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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/

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Credit Unions Planning Now for Regulatory Compliance Audits in 2022

It is the beginning of a new year, and credit unions are reviewing their financial performance of last year and setting budgets and strategic planning for this year. Because staying up to date on the growing number of compliance rules is a bigger responsibility every...

Take Advantage of Health Savings Accounts for Retirement Savings

A health savings account (HSA) is a specialized savings account to help save and pay for medical expenses for someone who has a high-deductible health plan, but with some thoughtful planning, an HSA can also be used to save for retirement with unique tax benefits....

Griffin & Furman Announces Promotions of Two Team Members

We are pleased to announce the promotion of two of our team to new management positions. At Griffin & Furman we strive to promote from within as a commitment to our staff, and in recent weeks we promoted Angela Warden to Manager of Credit Union Compliance and...

Consider Capital Gains Taxes when Selling Rental Property

There are a variety of reasons why a property owner might consider selling a rental property - the property may no longer profitable, you live too far away from your property, or the demands of being a landlord is greater than the profits being made from the rental...

Credit Union Call Report Modernization Effective March 2022

In 2016 the National Credit Union Association (NCUA) began an effort to update the quarterly Call Report.  The review of the report, the Call Report Modernization project, was recently completed, and the NCUA announced the changes that will be effective with the Call...

Income Tax Prep Checklist

Income Tax Prep Checklist Documentation to prepare personal income tax returnsPROOF OF INCOME WAGES EARNED (W-2 DOCUMENTS) INDEPENDENT CONTRACTOR WAGES EARNED INVESTMENTS (INCLUDING DIVIDENDS) CREDIT UNION & BANK INTEREST EARNED UNEMPLOYMENT RENTAL INCOME TRUSTS...