August 2021

IRS audits may be increasing, so be prepared

The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as…

Can taxpayers who manage their own investment portfolios deduct related expenses? It depends

Do you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses and clerical costs?…

Internal control questionnaires: How to see the complete picture

Businesses rely on internal controls to help ensure the accuracy and integrity of their financial statements, as well as prevent…

Have you followed up on the management letter from your audit team?

Auditors typically deliver financial statements to calendar-year businesses in the spring. A useful tool that accompanies the annual report is…

Following Up on Coronavirus-Related Distributions from IRAs

If you were adversely affected by the COVID-19 pandemic, you may have taken a tax-favored coronavirus-related distribution (CVD) from a…

Improve Your Bottom Line with Better Inventory Management

In a competitive retail environment, there’s little margin for error. If your business exhausts its inventory of a key product…

IRS Provides Safe Harbor to exclude PPP Loan Forgiveness Income from Gross Receipts

As outlined in our previous blog posts and webinars, the Employee Retention Credit (ERC) is available to certain employers with…

IRS Releases Guidance on Employee Retention Tax Credits for July – December 2021

The IRS has expanded upon previous guidance for the Employee Retention Credit (ERC) in Notice 2021-49.    New guidance outlines the…

Promotions & New Hires

RICHMOND – Mitchell Wiggins is pleased to announce the promotion of Nicole Boyce, CPA and Martha Floyd, CPA, CSEP to…