Starting in fiscal year 2022, all entities — except nonprofit organizations in the scope of Topic 958, Not-for-Profit Entities, and employee benefit plans — must provide detailed disclosures about government assistance. Here are the details of the new rules. Defining government assistance The

If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips. The rules for deducting a spouse’s travel costs are very restrictive. First of all, to qualify, your spouse must be your employee. This means you

Henry & Peters is excited, and grateful, to announce the firm has earned the 2022 BBB Award for Excellence in the Large Business category for the Central East Texas area! We were up against GMP and Burns Commercial Properties. The presentation of the awards aired on KLTV on Sunday, February

Tax season is open, and deadlines are scattered throughout the year. A number of forms are due February 28 and there are four deadlines (encompassing many forms) coming up in the month of March. Take time to update yourself on what’s due and when… March3/15       Form 2553 | Forms 1065,

Henry & Peters is implementing a new platform to send and receive tax returns – we’re using technology to better serve your needs. File your business returns faster, easier, and safer! We are proud to offer our clients a hassle-free way to receive and review federal and state

Henry & Peters is implementing a new platform to send and receive tax returns – we’re using technology to better serve your needs. File your tax return faster, easier, and safer! We are proud to offer our clients a hassle-free way to receive and review income tax returns, as well as

If you run a business and accept payments through third-party networks such as Zelle, Venmo, Square or PayPal, you could be affected by new tax reporting requirements that take effect for 2022. They don’t alter your tax liability, but they could add to your recordkeeping burden, as well as the

If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who must file? The annual gift

The first page of audited financial statements is the auditor’s report. This is an important part of the financials that shouldn’t be overlooked. It contains the audit opinion, which indicates whether the financial statements are fairly presented in all material respects, compliant with

Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient since it’s taxable to you to the extent of your corporation’s “earnings and profits.” It’s also not