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).

Are you the owner of rental properties? This type of investment has become a popular choice for many, however, for federal income tax purposes, rental real estate losses usually count as passive activity losses or PALs. That means, you are unable to deduct the losses attributable to rental real estate, unless you have other passive […]

Financial statements are the focus of accountants, investors and lenders. However, for business owners, they can seem less exciting- but they’re key to your success. The truth is each of the three parts of your financial statements is a valuable tool that can guide you toward reasonable, beneficial business decisions. For this reason, it’s important […]

If a friend or your adult child needs to borrow money for a first home, a cash flow issue, or another reason- you might be inclined to help out. That’s a nice thought, but there are tax implications that you should understand and take into account. Get it in writing You want to be able […]

Maintaining compliance with payroll tax laws is vital for small businesses. Mistakes can lead to fines, strained employee relationships and even legal consequences. Below are six quick tips to help you stay on track. 1. Maintain organized records Accurate recordkeeping is the backbone of payroll tax compliance. Track the hours worked, wages paid and all […]

Is your company prepared to introduce a health insurance plan next year or make changes to its existing one? If so, now is the time to start exploring your options, as these decisions require careful planning. Many small to midsized business opt for a high-deductible health plan (HDHP) paired with employee health savings accounts (HSAs). […]

Have you ever invested in a company, only to watch its stock value drop? With recent market volatility, this scenario may be more relevant than ever. While a loss like this can be frustrating, there’s an upside – you may be able to claim a capital loss deduction on your tax return. Here’s what you […]

Here are five options for Business Succession Plans and Their Tax Implications. When planning for your business’s future, succession planning is essential to preserving your legacy and ensuring a smooth transition for the next generation of leaders or owners. Whether you’re preparing for retirement, looking to reduce your involvement, or seeking a reliable contingency plan […]