The AB&P journal
Useful answers for the decisions owners make every week.
Clear guidance on the financial, payroll, and people questions that tend to become urgent when no one explains them early.
Taxes · 2 min read ·
Electronic Filing of K-2 and K-3 Forms
The Internal Revenue Service announced in December that they will begin offering the ability to electronically file the new Schedules K-2 and K-3 for the 2021 tax year. This is a new requirement from the IRS for those…
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Business · 3 min read ·
Remote Work and Tax Compliance Risks
COVID-19 continues to have a significant impact on how business is conducted for employers. One of the biggest changes we have seen is the shift from working in an office setting to having an entire remote workforce.…
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Taxes · 3 min read ·
Local Assessors Seek Property-Tax Fairness
Municipal property-valuation officials from all over the country recently came together to discuss with President Joe Biden’s administration the widespread issue with unfairness in local property taxes. It was request…
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Business · 2 min read ·
IRS Increases Security While Employees Work Remotely
During the pandemic, the Internal Revenue Service has expanded its telework program to allow employees to work in their homes. According to a recent report from the Treasury Inspector General for Tax Administration (T…
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Taxes · 3 min read ·
How Will the 2022 Tax Filing Season Be Different?
The big question running through business owners' minds this new year is, will the 2022 tax filing season be normal? Unfortunately, it is unlikely. The pandemic has caused a lot of policy changes over the last couple…
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Taxes · 2 min read ·
It’s Time to Process 1099 Forms!
It’s January and the mandated 1099 filing season is upon us! If it wasn’t already complicated enough, now there are two 1099 forms that many business owners may have to file. What is Form 1099? In most cases, a 1099 i…
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Business · 2 min read ·
Update Responsible Party Information
https://youtu.be/zskxoIcpHBQ Are you a recently added responsible party for an organization, or more importantly, one who is no longer associated with the group? The Internal Revenue Service urges those entities with…
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Taxes · 2 min read ·
Year-End Tax Planning with Uncertainty
It can be easy as an entrepreneur to get caught up in the day-to-day operations and not put much thought into tax planning. However, tax due dates are right around the corner, and it is important to get a head start o…
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Business · 2 min read ·
Countries Agree to Eliminate Digital Taxes
President Biden and his administration recently secured a compromise with some European countries about removing their digital tax services on certain large US companies by 2023 in transition to a new global tax deal.…
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Payroll · 3 min read ·
Tax Court Rules S Corp Payouts Are Wages
Background To understand this issue regarding S Corporation payouts as wages, you must first understand the difference between an S corporation and a C corporation. In an S corporation, income passes to the shareholde…
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Taxes · 2 min read ·
IRS Had A Backlog Of Nearly 8 Million Paper Business Tax Returns In 2020 Due To Pandemic
Are you a business owner who is waiting for a refund from your 2020 income tax return or you filed for the Employee Retention Tax Credit and haven’t yet had a response? According to the US Treasury Department as repor…
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Business · 2 min read ·
How States Are Letting Small Businesses Avoid The SALT Cap On Their Tax Returns
https://youtu.be/IPnaP-b_A90 Many states are coming up with ways to help taxpayers evade a restraint on a significant income tax break. An example of a way states are doing this is by allowing businesses, instead of p…
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