Renner Business News; December 15, 2022 — Joan M. Renner, CPA, CGMA For years, you’ve been hearing about the new accounting principles that change how organizations account for leases. Although accounting standard setters have postponed the effective date of these requirements for years, there’s no more delay. The new standard, contained in Accounting Standards Codification … Continued
Renner Business News; December 13, 2022 — Joan M. Renner, CPA, CGMA The 2022 Virginia General Assembly has enacted a new law for 2021-2025, which allows qualifying pass-through entities (PTEs) to elect to shift the income tax burden from the individual PTE owners (who may not be able to deduct the tax) to the PTE … Continued
Renner Business News; December 8, 2022 — Paul Kentes, Manager Whether you are a business owner, employer, self-employed, the director of a nonprofit organization, or in charge of an estate or trust, getting ready for 1099 season is probably at the bottom of your list of things to do. With the holidays quickly approaching, adding … Continued
Renner Business News; July 11, 2022 If the statistics tell us anything about fraud — and they tell a lot — it’s that businesses of all sizes, and in all industries, fall victim to fraud. And, typically, the perpetrator turns out to be a trusted employee. That’s a surprise that hits the victim company almost … Continued
Renner Individual News; July 5, 2022 There’s nothing easy about losing a loved one. Filing his or her final tax return doesn’t have to be difficult, though. “Gather what (documents) you have and then call us,” said John J. Renner, II, CPA and founder of Renner and Company. “It’s difficult because it’s mysterious. It’s the … Continued
Renner Business News; June 27, 2022 As a result of the COVID-19 pandemic, several new programs were created to help businesses survive and continue to pay employees. One of these programs was the Employee Retention Tax Credit (ERTC), which was created with the CARES Act of 2020. ERTC provides a refundable credit on certain employment … Continued
Renner Business News; July 29, 2021—Paige Mason, CPA On May 31, 2021, Governor Ralph Northam invested $3 million in the newly launched Return to Earn program for Virginia workers and small businesses. The program matches up to $500 paid to a new employee, up to 25 new employees, for childcare, transportation, or other barriers to … Continued
Renner Business News; July 15, 2021—Justyna Zuchmanska, CPA Recent changes in the American Rescue Plan Act of 2021 affect families with children. The tax changes increase the child tax credit, the child and dependent care credit and dependent care flexible spending account limits (DCAP). These are temporary changes and apply only for 2021. Credit Increased … Continued
Renner Business News; June 14, 2021—Mary Ann Dougherty, CPA The Commonwealth of Virginia has a new, one-time filing requirement for corporations, including nonprofits, operating in Virginia. The report’s purpose is informational, but the penalty for not filing timely is significant. What is a Unitary Business? Virginia defines a “Unitary Business” as a single economic enterprise made … Continued
Renner Firm News; May 26, 2021 Andrew Young, a shareholder at Renner & Company, has been selected as a member of the Alexandria Chamber of Commerce’s 2021 Class of 40 Under 40. The program, in its sixth year, recognizes top individuals, less than 40 years of age, from Alexandria and the surrounding region in a … Continued