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November 2021: Current Tax & Accounting News

by Dec 1, 2021Accounting for Business, Accounting for Credit Unions, Tax Accounting

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

Tax & Accounting News

2021 Holiday Shipping Deadlines for USPS

For small businesses that are relying more on shipping as part of their operations, the USPS just announced their 2021 holiday shipping deadlines.  Read the full article here.

11/29/2021, Michael Guta, Small Business trends, accessed 11/29/2021, https://smallbiztrends.com/2021/11/usps-2021-holiday-shipping-deadlines.html

Taxpayer alert as holidays, tax season approach: Watch out for scams, protect financial information

The IRS is warning taxpayers to be careful of scammers disguised as legitimate sources requesting personal information. Find out what you should be looking for and how you can protect yourself from succumbing to their appeals. Read more.

11/29/2021, IRS, accessed 11/29/2021, https://www.irs.gov/newsroom/taxpayer-alert-as-holidays-tax-season-approach-watch-out-for-scams-protect-financial-information-national-tax-security-awareness-week-day-1-highlights-important-tips/

IRS: All of Mississippi now qualifies for expanded Hurricane Ida relief

The IRS recently announced that victims of Hurricane Ida throughout Mississippi now have additional time — until January 3, 2022 — to file various individual and business tax returns and make tax payments.  See the full article.

11/29/21, IRS, accessed 11/17/2021, https://www.irs.gov/newsroom/irs-all-of-mississippi-now-qualifies-for-expanded-hurricane-ida-relief-sept-15-oct-15-deadlines-other-dates-extended-to-jan-3

Credit Union News

Find Your CECLution: FREE Webinar for Louisiana CUs

Is your credit union still looking for a simple solution for CECL accounting requirements? The Current Expected Credit Loss accounting model is a significant change that doesn’t have to overwhelm you. Join Mark Debree of Catalyst Strategic Solutions for this one hour webinar FREE for LCUL members as he illustrates how CECLution’s robust, online platform delivers the simplicity you are looking for with an abundance of functions including:

    • Captures and maintains credit union historical data
    • Automatically integrates economic data
    • Displays credit union and peer data
    • Preserves core assumptions for easy updates
    • Saves and stores forecasts

NAFCU & CUNA Join Bankers to Oppose SBA Direct Lending

The Build Back Better Act passed by the House and awaiting Senate approval, includes a provision which would allow the Small Business Administration to become a direct lender to small businesses, likely impacting critical relationships between local financial institutions and local businesses. Details here.

11/17/2021, Jim DuPlessis, CUNA, accessed 11/29/2021, https://www.cutimes.com/2021/11/17/nafcu-cuna-join-bankers-to-oppose-sba-direct-lending/

Griffin & Furman, CPA Firm

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Griffin & Furman Listed Twice in Callahan & Associates Annual Rankings

Mandeville, LA, September 02, 2022 --(PR.com)-- Griffin & Furman, LLC., a full-service Certified Public Accounting firm, is pleased to announce that it has earned two rankings in Callahan & Associates "2022 Supplier Market Share Guide: Credit Union Auditors."...

Two Promotions at Griffin & Furman!

Thanks to their individual initiative, two of our team members have recently received promotions within Griffin & Furman.   We strive to recognize leadership in our team members, and because of their enterprising spirits, we have recently promoted Linda Alford to...

Prepare Now for Next Year’s Tax Bill

Reviewing your taxes should be an on-going habit to manage next year’s income tax liability and to discover any surprises. Looking over your taxes and finances in Summer generally still leaves you time to adjust and implement strategies to improve next year’s filing....

What is “Full Retirement Age”?

“Full retirement age” was established at 65 years of age in the Social Security Act of 1935, but since 1935, our life expectancies have improved, the Social Security program has evolved, and “full retirement age” is now different for everyone. What is full retirement...

CDFI Equitable Recovery Program

UPDATE August 17, 2022: CDFI Fund Announces New Timelines, Delays:  Awards and deadlines will be delayed. The FY22 CDFI and NACA technical assistance awards will be announced in September, but financial assistance awards will not be announced until early next year.For...

Can I reimburse myself this year from my 529 for last year’s tuition expenses?

My daughter starts college this fall, but her 529 has lost some earnings in recent months. Can I leave the money in the 529 to give it a chance to maybe recoup some of the losses? Then reimburse myself later in 2023 for tuition expenses paid in 2022?The short answer...