Certain tax violations carry significantly more severe consequences than others. A prime example is the failure to remit federal income and employment taxes withheld from employees’ paychecks. In such cases, the IRS may impose the Trust Fund Recovery Penalty, commonly referred to as the 100% penalty. This penalty is termed the 100% penalty because it […]

As a business owner, you’ve probably been bombarded with tech advice as technology steadily becomes more advanced. One term you may have heard recently is, ‘tech stack.’ IT experts love throwing it around, but here’s the truth: while it’s essential for smooth operations, an unmanaged tech stack can seriously drain your cash flow. So, what […]

Do you support a home for a qualifying child or relative for more than half the year, but normally file as a single taxpayer? You may be eligible for a hefty deduction. When we prepare your tax return, we’ll determine your filing status—single, married filing jointly, married filing separately, head of household, or qualifying widow(er).

In today’s information-rich world, businesses must adapt to increasing demands for transparency, particularly when it comes to compensation. Pay transparency, the practice of openly sharing pay structures and policies, is becoming a key factor in maintaining trust with employees, job candidates, and even the public. Despite this trend, many businesses still lack a formal pay […]

If you’re wondering whether you can itemize deductions on your tax return, you’re not alone. Many taxpayers, especially those who make charitable contributions or have other significant expenses, often question whether they should itemize or take the standard deduction. The key is to compare your potential itemized deductions—such as mortgage interest, state and local taxes, […]

Under the newly signed Corporate Transparency Act (CTA) many businesses will have a new reporting requirement this year. Under this new act, if your business is deemed a “reporting Company” you may fall under the Beneficial Ownership Information reporting rules beginning in 2024 Who’s who? A reporting company includes any corporation, limited liability company or […]

Instead of stock option awards companies have started offering restricted stock awards. Restricted stock awards are popular because stock options can lose their value overtime. If your restricted stock loses value overtime, your company can issue more shares to make up for the loss in value. Restricted stock awards can be a great way to […]

Whether you are restructuring your current business or starting a new one, you should use careful consideration when choosing the entity type for your business. There are many entity types to consider when deciding what entity will benefit your business the most. You may decide the most beneficial entity type would be a C Corporation […]

Given the advancements of technology in the business world, most companies are sitting on a lot of sensitive data that could be abducted, exploited, corrupted or even destroyed. Of course, there is always danger of outside parties hacking your network to do harm but there are also, internal risks – namely, your “privileged users”. Simply […]

If your employer offers a 401(k) plan that you do not participate in, you might be wondering if you should be. Normally it could save you on your taxes while you are contributing to your retirement. These plans help you accumulate savings for retirement and receiving a tax advantage while doing it. If you are […]