Mastering Individual and Business Tax Returns: A Complete Guide
Filing individual and business tax returns can often feel overwhelming. Between changing tax laws, tight deadlines, and complex deductions, even a small mistake can cost you time and money. However, with the right strategy, preparation, and professional help, tax filing becomes an opportunity to optimize savings and ensure complete compliance. This guide explains everything you […]
Tax Audit Representation: Safeguarding Your Financial Interests
Facing a tax audit can be a stressful and overwhelming experience for both individuals and businesses. The process is often complicated, which can lead to confusion, delays, and financial pressure. This is where tax audit representation becomes essential. Having a skilled professional by your side can make a significant difference in how smoothly the audit […]
Payroll Companies: How to Choose the Best One for Your Business
Choosing the right payroll company is crucial for seamless salary processing, tax compliance, and employee benefits. The right provider can save time, reduce errors, and ensure smooth financial operations. This guide will help you find the best payroll company for your business needs. Why Use a Payroll Company? Payroll services take the burden off businesses […]
Comprehensive Guide to Deferred Tax
Deferred tax is a pivotal concept in accounting that often leads to confusion but plays an essential role in financial reporting. It represents the discrepancy between the tax expense shown in financial statements and the actual tax due to authorities. This difference arises because of variations in timing between when income or expenses are recognized […]
The Ultimate Guide to Outsourcing Bookkeeping Services
Introduction Proper bookkeeping helps companies to have a reliable assurance of performance and provides information on making strategic decisions for revenue and income for goals. Moreover, outsourcing bookkeeping helps with financial regulations and maintaining tax codes and practices. By outsourcing bookkeeping, you can be assured that your accounts are in the hands of experts. Furthermore, […]
Limited Partners and Self-Employment Taxes
Self-employment taxes are substantial, and most people want to minimize them. Self-employed taxpayers often avoid self-employment taxes by operating as an S corporation. The distributions from the S corporation are not subject to self-employment tax. But Social Security and Medicare tax must be paid on the shareholders’ employee compensation (which must be reasonable based on […]
Protect Yourself from Costly Payroll Fraud
When you own and operate a business, you must exercise vigilant oversight, including watching over your payroll taxes. Here’s an example of why. Rodney Taylor entrusted his corporation’s accounting and bookkeeping to Robert Gard, CPA. Over several years, Mr. Gard embezzled between $1 million and $2 million, including payroll taxes. Despite Mr. Gard’s wrongdoing, the […]
BOI Reporting Deemed Unconstitutional for Some
On January 1, 2024, the Corporate Transparency Act (CTA) went into effect. The CTA requires most smaller corporations, most limited liability companies, and some other business entities to file a beneficial ownership information (BOI) report with the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN). The BOI report identifies and provides contact information […]
Tax Reform Doubles Down on S Corporation Reasonable Compensation
From 2018 to 2025, the Tax Cuts and Jobs Act is offering a 20 percent deduction on pass-through business income, with specific eligibility criteria. This deduction impacts the choice of entity. For instance, should you operate as a sole proprietorship or an S corporation? The Importance of Reasonable Compensation When operating your business as an […]
Key Insights on the ICHRA for Small Businesses
If you are thinking about offering your employees the new ICHRA, take a moment to read the insights below. Class size rule. You face the class size rule only if you offer a traditional group health plan to one class of employees and an ICHRA to another. Minimum class size example. You cover four full-time […]