Bapple and Bapple, Inc. is a Certified Public Accounting Firm located in Crown Point, Indiana. Our firm has been helping clients with their accounting needs and concerns since 1985.
Our office of trained professionals work hard to meet and exceed our clients' expectations.
To Our Business Clients,
On February 22, 2023 A new tax law was signed by the governor with changes to pass-through entity taxes. This law was made retroactive to the 2022 tax year and, therefore, affects the returns currently being filed.
This Law allows a pass-through entity ( S-Corporations, Partnerships, Estates, and Trusts) to elect to pay the income tax calculated on the total Indiana income on behalf of the shareholder, member, or partner. These payments will be reported on the 2022 K-1s and provide a credit to the individual for their Indiana state tax liability.
If the entity has income in 2022 this method would provide more benefit to the owners.
This is an election that each company can make annually and is not required.
This requires those entities that wish to make the election and make payments directly to Indiana for the owners, file an extension for 2022 in order to take advantage of the new tax law.
As always, we are happy to discuss this change and help clients resolve any new items that arise. Please reach out to our office if there is anything we can do to help with this or other tax questions and concerns.
SCAMS, FRAUD, & TROUBLE FOR ALL
Please be aware that there have been numerous viruses disguised as QuickBooks updates, notifications, etc. If in doubt, go to the following site, https://security.intuit.com/security-alerts.php which give you a list of fraudulent emails from using QuickBooks and Intuit products. The Bapple and Bapple staff wanted to alert you to these scams. As always, please call us with any questions you may have.
Crypto-currency Transaction Information
The last two years have seen an explosive growth in the use of Crypto-currency. Below is some important details from the updated guidance at year end 2021. There are 7 activities that require individual transaction reporting in addition to just reporting the existence of the account. You read that correctly – each individual transaction must be individually reported. For example if you use a crypto currency to buy a cup of coffee we must report that transaction individually on the tax return.
Items 1, 2 and 3 all require that each transaction is reported separately on the tax return. Potentially hundreds or thousands of transactions must be reported if you are spending Crypto-currency, trading, mining, etc.