Just because you aren’t aware of issues with your payroll system doesn’t mean there aren’t major problems. Payroll issues can go un-noticed if you do not pay enough attention to your payroll system. These issues can cause huge issues and disrupt you business. That leads to extra money spent fixing the issue and potentially upsetting […]

The deadline to file your 2023 tax return was April 15th, however, you may have filed an extension that extends the due date to October 15th if you needed more time to file. Once you do file your return, there are three things you should keep in mind. 1. Waiting for your refund? You can […]

It can be a challenge to keep up with the paperwork involved with a new or existing business. Documentation for accurate tax deductions should be maintained so you can record all of the deductions you are entitled to. If your business is audited by the IRS you will want to be able to defend the […]

As you may have heard or seen, artificial intelligence (AI) is slowly and steadily expanding into various aspects of our lives. ChatGPT is the most well known example of this where you can engage in conversation with users and create coherently written articles and content. ChatGPT and other similar chatbots are what’s known as “generative” […]

There are multiple key deadlines for businesses and other employers that are taking place during the second quarter of 2024. This list is not all-inclusive, so there may be additional deadlines that apply. Contact us to make sure you are meeting all required filing requirements for your business. April 15 If you’re a calendar-year corporation, […]

Absolutely, regularly preparing financial statements in compliance with Generally Accepted Accounting Principles (GAAP) is very important for business owners. One significant reason for this is that external users, such as lenders and investors, have high level of trust in financial reporting that adheres to the rigorous standards of GAAP. Compliance with GAAP enhances transparency , […]

Indeed, tax favored accounts, such as traditional IRAs, subject account holders to federal income tax required minimum distribution (RMD) rules upon attaining a certain age. Similarly, if you inherit such an account, whether it’s a traditional or Roth IRA, you’ll also need to stick to these regulations. Understanding and managing these rules is essential for […]

To maximize current year depreciation write-offs for newly acquired assets, businesses should consider taking first-year section 179 depreciation deductions and first-year bonus depreciation deductions. These deductions can potentially allow significant write-off in Year 1, but it’s important to stay informed about annual inflation adjustments and tax law changes that may impact eligibility. Taking advantage of […]

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 […]