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COVID-19 Updates & Resources
We are Here to Help you Navigate Through the COVID-19 Pandemic
The spread of COVID-19 has caused confusion, uncertainty and insecurity for just about every company throughout the United States and across the globe. Holbrook & Manter is here to help you navigate through these troubled times with up-to-date accounting resources, useful online tools and simplified explanations that tell you exactly what these government-issued updates mean for you, your business and your employees.
Helpful Resources and Websites:
…Retirement Plan Changes on the Horizon?
Important changes to retirement plan tax rules are once again moving through Congress. The details are subject to revision and ultimate passage of the proposed new rules is still far from certain. Nevertheless, employers who are planning to introduce new retirement benefits or modify their existing plans should be alert to possible rule changes that could emerge over the coming months.
The Current State of Pending Revisions
On March 29, the U.S. House of Representatives overwhelmingly approved HR 2954, the Securing a Strong Retirement Act of 2021 [https://www.congress.gov/bill/117th-congress/house-bill/2954/text] by a vote of 414 to 5. The bill, dubbed “SECURE…
Navigating Audit Opinions
By: Shannon Robinson, CPA- Senior Accountant
Reading an auditor’s report is not familiar territory for most people. In this blog, I will walk you through the four different types of opinions that an auditor can conclude at the end of an audit. Before we get into those, it is important to note that recently the auditor’s report was re-organized, and the auditor’s opinion is now the first paragraph of the report.
The four different opinions are as follows:
Unqualified: This type of opinion is often referred as a “clean” opinion. This…
Can Day Camp=Tax Savings?
Among the many challenges of parenthood is what to do with your kids when school lets out. Babysitters are one option, or you might consider sending them to a day camp. There’s no one-size-fits-all answer, but if you do choose a day camp, you could be eligible for a tax break. (Note: Overnight camps don’t qualify.)
Dollar-for-dollar savings
Day camp can be a qualified expense under the child and dependent care tax credit. The credit is worth 20% to 35% of the qualifying costs, subject to an income cap. As of this writing, the maximum credit for 2022 is expected…