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


Tax & Accounting News

Taxpayers can protect themselves from scammers by knowing how the IRS communicates

“If the IRS does call a taxpayer, it should not be a surprise because the agency will generally send a notice or letter first. Understanding how the IRS communicates can help taxpayers protect themselves from scammers who pretend to be from the IRS with the goal of stealing personal information.”

IRS, 8/24/2021, accessed 8/27/2021, https://www.irs.gov/newsroom/taxpayers-can-protect-themselves-from-scammers-by-knowing-how-the-irs-communicates

IRS Issues Additional Guidance for Claiming the Employee Retention Tax Credit

“the IRS issued additional guidance on the employee retention tax credit, including information regarding the expansion of the credit to certain wages paid during the third and fourth calendar quarters of 2021”

Gould & Ratner LLP, 8/10/2021, JD Supra, accessed 8/23/2021, https://www.jdsupra.com/legalnews/irs-issues-additional-guidance-for-1986973/

New safe harbor for ERC gross receipts calculation

“The IRS issued a safe harbor that allows an employer to exclude certain amounts received from other coronavirus economic relief programs in determining whether it qualifies for the employee retention credit (ERC) based on a decline in gross receipts”

Dave Strausfeld JD, 8/11/2021, The Tax Adviser, accessed 8/23/2021, https://www.thetaxadviser.com/news/2021/aug/employee-retention-credit-erc-gross-receipts-calculation-safe-harbor.html

Credit Union News

NCUA Implementation of Modernized Systems

“In August, the NCUA will begin transitioning to several new modernized applications, which are listed below. These efforts include the implementation of emerging and secure technology that supports the NCUA’s examination, data collection, field of membership, and reporting efforts. These new applications will streamline processes and procedures and provide significant benefits to credit union users.”

Todd M. Harper, 8/12/2021, NCUA, accessed 8/27/2021, https://www.ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/implementation-modernized-systems

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Credit Unions, Save Time and Money with Our Audit Prep Tips

Credit Unions, it’s time to begin prepping your year-end audit.  But first, slow down! At Griffin & Furman, LLC, we know that this season typically is a stressful time for Supervisory Committees and management—and it doesn’t have to be. Get going with these three...

Secure Your Tax Records During Hurricane Season

As we head into the peak of hurricane season, taxes are most likely not your highest priority. But, as with any potential disaster, it’s incredibly important for taxpayers to protect records and key documents—not only for your peace of mind but to aid in any recovery...

3 Strategies for an Efficient Supervisory Committee

With the rising expectations of Supervisory Committees, volunteers face the real challenge of staying up to date with regulatory requirements. Luckily, there are steps that the team can take to stay on track—all it takes is a little bit of consistency.  Implement...

Do This, Not That: Common Social Security Mistakes

Social Security is an important benefit for Americans—and yet, many do not fully understand the strategy that goes into managing Social Security income.  The Harris Poll and the Nationwide Retirement Institute recently found that only 54% of Americans who are not...

NCUA Call Report Changes in March 2023

The National Credit Union Administration 5300 Call Reports are quarterly listings of summarized accounts collected from all federally insured credit unions. These must be filed about 30 days after the end of each quarter—so before you file, make sure that you make...

New Rules, Same Ways to Reduce Your Tax Bill

With new and changing laws every year, it is increasingly easy for taxpayers to overlook deductions and credits that may reduce their tax liability. This year, we want to highlight the American Plan Rescue Act of 2021—which fleetingly increased specific tax credits...