Why Some Small Businesses Are Switching to Tax-Basis Reporting
Accrual-basis financial statements are considered by many to be the gold standard in financial reporting. But with the increasing cost and complexity ...
The Best Way to Survive an IRS Audit Is to Prepare
The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined as compared with prior years. ...
Individuals Who Travel for Business May Be Eligible for Tax Deductions
Many people travel for their job — some for an occasional conference and some travel year-round. Whatever their time on the road, business travelers ...
Tax Concerns for Self-Employed Individuals
The composition of today’s workforce has evolved significantly compared to a decade or two ago. With the emergence of the gig economy in the early ...
IRS Sends Examination Letters About ERC Claims: What You Should Know
As they’ve promised, the IRS is stepping up enforcement of ERC claims and sending out examination letters to companies who claimed ERC credits in ...
Why Can’t My Profitable Business Pay Its Bills?
If your profitable business has trouble making ends meet, it’s not alone. Many business owners mistakenly equate profits with cash flow, leading to ...
What’s in the Fiscal Responsibility Act?
President Biden has signed into law the new debt ceiling agreement that he reached with U.S. House of Representatives Speaker Kevin McCarthy (R-CA). ...
Financial Statement Fraud: Don’t Believe Everything You Read
Financial statements are central to understanding any business. A public company’s balance sheet, income statement and cash flow statement enable ...
Four Tax Challenges You May Encounter When Retiring
If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. ...