The Internal Revenue Service (“IRS”) announced tax relief for individuals and businesses in parts of Tennessee and Virgina as well as the entire states of Alabama, Georgia, Florida, North Carolina, and South Carolina that were affected by Hurricane Helene and...
Read TaxViews - Employee Retention Credit - 2021 Voluntary Disclosure Program
The Corporate Transparency Act (“CTA”) expanded anti-money laundering laws and created new reporting requirements for certain companies doing business in the United States. Beginning in 2024, in an effort to create a national database for use by national security and...
Read TaxViews - NEW Efile Requirement for Information Returns
Effective Jan. 1, 2024, clubs, generally speaking, must now electronically file (e-file) Forms 8300. To file electronically Form 8300, a club must set up an account with the Financial Crimes Enforcement Network's BSA EFiling System. The IRS will ensure the privacy...
By Matt O’Dell & Brad D. Steele, J.D. For decades, organizations have been wrestling with the high cost of credit card company interchange fees, or so-called swipe fees. Traditionally, these fees are between 2% and 4% of a total credit card transaction cost. They...
The FASB’s new lease accounting standard has rapidly approached for organizations with operating and finance leases. Under Accounting Standards Codification (“ASC”) Topic 842, Leases (the “new standard”), all lease obligations (operating and finance) are required to...
By Daniel T Condon & Matthew P O’Dell Membership dues are a key component of any healthy private club, and its correlation to payroll is quite remarkable. As clubs continue to navigate through all the regulations related to the COVID-19 pandemic another opposite...