September 2022

Benjamin A. Sumner, CPA Audit Partner

Featured Article From Our Experts Preparing Your Business for Lease Accounting Changes  After several deferrals by the Financial Accounting Standards Board (FASB), the new lease accounting standard for private companies and private not-for-profit entities is now here. Implementing the new standard will likely impact a vast majority of companies in more ways than one. In this article, I will review the changes, explain how they will affect your reporting process and offer tips to ensure a cost-effective and successful transition to the new standard.  Read More

Offset Nursing Home Costs With Possible Tax Breaks Long-term care — including nursing home care — is expensive. Generally, tax issues aren’t top of mind when someone enters a nursing home. But for those who pay the bills, there may be tax breaks that help offset the cost, such as the ability to deduct expenses that exceed a certain level. This article and a sidebar provide details.  Read More

Large Cash Business Transactions Must Be Reported to the IRS When businesses receive large amounts of cash or cash equivalents, they may be required to report these transactions to the IRS. Specifically, a payment of more than $10,000 cash in one or more related transactions must be reported on a specific form. Although not all large cash payments are problematic, the goal is to help thwart illegal activities by making the source of the cash traceable. Read More

Business Owners, Divorce and the Potential for Fraud Dividing a marital estate is rarely easy. But it’s made much harder if a divorcing spouse owns a private business and attempts to deflate profits or hide assets. Divorcing spouses, or their attorneys, who suspect this type of deception should engage a forensic accountant to investigate.  Read More

Large, Unpaid Tax Bills Could Endanger Your Passport When taxpayers have seriously delinquent tax debt (SDTD), they may face more than financial consequences. That is, the IRS may revoke or limit their passports. How is SDTD defined? In 2022, an unpaid tax bill becomes an SDTD when the assessed federal tax liability exceeds $55,000, adjusted for inflation.   Read More

Register for our Annual Tax & Financial Planning Conference on November 10, 2022!  Join us for our Annual Tax & Financial Planning Conference. This conference is designed to bring you up to date on recent tax, accounting and financial updates and provide key year-end strategies to help you lighten your tax burden and better achieve your financial objectives. The conference will be held in person, and CPE credit will be offered. Register Now

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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.