Starting A Business? How Expenses Will Be Treated on Your Tax Return
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 ...
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 ...
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 ...
New-and-Improved Accounting Rules for Common Control Leases
On March 27, 2023, the Financial Accounting Standards Board (FASB) published narrowly drawn amendments to the lease accounting rules. The updated ...
How Safe Are Your Business’s Paper Checks?
Recently, the Financial Crimes Enforcement Network (FinCEN) told U.S. financial institutions to exercise caution when processing paper checks because ...