LetÂ’s be honest, retirement plans are not easy to understand no matter how much we attempt to simplify them. They are complex financial workings that require a lot of research and investing. Planning for the future can be intimidating for many individuals, saving for it can be a lot scarier! According to the Social Security … Read more
Often companies are inundated with so many transactions during the month, month-end close is often overlooked or not prioritized. Month-end billings, unusual transactions, and other items take precedent and month-end close becomes quarter end close, which then becomes audit close. Often month-end close is pivotal in determining profitability for the month, assessing adherence to budgets, … Read more
How do you know if your business needs to file an income tax return for the state? It depends! There are three common situations that might give your business nexus within a state. Each state has their own specific rules so it is important to keep detailed records of what is done in each state … Read more
If you have a business that sells goods or services, you need to be aware of your potential sales tax requirements. They may be more complicated than you think. Sales tax should be collected from the buyers during the sale and then remitted to the state. Sales tax reports will later need to be filed … Read more
Sometimes doing business in the United States can be difficult, especially for Non-Residents. Taxes still need to be paid whether you are a resident or not. To file taxes as a non-resident, one needs to have an Individual Taxpayer Identification Number (ITIN). According to the IRS website, examples of Individuals who need an ITIN are … Read more
Adoption is a great way to add to your family. Whether you are just starting your family, or wanting to expand, adoption is an excellent way to give a child a home. The IRS makes it even easier by giving you a tax credit to help with the costs. The credit is reported on Form … Read more
On December 22, 2017, President Donald Trump signed into law the Tax Cuts and Jobs Act (TCJA), which among other changes, changed the ability for businesses to deduct business interest expenses. The business interest expense limitation applies to all businesses with gross receipts exceeding an average of $25 million for the prior 3 years. For … Read more
There are two methods of maintaining accounting records to track income and expenses for businesses. The accrual method records income when earned and expenses when incurred, as opposed to the cash method, which records income when payment is received and expenses when payment is made. The use of either method will affect how a business … Read more
If you or your business have ownership of a foreign entity, you may have some specific tax reporting requirements. Here is a brief overview of the tax reporting requirements for different types of businesses. First, there is some specific terminology that applies to foreign tax: A U.S. Person is an individual citizen or resident of … Read more
One of the most important decisions to make as you bring in outside help in your business or home is whether to classify those workers as employees or independent contractors with the IRS. It sounds pretty straight-forward. However, even the IRS recognizes that there is no magic formula, and misclassification can result in substantial penalties … Read more