As a small business owner, you usually end up wearing a lot of hats. One day you might be the CFO and another day you might be an HR recruiter. While this can be stressful and time consuming, it’s also … Read More
DCAA stands for The Defense Contract Audit Agency. This agency handles audit and financial services for Department of Defense employees and other federal entities who are responsible for acquisition and contract administration. Government contractors have a demanding set of accounting … Read More
As the IRS Audit Division comes back in full swing, so do the audit rates. Just last year, the IRS announced there would be a 50% increase in tax audits for small businesses in 2021. With 2020 behind us, it’s … Read More
With the IRS planning to increase tax audits by 50% this year, your small business could be targeted. An audit only happens when the IRS is suspicious that your tax forms aren’t accurate or truthful. Therefore, it’s important to take … Read More
Due to the unexpected financial losses small businesses faced in 2020, getting the most from your tax return will be of high importance this tax season. This is where small business tax deductions come in to save the day! Tax … Read More
The Consolidated Appropriations Act provides over $2.3 trillion in funding which includes $900 billion in stimulus relief for the COVID-19 pandemic. The CAA was signed into law on December 27, 2020. Along with the newly enacted CAA comes new federal … Read More
According to the Government Accountability Office and the Taxpayer Advocate Service, the IRS is not keeping up with paper tax returns. The COVID-19 pandemic has definitely played a factor in this as last year’s tax season was in full swing … Read More
Due to an overwhelming amount of pandemic-related tax changes, the IRS has decided to extend the tax filing deadline to May 17. This delay is necessary as many Americans will need the flexibility and time to gather what they need … Read More
There can be tax benefits to hiring your spouse as an employee with your business, but how you do this is important as the process can get quite convoluted and specific.
Read on to see what you should be analyzing … Read More
Finding out that you have tax penalties from the IRS might be scary at first, but before you get worried, do your research and remember you have options; reasonable cause being one of them.
Reasonable cause is based on the … Read More