How business expenses are treated on your tax return

Monday, October 02, 2023
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 that business applications are still increasing slightly...... Read More

IRS issues guidance on new retirement catch-up contribution rules

Friday, September 29, 2023
In December 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act. Among other things, the sweeping new law made some significant changes to so-called...... Read More

Start cross-training your accounting team today

Thursday, September 28, 2023
The accounting profession is facing a talent crisis. The U.S. Bureau of Labor Statistics estimates that roughly 17% of U.S. accountants and auditors have left their jobs over the past...... Read More

Is that email or text from the IRS: a scam!

Tuesday, September 26, 2023
“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls...... Read More

Trust Fund Recovery Penalty: Who can it be personally assessed against?

Monday, September 25, 2023
If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies...... Read More

Businesses Beware of ERTC Scams

Friday, September 22, 2023
In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERTC), the IRS has imposed an immediate moratorium through at least the end of 2023...... Read More

Is Your Auditor Qualified for Your Employee Benefit Plan?

Thursday, September 21, 2023
Does your organization offer health care and retirement benefits for its employees? Benefit plans with 100 or more participants are generally required to have their annual reports audited under the...... Read More

Survive an IRS audit: be prepared

Tuesday, September 19, 2023
The IRS recently released its audit statistics for the 2022 fiscal year; fewer taxpayers had their returns examined compared to prior years. But even though a small percentage of returns...... Read More

Claiming big first-year real estate depreciation deductions

Monday, September 18, 2023
Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s not as...... Read More

Quality counts with Receivables

Thursday, September 14, 2023
Accounts receivable are sometimes a sizeable line item on the balance sheet. But is it possible to accept the reported number at face value, or could the truth be more...... Read More