Taxes

Article Highlights: $5,000 First-year Start-up and Organizational Expense Write-off Timely Filing Requirements Qualifying Start-up Expenses Trade or Business Purchase Qualifying Organizational Expenses Expense Write-off Limitations How to Make the Election Other Considerations Unfortunately, as a result of the COVID pandemic many small firms have gone

There's an old saying that reminds us "if you fail to plan, you plan to fail." Whoever coined that phrase was talking about the world of small business accounting whether they realized it or not. Financial and tax literacy aren't just an important part of

To say that there is a lot going on in the world right now is truly a bit of an understatement. Starting a few years ago with the onset of the still ongoing COVID-19 pandemic, the role of the accounting professionals in the context of

Article Highlights: Payroll Taxes Corporate Officers Employees of a Corporation Reasonable Salaries Factors Flow-Through Deductions Wage Limitations Unlike a C corporation, which itself pays the tax on its taxable income, an S corporation does not directly pay taxes on its income; instead, its income, losses,

Not too long ago in Orlando, Florida, a federal investigation uncovered a situation where 22 workers were denied overtime by a Florida-based equipment rental company. The company was paying flat salaries to certain employees, regardless of how many hours they worked in a given week.

May 2022 Individual Due Dates May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later

Article Highlights: Statute of Limitations Filing Before April Due Date Filing After April Due Date Extension Amended Returns Three-year Statute Understatement Exceeds 25% No Filing or Fraud Ten-year Collection Period Tax Records State Statutes of Limitation Have you ever wondered how long the IRS has

People are no longer shocked by women in the C-Suite. As female empowerment in the workforce has steadily climbed over the 20th and 21st centuries, women continue to knock down barriers. The path blazed by female fighter pilots, doctors, and politicians over the last hundred

Article Highlights: Qualifications Actual Expense Method Simplified Method Home Office Expenses for Renters vs. Homeowners Deduction Limitation How Moving Affects the Home-Office Deduction Other Issues If you are a small business owner and use part of your home for business, you may be able to

The real estate market is red hot, and plenty of folks nearing retirement and holding investment property see now as an excellent time to offload their real estate assets and reap the profits.  If you’re one of them, then - tempting as it may be