7 Essential Questions to Ask Before Hiring a Bookkeeping Service
Bookkeeping services are essential to any growing business, but the idea of hiring a bookkeeper can be intimidating for any small business owner. ...
What is Reasonable Compensation for an S Corp?
Reasonable compensation for owners of S Corporations is an IRS audit issue.
IRS Provides Transitional Relief for RMDs and Inherited IRAs
The IRS has issued new guidance providing transitional relief related to recent legislative changes to the age at which taxpayers must begin taking ...
Starting a Business? How Startup Expenses Are Taxed
Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports ...
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. ...
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 ...
Social Security’s Future: The Problem and the Proposals
Recent reports have raised new concerns about the impending insolvency of the Social Security program, absent congressional action. Social Security ...
The Tax Advantages of Hiring Your Child This Summer
Summer is around the corner so you may be thinking about hiring young people at your small business. At the same time, you may have children looking ...