What You Need Need to Know — and How ArightCo Can Help
With the business accounting landscape shifting rapidly, it’s more important than ever to stay informed. From new federal reporting mandates to evolving tax rules and emerging technologies, these five developments will affect how you operate, plan, and grow. At ArightCo, we don’t just keep up—we guide you through every change with clarity and strategic action. Here’s what you need to know right now:
1. The CTA "Corporate Transparency Act" Is Now in Effect
What’s Happening:
Effective January 1, 2024, the CTA mandates that most small to medium-sized businesses file Beneficial Ownership Information (BOI) reports with the U.S. Department of the Treasury’s FinCEN. This applies to corporations, LLCs, and other entities created or registered in the U.S.
Why It Matters:
Failure to comply can result in civil penalties of up to $500 per day and criminal fines of up to $10,000 and/or two years in prison.
How ArightCo Helps:
We determine if your company qualifies as a “reporting company,” identify your beneficial owners, and ensure you meet filing deadlines. For ongoing compliance, we track regulatory updates and file amendments when your ownership or control changes.
2. Stricter IRS Requirements for R&D Tax Credits
What’s Happening:
The IRS has tightened audit scrutiny and substantiation requirements for R&D tax credit claims. Companies must now submit detailed documentation that outlines qualifying research activities, employee roles, and related expenses.
Why It Matters:
Misunderstanding eligibility can lead to lost tax benefits—or worse, penalties after audit.
How ArightCo Helps:
We work closely with your technical and finance teams to document eligible projects, maximize qualified expenses, and prepare comprehensive audit-ready reports that hold up to IRS review.
3. Increased Enforcement Around the Employee Retention Credit (ERC)
What’s Happening:
Due to widespread abuse, the IRS has paused new ERC claims and is aggressively auditing previous filings. It has also launched a voluntary disclosure program for companies that may have mistakenly claimed the credit.
Why It Matters:
If your business received ERC funds but doesn’t meet eligibility, you could face repayment, penalties, and interest.
How ArightCo Helps:
We offer full ERC reviews to confirm claim validity, assist with disclosures or corrections, and prepare you for any potential audit. If you haven’t filed, we assess your eligibility before recommending action.
4. ESG Reporting Is Becoming a Financial Imperative
What’s Happening:
Investors, lenders, and boards increasingly demand Environmental, Social, and Governance (ESG) metrics as part of financial reporting. California and the SEC are pushing for mandatory climate disclosures, starting with large companies but expected to influence mid-sized ones as well.
Why It Matters:
ESG readiness can enhance access to capital, improve stakeholder trust, and support long-term value creation.
How ArightCo Helps:
We integrate ESG frameworks into your financial planning, helping you identify relevant metrics, implement sustainable practices, and communicate impact effectively. Our team ensures ESG reporting is not a burden, but a strategic advantage.
5. AI Tools Are Transforming — and Complicating — Accounting
What’s Happening:
AI-powered platforms now promise everything from real-time forecasting to automated bookkeeping. While useful, many tools lack nuance, context, and security—especially for complex business models.
Why It Matters:
Blind trust in automation can lead to inaccurate reporting, regulatory missteps, or exposure of sensitive financial data.
How ArightCo Helps:
We use vetted AI tools only when they support—not replace—our skilled human intelligence. Our experts validate every report, trend, and forecast, ensuring accuracy, context, and strategic insight are never compromised.
These changes Are more than checkboxes—they’re opportunities for smarter growth. Let’s talk about how ArightCo can guide you through them. Reach out to your Client Partner today.
Call us at: +1(408)8370029
Email us at: info@arightco.com
Visit: www.arightco.com
