While everyone is busy wondering how to store another 1000 rolls of TP in their garage, many are unaware of a sidebar problem – tax filings due April 15 can be affected if you are waiting on data from sources that have shut down or are working with less staff than normal.
Today the Treasury Secretary announced that the normal Tax Filing deadline of April 15 would be extended 90 days to July 15, 2020. Details have not been released yet however based on remarks it appears that:
At O&S, we are keenly aware of the potential impact of the coronavirus COVID-19. We are taking steps to provide for the continuity of our client services and the safety of our employees and clients as we navigate through the uncertainly of the outbreak.
A forensic accountant is an accountant with special skills in analyzing financial data that is the subject of a dispute or litigation. The forensic accountant is often called upon to report on their analysis in a written report or in oral testimony in a court of law. This transition is where the forensic accountant becomes [...]
Firm culture is a conglomerate of aspects merged together to create the overall environment that employees and clients experience when involved with a firm. Some of these aspects include the number of employees, types of accounting services provided, management’s mission and goals for the firm, and the variety of clients that the firm services. This [...]
The R&D Tax Credit: Making it Work No one can afford to leave money on the table. Nevertheless, when it comes to the R&D credit, cash is left untouched all the time. Despite the fact that the R&D credit has been available since 1981, less than a third of eligible companies recognize that they qualify [...]
Many small organizations typically have limited resources to both prevent and recover from fraud. There is also often a high level of trust put upon employees due to the lack of internal controls. According to the Report to the Nations: 2018 Global Study of Occupational Fraud and Abuse (the Global Study) published by the Association [...]
Long Beach Post, April 3, 2019 by Jason Ruiz in News Long Beach renters scored a small victory early Wednesday as the City Council voted to create an ordinance that will require landlords to provide financial assistance to those displaced by rent increases and some evictions. The victory comes after years of failed attempts by [...]
Background: Each year businesses are required to issue information returns (i.e. 1099 forms) reporting various types of payments, or in some cases receipts. Unless you happen to be a University or a Bank, most of the forms you will be sending out will probably be the 1099-Misc to report payments for services by non-employees. The [...]
There are a smorgasbord of investments to choose from when planning for retirement. The Traditional IRA and Roth IRA are amongst the easiest ones to set up and manage. An “IRA” is a fancy acronym for an Individual Retirement Account. Depending on your personal situation, you may want to choose contributing to a Roth over [...]