Infrastructure Investment and Jobs Act. While the bulk of the law is directed toward massive investment in infrastructure projects across the country, a handful of noteworthy tax provisions are tucked inside it – find out about these provisions and how they may affect your organization.

Employer Compliance Essentials: OSHA COVID-19 Vaccination Emergency Temporary Standards (ETS)

For many employers and employees, there are very strong feelings, both positive and negative, about what the ETS means for themselves personally, their communities and nation. Despite all of this, covered employers should inform themselves of the details of the Emergency Temporary Standards, start planning and take action now to be ready for the upcoming implementation deadlines.

Minnesota Pass-through Entity Tax Effective for Tax Years Beginning in 2021

An optional Minnesota Pass-through Entity (PTE) Tax is effective for tax years beginning in 2021. Qualifying partnerships and S Corporations can elect to pay and deduct Minnesota income tax at the entity level on behalf of their qualifying owners. This new entity level tax could significantly reduce Federal tax liabilities for Minnesota business owners.