Runyon Kersteen Ouellette

Do you use Teams as a resource for work or personal? Are you making the most of it? Find out how you can improve on some of the features offered by Teams by reading an article from the Journal of Accountancy. This article includes FIVE different features that can improve how you use it: ·       Improved searches ·       Forwarding of messages ·       Sending of urgent notifications ·       Record videos ·       Using the meet app Check it out here - https://lnkd.in/gFkw5EUr #Teams

FASB has issued ASU 2023-08, Accounting for and Disclosure of Crypto Assets, which provides greater guidance over certain cryptoassets. ASU 2023-08 requires Organizations to measure cryptoassets, as defined in the scope, at fair value based on ASC 820, and to include the investment income from any remeasurements in value in net income. The guidance also provides greater clarity over the presentation and disclosure of these assets. The recording of the initial cost, however, has not changed. The amendments are effective for all entities for fiscal years beginning after Dec. 15, 2024. Early adoption is allowed. #crypto #cryptoassets #FASB #ASU

Are you making the most of PDF? Do you wish you could do more than just open up a PDF to view it and provide some basic comments or edits? The Journal of Accountancy has created an article summarizing four cool features that you might not have used yet. These features include: ·        Exporting your PDF to other formats ·        Creating a watermark using letterhead ·        Redacting a document ·        Adding a custom stamp to the pdf Check out how to use these features here - https://lnkd.in/gAyktUUu #pdf #tips #tricks

Do you use Excel for your everyday activities? Do you struggle with finding errors in your formulas? The Journal of Accountancy has created an article which includes many resources or quick tools you can use to help figure out the underlying issues causing your errors. Some of these tools, as described by the JOA, are through the following: ·        Evaluate Formula - breaks complex formulas into their individual components, making them more understandable ·        Error Checking - allows you to quickly identify and diagnose errors in your formulas ·        Show Formulas - allows you to toggle between viewing the formulas and the results of the formulas in your spreadsheet ·        Trace Dependents - allows you to understand formula dependencies by highlighting the cells that are affected by the selected cell For the full article and tools check out this link - https://lnkd.in/gze3A3D8  #excel #tips #tricks #formulas

Thinking about updating your home to make it more efficient? Curious if you might be able to obtain a tax credit for these updates? Look no further! The IRS recently updated their Frequently Asked Questions with answers pertaining to energy efficient home improvements and residential clean energy property credits. Check out this pdf from the IRS website for further information.

Did you receive a rebate for certain home energy efficient updates or purchases? You may not need to include these amounts in your taxable income based on a recent announcement made by the IRS (Announcement 2024-19). Per an article by the Journal of Accountancy, “rebates paid at the time of sale under two home energy rebate programs created in the Inflation Reduction Act are not includible in individual purchasers' gross income or cost basis, the IRS said Friday in Announcement 2024-19. The announcement also includes coordination rules for taxpayers who want to claim a federal tax credit for those amounts under Sec. 25C.” For the full summary created by the JOA, check out this article - https://lnkd.in/g4icQpNb #taxes #energyrebate #rebates #taxableincome

Have you been told you are due an Employee Retention Tax Credit (ERTC)? Does it seem too good to be true? Be aware that it just might be! The IRS is still pushing hard on fraudulent ERTC claims, and is providing until March 22 for Organizations to enter into the voluntary disclosure program to file an error in the amount of an ERTC they previously claimed. The IRS has also release some red flags to keep in mind when reviewing such claims regarding ERTC. Included in these red flags are some common issues: ·       Consultant saying there is nothing to lose ·       Listing a supply chain issue as the need for the credit ·       Too many quarters being claimed The Journal of Accountancy released an article which provides greater detail of these flags noted above, as well as some additional red flags. Check it out here - https://lnkd.in/gFH9Rhb7 #ertc #irs #taxmatters

Recently the House passed a “roughly $78 billion tax bill that contains provisions making changes to restrict the employee retention credit (ERTC), expand eligibility for the child tax credit (CTC), and temporarily reinstate the expensing of research or experimental (R&E) expenditures,” as explained in an article by the Journal of Accountancy. Of the items passed in the bill, some of the key aspects are: ·        Increases in the maximum amount refundable under the child tax credit ·        Provides additional breaks for business including areas of Research expenses, depreciation and section 179 expenses ·        Increases possible penalties for those individuals or organizations who are COVID-ERTC promoters For the full article, follow this link: https://lnkd.in/gEWBF_6j #taxes #taxupdates #taxbill

The time has come! The new CPA exam is ready. What is new? The CPA exam in 2024 eliminates the BEC section and introduces a new discipline. Candidates can choose one of the following disciplines: -- Business analysis and reporting (BAR), which expands on FAR and governmental accounting --Information systems and controls (ISC), which focuses on IT audit and security --Tax compliance and planning (TCP), which focuses on tax in greater detail The other three sections of the test – AUD, FAR and REG – remain largely the same, with some portions of the prior BEC exam being moved into FAR and REG. There will no longer be a written essay piece. Each section will provide for a total allowable four hours, for a total possible exam time of 16 hours. For more details on these changes check out this article - https://lnkd.in/e2J3aYSD) #cpa #cpaexamchanges

Wishing you and your family a Happy Holidays and New Year from the RKO team!