April 2022
Featured Article From Our Experts
Protecting Your Company From Cryptocurrency Fraud

Scams have been everywhere online and cryptocurrency exchange scams are no exception. Cryptocurrency fraud has almost doubled in the past year causing businesses even more risk. While there are several advantages to entrepreneurs using it, safeguards are necessary. In this article, I will provide an overview of cryptocurrency and offer suggestions on how your company can help guard against theft and crime.

Could You Be Hit With the Trust Fund Recovery Penalty? 
There’s a harsh tax penalty that business owners could have to pay personally if they own or manage a business with employees. It’s called the Trust Fund Recovery Penalty (TFRP), and it applies to the Social Security and income taxes required to be withheld by a business from the wages of its employees. This article looks at the risk and explains how business owners, managers and other involved parties can avoid incurring this penalty.  
Taking Casualty Loss Tax Deductions Is Now Harder
In recent months, some Americans have been victimized by severe storms, flooding, wildfires and other disasters. No matter where someone lives, an unexpected disaster may cause damage to his or her home or personal property. Before the passage of the Tax Cuts and Jobs Act, eligible casualty loss victims could claim a deduction on their tax returns. But now, restrictions make it tougher to qualify for these deductions. 
Shield Your Life Insurance From Federal Estate Tax
Individuals who have a life insurance policy probably want to ensure that the benefits their families will receive after their deaths aren’t included in their estates. That way, the benefits won’t be subject to the federal estate tax. This article discusses the ins and outs of life insurance plans and estate taxes.
What Do IRS Auditors Know About Your Business Industry?
Business owners who have been audited by the IRS are likely aware that the process may be stressful. It might help to understand what IRS auditors know about the business’s industry. IRS examiners generally do research on a specific industry and on issues on a tax return in preparation for an audit. While they have a variety of resources, one tool they use to research specific industries is an Audit Technique Guide (ATG). 

About Dannible & McKee, LLP

Dannible & McKee, LLP has been providing audit, tax, accounting and financial management consulting services to clients nationwide since 1978. Throughout this forty plus years' history, we have been wholly dedicated to the success of our clients. Every aspect of our business has been guided by our values and our commitment to putting each client's interests first. In a complex profession, we have found our greatest rewards in the simplicity of helping good people prosper. Delivering confidence in every financial decision is our goal for our clients, and it's also the most significant way we can contribute to their long-term success.

To learn more about Dannible & McKee, visit us at: www.dmcpas.com.