People On The Move In Jacksonville

Pivot CPAs new Director of Family Office Services, Kathleen Devine, was featured recently in the Jacksonville Business Journal's 'People On The Move In Jacksonville' column. Read the feature here:

February 8th, 2024|

Clean Vehicle Shoppers Deserve to Look Up Credit Eligibility Online by VIN

Published on by Tim Shaw - At a public rulemaking hearing, an IRS panel heard testimony on the searchability of eligible vehicles via an online tool from a variety of organizations regarding a suite of proposed regs implementing new and used clean energy vehicle credits enacted under the Inflation Reduction Act (PL 117-169). Background. The proposed rules clarify aspects of Code Sec. 30D, which, for vehicles placed in service after April 18, 2023, provides a [Read More]

February 8th, 2024|

BOI Reporting

Pivot CPAs Clients - As part of the effort of the United States to prevent concealment of assets through shell companies or other similar structures, the Corporate Transparency Act (31 U.S.C. 5336) and its accompanying regulations (collectively, the CTA), require beneficial ownership information (BOI) reporting by certain entities, characterized as reporting companies.  Effective January 1, 2024, many companies, including many of our clients, will be required to report information electronically regarding their beneficial owners to [Read More]

January 2nd, 2024|

IRS Announces Withdrawal Process for Employee Retention Credit Claims

Internal Revenue Service Release October 19, 2023 As part of a larger effort to protect small businesses and organizations from scams, the Internal Revenue Service today announced the details of a special withdrawal process to help those who filed an Employee Retention Credit (ERC) claim and are concerned about its accuracy. This new withdrawal option allows certain employers that filed an ERC claim but have not yet received a refund to withdraw their submission [Read More]

October 24th, 2023|

Relief for Some 2023 IRA RMDs

On July 14, 2023, the IRS issued Notice 2023-54 announcing that traditional IRA owners who will attain age 72 in 2023 (that is, individuals born in 1951) will have to take their first required minimum distribution (RMD) by April 1, 2025, rather than April 1, 2024. This delay in the required beginning date means that these IRA owners (who, prior to enactment in late December 2022 of the SECURE 2.0 Act, would have been required [Read More]

August 10th, 2023|

Our Entrepreneur Start-Up Guide: The Best Practices to Help Motivate Success

Ask any experienced entrepreneur and they will tell you that the difference between running a business and running a successful business is massive. To truly give yourself the best chance of success, and to help achieve your overall goals in the most effective ways possible, there are a number of key best practices you'll want to keep in mind along the way. The Importance of a Well-Laid Plan By far, the number one best practice [Read More]

August 10th, 2023|

Why it’s Never too Early to Start a Savings Account for Your Children

Parents - especially new ones - are always looking for new ways to improve the lives of their children. Surprisingly, one of the most effective opportunities that people also often overlook has to do with starting a savings account for that child as early as they're capable of doing so. On the one hand, no - it's probably not a good idea to give a young child in particular unrestricted access to a bank account [Read More]

August 10th, 2023|

IRS Releases New FAQs on the Employee Retention Credit

The IRS continued its campaign to alert taxpayers against ERC fraudsters by releasing updated FAQs. The most recent update includes details on qualifying government orders, a drop in gross receipts, recovery startup firms, and when taxpayers can anticipate receiving an ERC refund. Click here to view the FAQs on the IRS website.

August 7th, 2023|

It’s Not Too Late for an IRA Contribution

Most of the time an expense that may be tax deductible needs to be paid by the end of the year for which the expense will be claimed. However, there is an exception to that rule. IRA contributions for the prior year can be made after the close of the year if made by the return’s original filing due date for the year. Thus IRA contributions for 2022 can made by April 18, 2023. Normally [Read More]

March 24th, 2023|

ASC 842 Considerations and Impact

ASC 842 is now in effect for all companies, updating standards for how organizations classify and record leases. After years of delaying the effective date, the new standards are finally being enforced for privately held companies, and the changeover can no longer be avoided. The impact of the new standard is proving to be significant, with even more ramifications than previously expected. It is vital that businesses take steps now to understand these standards and [Read More]

March 15th, 2023|
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