Use an S corporation to mitigate federal employment tax bills
July 11, 2023
Converting an unincorporated business into an S corporation may help you cut your self-employment tax bill. Here’s how.
Supplement your financial statements with timely flash reports
July 10, 2023
Here’s how daily or weekly flash reports can help your organization become more responsive to changing market conditions.
Why some small businesses are switching to tax-basis reporting
June 29, 2023
Are you fed up with all the recent accounting rule changes? For many private companies, the new lease standard that went into effect in 2022 was the last straw. Here’s an alternative reporting framework to consider.
The best way to survive an IRS audit is to prepare
June 28, 2023
Don’t panic if you get a letter from the IRS telling you your tax return is being audited. In many cases, the IRS completes audits after receiving requested documentation. Here are the latest IRS statistics, as well as some tips on how to help survive an audit.
The Trust Fund Recovery Penalty: Who can it be personally assessed against?
June 26, 2023
The Trust Fund Recovery Penalty is personally imposed on certain business owners and managers when employment taxes aren’t paid to the government. Here are the rules, along with two cases where individuals were held liable for the harsh penalty.
Are you married and not earning compensation? You may be able to put money in an IRA
June 22, 2023
If you’re married and don’t earn compensation, you may think you can’t contribute to a retirement plan. But you may be eligible for a spousal IRA. Here are the rules for 2023.
