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The latest tax and accounting news and information for personal taxpayers, businesses, and credit unions.


Tax & Accounting News

Taxpayers can protect themselves from scammers by knowing how the IRS communicates

“If the IRS does call a taxpayer, it should not be a surprise because the agency will generally send a notice or letter first. Understanding how the IRS communicates can help taxpayers protect themselves from scammers who pretend to be from the IRS with the goal of stealing personal information.”

IRS, 8/24/2021, accessed 8/27/2021, https://www.irs.gov/newsroom/taxpayers-can-protect-themselves-from-scammers-by-knowing-how-the-irs-communicates

IRS Issues Additional Guidance for Claiming the Employee Retention Tax Credit

“the IRS issued additional guidance on the employee retention tax credit, including information regarding the expansion of the credit to certain wages paid during the third and fourth calendar quarters of 2021”

Gould & Ratner LLP, 8/10/2021, JD Supra, accessed 8/23/2021, https://www.jdsupra.com/legalnews/irs-issues-additional-guidance-for-1986973/

New safe harbor for ERC gross receipts calculation

“The IRS issued a safe harbor that allows an employer to exclude certain amounts received from other coronavirus economic relief programs in determining whether it qualifies for the employee retention credit (ERC) based on a decline in gross receipts”

Dave Strausfeld JD, 8/11/2021, The Tax Adviser, accessed 8/23/2021, https://www.thetaxadviser.com/news/2021/aug/employee-retention-credit-erc-gross-receipts-calculation-safe-harbor.html

Credit Union News

NCUA Implementation of Modernized Systems

“In August, the NCUA will begin transitioning to several new modernized applications, which are listed below. These efforts include the implementation of emerging and secure technology that supports the NCUA’s examination, data collection, field of membership, and reporting efforts. These new applications will streamline processes and procedures and provide significant benefits to credit union users.”

Todd M. Harper, 8/12/2021, NCUA, accessed 8/27/2021, https://www.ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/implementation-modernized-systems

Accounting Professionals at Griffin & Furman

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Roth IRA Basics to Get You Started

A Roth IRA (Individual Retirement Plan) is an investment account designed for retirement savings.  Benefits of a Roth IRA The primary benefit of a Roth IRA over a traditional IRA is that you pay taxes when you deposit money you put into your account at your current...

September 2021 Tax & Accounting News

The latest tax and accounting news and information for personal taxpayers, businesses, and credit unions.Tax & Accounting NewsExpanded tax benefits help individuals and businesses give to charity during 2021; deductions up to $600 available for cash donations by...

Got a New Job? Don’t Forget Your 401(k)!

You’ve finished the job hunt, got through the interviews, and landed the new job! Many changes come with a new employer, and one of the most important changes to consider is what to do with the money in your 401(k) at your previous employer. At least one move could...

What Are Estimated Tax Payments?

Your income taxes are paid to the federal government differently depending on how you earn your income.  If you earn income that is not subject to withholding, estimated tax payments are one way to fulfill your annual tax obligation. For example, if you are an...

CPA Firm, Griffin & Furman, Announces Second Location in Louisiana

Monroe, LA (September 16, 2021) – Griffin & Furman, LLC., certified public accounting firm, announces the opening of its Monroe branch at 4900 Cypress St., #15, West Monroe in Key West Plaza. This will be Griffin & Furman’s second location in Louisiana,...

Credit Unions, It’s Time to Prepare for Your Year End Audit

Now that we are well into September, it’s time for credit unions to start preparing for their year-end audits.  Year-end audit preparation is a stressful time for both credit union Supervisory Committees and management, but that stress can be minimized with...