Author Archives: barbreeves

As always,I provide the service of doing projections for current clients at no cost for over the phone discussion. Please call if there has been any significant changes to your income to avoid any adverse tax impact. Make sure you have any year-to-date paystubs available. Thank you, and I look forward to speaking to youContinue reading “PROJECTIONS”

FASB (Financial Accounting Standards Board) unanimously voted to add a new rule on the accounting and disclosure of private companies’ (public as well, but for our benefit, I mention that it also affects private companies’) financial statements beginning in 2025. Fair value accounting must be used, which requires including gains and losses in their netContinue reading “CRYPTOCURRENCY 2025”

The Work Opportunity Tax Credit helps businesses that hire from eligible groups Finding work can be a hard for anybody and certain groups face even bigger challenges. The Work Opportunity Tax Credit is extended through the end of 2025 to help employers that hire workers certified as members of these groups that face barriers toContinue reading “WORK OPPORTUNITY CREDIT”

Cash payments more than $10,000.00 must be reported to the IRS within 28 days of receiving the money. This includes cash payments from same individual/business even if received multiple amounts (totaling $10K or more) within a 24 hour period for the same transaction. Furthermore, cash amounts less than $10,000.00, if suspicious, must also be reported.Continue reading “REPORTING CASH PAYMENTS OF $10,000 OR MORE”

Corporate Transparency Act Effective January 1, 2024 for new entities and January 1, 2025 for existing entities.  Existing entities in 2024 that dissolve before the deadline will still need to file. This Act was enacted as a part of the Anti-Money Laundering Act of 2020. This will be filed with the US Department of theContinue reading “More filing requirements”

I have been required to establish a Written Information Security Policy (WISP) by the enactment of the Gramm-Leach-Bliley Act through the Federal Trade Commission. I have attached a link for the Publication 5708 provided by IRS to assist any of you that might be affected by this as well. Personally, I think it is aContinue reading “WRITTEN INFORMATION SECURITY POLICY”

Please note new email address, taxes@barbarareevesaccounting.com I have changed to a secure (paid for) service as required by the government.   When transmitting documents, I still prefer sendinc.com, but just in keeping all correspondence secure, I decided on this service attached to my website as well.   Please make note.  I will check old account periodically, but eventuallyContinue reading “NEW EMAIL ADDRESS”

This is my annual nagging about updating business annual minutes. If you have any questions, let me know.

I could not be anymore grateful for this email from the IRS today. I have been contacted many times from clients that are terrified about owing taxes for which they received a phone call. It takes much of my time to calm them and reassure them that it was just a scam. The following informationContinue reading “WHEN AND HOW AN IRS AGENT WILL CONTACT YOU AND HOW TO RECOGNIZE AND REPORT SCAMS”

In preparation of this upcoming tax year: Long term capital gains tax: If you have any questions, give me a call.