What Should You Be Doing if Your Business Receives More Than $10,000 in Cash?

Monday, November 13, 2023
Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax...... Read More

EFTPS is requiring Multifactor Authentication

Friday, November 10, 2023
The Electronic Federal Tax Payment System® tax payment service is provided free by the U.S. Department of the Treasury. After you've enrolled and received your credentials, you can pay any...... Read More

Understanding the percentage-of-completion method

Thursday, November 09, 2023
Does your business work on projects that take longer than a year to complete? Recognizing revenue from long-term projects usually requires use of the “percentage-of-completion” method. Here’s an overview of...... Read More

Plan now for year-end gifts with the gift tax annual exclusion

Tuesday, November 07, 2023
Now that Labor Day has passed, the holidays are just around the corner. Many people may want to make gifts of cash or stock to their loved ones. By properly...... Read More

Why Using a LLC is Good for Your Small Business

Monday, November 06, 2023
If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a...... Read More

Financial statements at a glance

Thursday, November 02, 2023
Financial statements tell investors information about an organization’s financial performance, helping to ensure corporate transparency and accountability. But they can also be used internally to help management make strategic decisions,...... Read More

IRS announces withdrawal process for ERTC claims

Wednesday, November 01, 2023
Recent IRS warnings and announcements regarding the Employee Retention Tax Credit (ERTC) have raised some businesses’ concerns about the validity of their claims for this valuable, but complex, pandemic-related credit...... Read More

Are You Able to Deduct Student Loan Interest on Your Tax Return?

Tuesday, October 31, 2023
The federal student loan “pause” is coming to an end on August 31 after more than three years. If you have student loan debt, you may wonder whether you can...... Read More

A tax-smart way to develop and sell appreciated land

Monday, October 30, 2023
Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could...... Read More

New report identifies high-risk areas in financial reporting

Thursday, October 26, 2023
In July 2023, the Public Company Accounting Oversight Board (PCAOB) published a report that highlights common areas of audit deficiencies for public companies. Private companies face similar challenges when reporting...... Read More